Hi mates! Greeting to you all!
After the exploit happened on early February and the immediate action taken by the team to compensate everyone affected , @yearn.finance twitted that “It was done as a one-off celebration of going through this DeFi rite of passage. Don’t count on it happening again. Make sure to buy Cover next time.”
That’s fair enough , however i urge anyone who was able to buy cover for his yearn vaults to advise how can i do it myself!!
i even asked about this in the past here How to buy cover for my vault deposits
Fact is that it’s still impossible to buy any cover to both nexusmutual or coverprotocol ( There’s no availability to both protocols , for example cover has just 300$ of cover available)
Now i ask sincerely and with every good intent
Is there any other way to do this in a practical way?
What happens in the event of a new hack/exploit?
Cover is dead in the water.
It is possible to buy cover for Yearn from Nexus Mutual. I have personally covered nearly 200k worth of vault holdings in the past week.
The cover becomes available sporadically as either old policies expire or more NXM is staked. Just yesterday there was over 100k worth of coverings available. You need to keep checking back regularly as it will get bought up within hours. But based on my 2 weeks experience it becomes available every other few days or so.
thanks mate! I ll try to be alert on when nxm yearn cover opens! But let me tell that this shouldn’t and most probably isn’t the way to go for the average investor! Someting must be done about this!
You can check this post here for more info about insurance that are currently on the market for the Yearn Ecosystem. How to buy cover for my vault deposits - #2 by Dark
Thanks for your suggestion! This happens to be the very topic i started as i mentioned to my original post ,I believe i am well aware of this ! Since NO COVERING AVAILABILITY came from this , that’s why i started a new topic! To be clear for everyone just read this IT SEEMS THAT CURRENTLY THERE’S NO WAY OF INSURING YOUR VAULTS INVESTMENTS.
Both nexus and coverprotocol can’t insure yearn vaults! If anyone has a different opinion or can provide another choice please do!
you could try armor.fi they are pretty new. But generally, if there is no cover available then you just have to wait till there is.
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