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25 November 2020

Decentralized insurance protocol Cover holds vote to cover Pickle hack

Decentralized insurance protocol Cover holds vote to cover Pickle hack


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In what might be an important step towards the maturation of the decentralized insurance space, a claim was filed yesterday with DeFi insurance protocol Cover following the $19 million Dai hack of Pickle Finance — and so far, the majority of users want to see a payout happen.

In an interview with Cointelegraph, semi-anonymous developer and core Cover contributor Alan said that after CVC approval, "all PICKLE CLAIM token holders will be able to redeem 1 CLAIM token for 1 DAI," assuming the Claim Validity Committee approves a 100% payout to holders, as Alan expects.

Pickle’s claim is one of the first test cases for a decentralized insurance protocol using a blockchain snapshot to vote on coverage.

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