Cover Protocol

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

Cover Protocol's governance or utility token carries a market capitalisation of 44.127,9 $ based on circulating supply at the latest DeFiLlama snapshot. The token's market cap (44.127,9 $) is small relative to deposits secured by the protocol (809.849,9 $); a mcap/TVL multiple of 0.05× is sometimes read as a discount, though it can also reflect minimal fee accrual to the token.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Cover Protocol is a Insurance protocol that lets users supply assets as collateral, borrow against them, and earn interest from borrowers paying variable or stable rates. It is deployed on Ethereum. The codebase has been independently audited (1 report on file).

Cover Protocol is a single-chain protocol, deployed exclusively on Ethereum — this concentrates execution risk but simplifies the trust model. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts. Its token market cap (44.127,9 $) is small relative to TVL (809.849,9 $) — a mcap/TVL ratio of 0.05 is often read as the token being structurally undervalued versus the activity it secures.

Verified external resources for Cover Protocol — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Cover Protocol is one of 7 Insurance protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Nexus Mutual, Easedefi.org, 3F Mutual, and 3 more. These peer protocols collectively secure 124,9 Mio. $ in deposits, giving you a frame of reference for whether Cover Protocol's own TVL is at the top, middle, or tail of the category.

Nexus Mutual

TVL 110,9 Mio. $ · 24h +0.24%

Easedefi.org

TVL 5,1 Mio. $ · 24h +0.45%

3F Mutual

TVL 4,5 Mio. $ · 24h +0.82%

Unslashed

TVL 3,4 Mio. $ · 24h +0.20%

Sherlock

TVL 507.308,7 $ · 24h +0.00%

iTrust Finance

TVL 482.618,3 $ · 24h -0.14%