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Finance

DeFi Projects Cover, Ruler Are Shutting Down After Development Team Exits

The price of both protocols’ tokens plunged on the news.

By Kevin Reynolds
AccessTimeIconSep 5, 2021 at 4:29 p.m. UTC
Updated May 11, 2023 at 5:54 p.m. UTC
(Mike Labrum/Unsplash)
(Mike Labrum/Unsplash)

Decentralized finance (DeFi) insurance provider Cover, together with its smaller lending sibling Ruler, are shutting down after the development team that serviced them both abandoned the projects.

The price of both protocols’ tokens dove on the news, with COVER falling from $268 to $228 while RULER crashed from $10.68 to $1.37, according to CoinMarketCap.

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    • Though the announcement by the community manager known as DeFi Ted didn’t say why the development team had left, the protocols have been plagued with issues, particularly the much larger Cover. Last December, the protocol was a victim of a so-called White Hat attack and then, in March, Yearn Finance ended its plans to merge with Cover.

    DeFi Ted warned users to withdraw any funds from the protocols as soon as possible.

    Disclosure

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Kevin Reynolds
    Kevin Reynolds

    Kevin Reynolds is Editor in Chief at CoinDesk. He owns bitcoin, ether, polygon and solana.

    Follow @KReyofCoinDesk on Twitter
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