Crypto strategist and trader Josh Rager brings the spotlight to a relatively unknown crypto asset that is quietly printing serious profits.
Angry says He believes the COVER Protocol (COVER) remains undervalued even after rising from a low of $ 207.31 on Nov. 26 to an all-time high of $ 980.79 on Dec. 6, according to data from CoinMarketCap.
The move represents an increase of over 373% in less than two weeks.
When asked what he thinks is the fair value of COVER, Rager says He anticipates the price will be between $ 2,000 and $ 3,000, giving the crypto asset an upside potential of over 322% from the current price of $ 709.23.
The COVER protocol is a peer-to-peer market coverage protocol with three types of users: according to Architect for decentralized finance (DeFi) Andre Cronje.
First, it is the cover seekers who take out insurance for the use of a protocol like yearn.finance. Next up are forecast market users who earn fees by predicting whether or not a particular log will have a claimable incident. In the meantime, liquidity providers can earn fees in a number of ways, including providing a backstop to logs. You can also generate income from cover seekers and prediction market users through speculation and cover fees.
On November 28th, Cronje announced the merger between DeFi Yield Aggregator Yearn.finance (YFI) and COVER.
“Yearn can focus on its world-class safes, while Cover becomes the backstop provider for the Yearn product suite and for DeFi as a whole.”
Cornje emphasizes that the partnership will Result in synergies that benefit both platforms.
“The coverage offers a wider range of coverage and accepts more types of collateral. Cover products such as perpetual coverage receive an expanded addressable market. The cover expands to a new cover money market, whereby the CLAIM token becomes a security and credit object.
Yearn receives cover for safes and can offer users a reduced risk product. Yearn can focus on safes and loans, with yInsure (and yNFTs) being taken over by Armor. YFI cover writers earn higher fees through insured YFI coverage. “
Featured image: Shutterstock / AleksandrMorrisovich