Cove
@cove_fi
Followers
1,405
Following
15
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90
Statuses
345
Cove is the first onchain portfolio manager. Built to synergize with @yearnfi and optimized by @gauntlet_xyz . Backed by @ElectricCapital .
Joined August 2023
Don't wanna be here?
Send us removal request.
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Pinned Tweet
We’re thrilled to announce
@stormlabs_xyz
has completed a $3MM pre-seed fundraise led by
@ElectricCapital
with
@Accomplices
@robotventures
@daedalus_angels
and more to build
@cove_fi
and the future of onchain portfolio management!
Say goodbye to loss-versus-rebalancing (LVR).
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Welcome to the latest generation of yield automation.
Introducing Cove: your DeFi portfolio, simplified.
Earn the best yields on-chain without the hassle of managing a portfolio.
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veYFI holders in the
@yearnfi
ecosystem vote every two weeks on how to distribute dYFI incentives to liquidity providers. ⚖️
Today we’re releasing a public dashboard displaying
@gauntlet_xyz
's optimal voting recommendations for Boosties and coveYFI!
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Today marks the start of $COVE liquidity mining rewards! ⛏️
8% of the $COVE token supply will be distributed to our community over the first year.
Stake coveYFI or Boosties LP tokens to earn $COVE!
You are early, anon.
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While your engineers were booting up CryptoZombies for the first time this weekend, ours were competing in the
@paradigm_ctf
challenge.
We are not the same.
Congrats to
@Weeb_Mcgee
and
@cyneriss
for getting 22nd place at the CTF challenge!
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So what exactly is Cove?
Cove is an automated yield optimizer, built on
@yearnfi
V3 and optimized by
@gauntlet_xyz
. Cove integrates a veYFI liquidity system to offer best-in-class boosted yields.
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To all the haters that said veYFI would never come... 😤
Congrats
@yearnfi
team on the veYFI launch! Excited to be building with you guys 🥰
For nearly two years there has been one question that has dominated the Yearn discord.
Today, that question gets answered...
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Starting November 1st, the OG role in Discord will no longer be given to new members.😮
Join now and get this life changing role or forever be that guy without OG in their profile (smh)!
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Need an amazing project to tell your uncle about during Thanksgiving dinner? 🦃
Point him to our docs!
Oh yeah, our docs are live 😎
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A New Standard☀️
Cove is using the new ERC-4626 tokenized vault standard to power its vault management system. It will allow for Cove to seamlessly integrate any compliant vaults and truly automate yield.
So what exactly is the ERC-4626 standard?
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Cove intelligently rebalances users’ portfolios and is optimized by
@gauntlet_xyz
.
Users always receive best-in-class yields on their $USDC and $ETH without loss-versus-rebalancing (LVR) like traditional AMMs.
Cove uniquely matches and settles trades internally without leaking
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Excited to share that we have successfully completed a code audit with the shadowy super coders of
@yAuditDAO
! 🎉
“[N]o critical findings were reported, reflecting the overall quality of the codebase and the team’s organizational practices.”
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Exciting news in the DeFi space!
The ERC-7540 asynchronous tokenized vault standard was recently finalized. ✅
If this sounds confusing, we can explain. But this is great news for the future of yield bearing tokens and Cove. 📈
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Read more in the full Mirror post:
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One of the features of Cove that many glance over is how we can integrate any ERC-4626 vault out there.
But we understand, Cove is doing something that has never been done before (the tech behind it is brand new!).
We’re not the only ones revolutionizing yield 👀⬇️
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Really great thread on our origins and plans! Give it a read if you haven't already 😁
🔴 [EARLY Project Spotlight]🔴
Want to be ready for the bull-run?
You need to simplify, optimize and elevate your yield strategies.
Here is a platform destined to reshape how we approach decentralized finance.
Launching Q1 2024👇
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🚀 Just submitted my request to Cove YFI through CoinGecko!
🎫 Request ID: CL2305240100
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Another
@yearnfi
Space tomorrow! Join the gigabrains from
@gauntlet_xyz
and
@hiBazaar
to talk about their collaborations with Cove.
🗓️ 24nd April 2024
⏰ 11:30 AM EST
🎙️Speakers:
@omgcorn
Yearn,
@devops199fan
Cove,
@CarsonMBrown
Gauntlet,
@xaneth_
Bazaar
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Cove is going to be intense. We’re redefining on-chain portfolio management and using cutting edge DeFi tech to give best-in-class yields.
But there’s a lot going under the hood, and the impending bull run will get loud fast.
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Popped into the engineering channel to see what they were cooking and saw the blueprint for the custom vault management system that will power Cove's backend.
Builders are buidl'ing 👀
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Cove is set to launch in ~Q1 2024 and we’ve started a new company of DeFi veterans
@stormlabs_xyz
to help deliver our vision.
@devops199fan
- early YFI contributor,
@egirl_capital
, founder
@saddlefinance
@Weeb_Mcgee
- creator of
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Join our community and help us build the next generation of yield!
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Epoch 1 for $COVE liquidity mining ends soon! ⏰️
Rewards are being distributed until next Tuesday (6/4).
This epoch is focused on bootstrapping the protocol's coveYFI supply and new V3 vault TVL.
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Happy Thanksgiving!
Now that crypto is cool again it's okay to name drop the projects you're looking at.
(us, of course 😉)
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We’re proud to be advised by industry leaders:
@joey__santoro
- founder
@feiprotocol
and author of ERC-4626
@tarunchitra
- founder and CEO
@gauntlet_xyz
, the premier DeFi-native economic research firm
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Cove uses a custom linear programming solver to help earn users best-in-class yields.
But why does a yield protocol need a custom solver? 🤔
It’s to eliminate adverse selection and toxic order flow, anon.
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We get markets can be crazy sometimes, so use this as an opportunity to take a break and learn something about what we’re aping our paychecks into.
Usually AMM’s are brought up regarding decentralized exchanges, but they can also operate important components in yield protocols.
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We’re building Cove to harness the power of
@erc4626
, the new standard for yield-bearing vaults used at protocols like
@MakerDAO
@fraxfinance
that recently hit $1.68B in TVL across 760 active vaults.
We believe ERC-4626 will unlock a new era of DeFi composability and capability.
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Boosties includes a $dYFI Redeemer public good. 🏦
Anyone can now opt-in to automatically redeem $dYFI for $YFI without holding $ETH.
Coming soon.
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Opening a vault on Cove is simple:
1️⃣ First, choose a base asset (initially $ETH and $USD).
2️⃣ Select what strategies you want to use and let Cove optimize your yield over time.
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OG role won't be there forever... 👀
2/8
@cove_fi
/
@stormlabs_xyz
Description: yield automation built on
@yearnfi
optimized by
@gauntlet_xyz
Blockchain: Ethereum
Notable followers:
@tarunchitra
,
@ManifoldTrading
,
@devops199fan
Tips: You can currently earn an OG role by joining their discord 👀
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Join the Cove community today to influence the protocol’s future and support
@yearnfi
! 🚀
Pledge ETH for $COVE (not points) to help bootstrap Cove’s YFI supply and protocol owned liquidity. 🫡
The $COVE batch auction is now live!
🔗
Subscribers can participate with ETH from any of our supported networks. COVE will be available to claim at the conclusion of the auction.
See you in the Bazaar!
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$COVE will be featured on
@hiBazaar
’s launchpad in an uncapped batch auction for 9.5% of the token supply starting on April 22nd!
More info on this soon, don’t tell
@0xSisyphus
. 🤫
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Boosties is just the beginning.
Phase 2 → Cove Protocol, the first onchain portfolio manager. Cove eliminates loss-versus-rebalancing and earns more for liquidity providers.
Phase 3 → support for AI-enabled strategies, powered by
@ritualnet
x ████.
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We're excited to announce that
@Quantstamp
, a global leader in blockchain security, has completed a code audit for Cove! 🥳
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If you haven't joined our Discord yet, today is the 𝗹𝗮𝘀𝘁 day to get the OG role!
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Liquidity mining for $COVE begins on Friday! Epoch 0 will be 3 weeks long and focused on coveYFI. ⛏️
Mint coveYFI or deposit Yearn positions to start earning your stake in the future of the protocol.
$COVE is currently non-transferable and used to vote in governance.
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Your LP positions are leaking value to arbitrageurs and you don’t even know. 😮
The result of adverse selection over time called loss-versus-rebalancing (LVR), is to blame.
But Cove is completely eliminating LVR, making it a thing of the past. 👇
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👀
+low cap
+great team
+kickass product launching soon
^ time to hunt down every one of these
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What is profit unlocking?
Profit earned from vaults accrue in a buffer. These are locked for a duration of time, dependent per vault, and distribute gradually.
Harvests are also protected by a private mempool to restrict bad actors from sniping distribution.
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Cove is developed by
@stormlabs_xyz
, a team of DeFi natives led by
@devops199fan
with previous experience at established companies like
@uber
,
@amazon
, and
@Square
.
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We’ve been around the block before and know that DeFi can feel risky. 🥷
Cove has been audited by leading security firms:
@trailofbits
,
@Quantstamp
, and
@yAuditDAO
.
Learn more about Cove, the audits, and launch plans in the protocol docs. 👇
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Another great post on Cove! People are noticing 👀
⚡ Alpha Tingle
🕸️ DeFi enthusiasts, I've got some alpha on
@cove_fi
that goes beyond the buzz. Here's the deep dive on how they're changing the yield game, with a team that's as robust as their tech. 🌊
🧵 Cove Finance isn't just another yield optimizer; it's the first to
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One of our advisors! Go
@tarunchitra
🙌
Tarun Chitra's Risk Modeling for Operators: Unleashing the Power of Restaking
Explore restaking risks and approaches to maximize ETH stake while managing additional slashing rules!
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CT loves the smell of a possible Bitcoin ETF approval in the morning…
but does CT even know what an ETF is? 🤨
The U.S. ETF market is a $7.3 trillion industry. They are particularly attractive to investors who seek diversified portfolios — something Cove is advancing on-chain.
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Our path is steered by our advisors
@tarunchitra
and
@joeysantoro_eth
, bringing veteran insights into creating an innovative and resilient protocol.
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Happy Lunar New Year!
May your crypto coins bring you good health, wealth, and prosperity!
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Cove is asking our community members to vote for enabling $CRV emissions on our YFI/coveYFI
@CurveFinance
pool! 🗳️
This also paves the way for a dedicated
@yearnfi
vault and a subsequent Boosties vault.
This means more opportunities for auto-compounding rewards!
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Epoch 0 begins tonight on Friday, April 12th at ~11 PM EST and will last three weeks.
This initial phase is focused on bootstrapping the protocol’s coveYFI supply.
4.5M $COVE is allocated to coveYFI (3.5M) and LP token (1M) stakers this epoch!
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So what is Cove doing about all this?
Cove is releasing Boosties: the first dedicated liquid locker and staking platform for Yearn, built using Yearn V3.
Boosties allows anyone to take full advantage of Yearn V3’s dYFI emissions, and choose if they want to claim rewards
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Great read on ERC-4626 and potential future
Why does ERC4626 need an extension?
@hieronx
@ilinzweilin
@vikramarun
@joeysantoro
recently proposed EIP7540 titled "Asynchronous ERC-4626 Tokenized Vaults".
It adds:
‣ two new actions users can take: requestDeposit, requestRedeem
‣ two related view functions:
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We've said it before, and we'll say it again.
Study
@Weeb_Mcgee
.
Lessons in there.
big props to my teammate
@Weeb_Mcgee
who's been on an open source tear lately
- refactored/fixed caching in
@paradigm
's foundry [1][2]
- fix for multicall reverts in
@Uniswap
's v4-periphery [3]
[1]
[2]
[3]
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Boosties also features a built-in dYFI converter public good. ↔️
It allows any address to opt-in to converting dYFI in their wallet to YFI automatically. For users, the process is hands off once the converter is approved (permissions can be revoked as easily).
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We believe in transparency and security. That's why we've released the extended Yearn Router smart contract powering this feature, which has been audited by
@Quantstamp
and
@yAcademyDAO
. 🔒
The audits and more details are available in the documentation:
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We see you sers like the stablecoin vaults, so we doubled their TVL caps. 📈
Enjoy best-in-class yields on your $USDC and $DAI in our Boosties vaults!
Reminder: these vaults are eligible for $COVE liquidity mining rewards 🤑
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Cove is optimized by
@gauntlet_xyz
, the premier DeFi-native economic research firm.
With Gauntlet’s optimizations users can expect to see best-in-class yields on their deposits. 💸
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Huge shoutout to the authors
@joeysantoro_eth
(one of our advisors!),
@vik_runa
of
@erc4626
, and members of the
@centrifuge
team for writing this EIP. 🫡
Without the big brains, we wouldn’t have these awesome advances in DeFi! 🙏
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Cove is specifically built to avoid yield droughts.
At the end of every period (7 days) all users' portfolios are rebalanced.
Our algorithm rebalances into the best combination of ERC-4626 vaults to keep yield APY%'s consistently high.
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The beauty of Cove lies in our limitless potential to integrate with any protocol using ERC-4626.
This means endless possibilities for yield optimization, setting a new standard in the DeFi space.
Best-in-class yields are on the horizon, anon.
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Both of these dApps are coming out very soon™️.
We want to get documentation out as soon as possible for you to read and get prepared for the launch.
Cove szn is just getting ramped up. 🔥
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Want to learn more about ERC-4626 and Cove? 🏫
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ERC-4626 integration 🫡
Congrats
@eulerfinance
on the relaunch!
6/ Absolute vault customization
-
@erc4626
vault customization
- Governance-free vault construction liberty
- Oracles & upgrade flexibility enabled
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👀
Over $3 billion are earning yield in
@erc4626
tokenized vaults 🤯
In this issue of
@EICquarterly
I highlight the developments and adoption trends that will take this number to $10 billion and beyond 🧵
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.
@yAcademyDAO
fellowships “are trial-by-fire programs where [students] audit pre- or in-production codebases, and the stakes are very high”.
yAcademy hones the skills of auditors, preparing them to tackle the complexities of blockchain technology.
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Traditional AMM’s are still far behind in dealing with loss-versus-rebalancing for their users. Most don’t even discuss it.😬
Cove is eliminating LVR entirely through our own custom linear solver.
Users will never experience leaky portfolios while earning best-in-class yields.
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The algorithm by
@gauntlet_xyz
powering Cove will take this into account when optimizing portfolios.
It will read users’ position size and be aware of any impact that deposits will have on each vault.
All designed to give users best-in-class yield on their portfolios.
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