Yearn. Finance protocol’s success story is known to everybody and now its founder and creator Andre Cronje is backing yet another decentralized finance project.
Alan, who is the pseudonymous creator of the SAFE token which was touted to be extremely controversial has said that he is swiveling back with a renovation or an upgrade and for the same purpose, Andre Crone of Yearn Finance is supporting the move.
SAFE is a governance token for an insurance protocol. It was built and billed to protect yield farmers. The DeFi asset spiraled its way up to reach a figure as high as $4,438 as on September 14th. And two days later, it came down crashing at $166 according to CoinGecko. The creator of the token went to twitter and had accepted that he committed mistakes and is responsible for the collapse.
“As the creator of SAFE, I acknowledge that mistakes were made in my handling of the SAFE token launch. I take full responsibility for my actions and no one else should be blamed except me. I apologize to anyone who was negatively affected and how I communicated. Testing in prod isn’t always fun, he added in his medium post.
Alan is now planning to rebrand SAFE as the COVER protocol. As per his post, Cronje has provided him with a grant of $25,000 and five Ethereum so that the project gets rejuvenated and could get its new identity. Cronje will also be serving as the advisor for the project and he has given the assurance that he will not replicate the mistakes again which he did with COVER. He also has withdrawn from university so that he can devote his entire time to the project. He has been lucidly explaining that the vision of the project is big enough to be done alone. This is the reason why advisors and a core team were brought in to redefine the project.
He went on to say:
“As the initial launch of SAFE was immature, we are rebuilding the protocol from scratch and rebranding as COVER. The COVER protocol will enable users to buy and sell cover on anything, all on a completely decentralized and scalable platform. Our unique model has no limitations on the depth of coverage per platform, allowing even platforms like Curve and Aave with billions of total value locked to have meaningful coverage.”
Alan is now looking forward to launching the beta for the COVER protocol on November 1’st. He believes that SAFE token holders can migrate to COVER after the beta and all the necessary audits were completed. The chaotic thirty-six hours have given him the peace of mind to think about what can be done and how the project can be revived. Cronje gained immense popularity when Yearn. Finance’s governance token YFI. The token surged in its value immensely ever since it came in July. The token further shot up from $31.65 to a humongous $43,678 on September 12’th a massive increase of 138,000%.