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DeFi Projects Cover, Ruler Are Shutting Down After Development Team Exits
The price of both protocols’ tokens plunged on the news.
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.
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
