Hi, as briefly suggested in the discord chat with everything that has been happening lately with the aftermaths of our beloved COVER being hacked. I’m suggesting on voting to implement insurance coverage for our own $COVER protocol itself, basically, providing $COVER for $COVER so users can then buy CLAIM/NOCLAIM for $COVER Protocol:
Alot of people have voiced their opinion on how to resolve the bug breach which occurred this week, we all are looking for a way to carry out the best outcome for whats happened so that we can get carry on and grow $COVER as a community… but how?
There are so many questions and ideas coming from our community; but theres nothing to formally action what the community wants apart from the Admin and Dev team, who have actually done a great job with $COVER, to be hacked and then have the hacker return the funds, that in itself shows how cool we are as a community. I can imagine developing whilst providing insurance and assessing each individual one-on-one claim for the DEFI crypto space would be quite a job!
Should we suggest a proposal which improves or helps governance to of the $COVER community? Is this not the purpose of a governance token? That we too have some part or should be able to have a say in all that is happening? Why have we not given ourselves a voice for this long?
We provide insurance and coverage for other protocols, why cant we provide insurance coverage for our protocol itself? So in times where we feel exploited or issues arise. Do we then turn to another DEFI-insurance company to assess matters on what we are going through as a community? Or wait for someone to determine a snapshot votings etc on our behalf? What if they dont have our best interest for the best outcome?
I think this could be a start to addressing and finding a resolution for the $COVER community. (Therefore we could have CLAIM/NOCLAIM) for $COVER protocol… and we could address these issues formally and have them reviewed on a 1-by-1 basis as everyone’s situation is different; for people who have been hodling for years, for new comers and for those who dont even know what $COVER is.
By being able to $COVER OUR $COVER, It would be beneficial to our community and also increase value of $COVER as a whole; most governance tokens have previously stated that they have 0 value, but theoretically, governance tokens are priced as high as someone in the DEFI realises the endless value it can hold; to be able to implement and have a say over decisions in one of the biggest insurance protocols to date! The token holders have authority and power to determine the structures of that specific Protocol, This would then give the community official delegated powers upon formal decisions where we would have control over the authorisation of our smart contracts / AuthorisationOnly etc;
VOTE 1# to implement $COVER INSURANCE COVERAGE FOR $COVER
*And also maybe burn the big token supply?