CORE: The beginning of Phase 1
With the completion of our third and final Liquidity Generation Event, CORE ended its fundraising phase. Phase 0 created a strong foundation for CORE by establishing three liquidity pools which contribute to a TVL of $42,000,000. With the wCORE/coreDAI LP tokens distributed, our community looks forward to the launch of Phase 1. The next chapter in our ecosystem will focus our development towards value creation, by implementing new strategies and tools which take advantage of our locked liquidity.
Partnerships & Collaborations 💭
Phase 1 will not only emphasize on developing the protocol further but also forming strategic partnerships and creating valuable collaborations which will accelerate CORE’s value creation goals. The first collaboration will improve the security of our users capital. CORE decided to partner with Cover Protocol to deliver Smart Contract Coverage to our users. We offer lucrative incentives through their shield mining mechanism, to attract market makers to our coverage pools. This presents a unique opportunity, to mine CORE outside of our locked liquidity pools.
A more secure ecosystem 🛡️
For users to protect themselves from any smart contract risks in our ecosystem, we decided to offer smart contract coverage through COVER Protocol.
This collaboration, allows us to provide our users coverage on all CORE smart contracts. Users can now protect their funds from hacks, bugs or any other maleficent events on our protocol.
Protecting our ecosystem against Smart Contract Risks
Market Makers which provide liquidity for our coverage on the COVER Protocol are essential for our smart contract coverage to work. Therefore, we decided to incentivize these Liquidity Providers by offering Shield mining rewards. To build a strong smart contract coverage pool, we need Liquidity Providers to deposit collateral (DAI), mint CLAIM + NOCLAIM tokens for our protocol and provide liquidity in the designated Balancer Pool. Afterwards, Liquidity Providers can stake their BPT (Balancer Pool Tokens) in the shield mining program and earn CORE, as staking rewards, on top of balancer fees.
Supporters of our Smart Contract Coverage will be able to earn CORE staking rewards (through shield mining), by providing liquidity for our CLAIM/DAI and NOCLAIM/DAI pools.
Through shield mining, we incentivize Liquidity Providers to join our coverage pool, by distributing CORE Bonus Rewards throughout the coverage period. This will generate enough liquidity for our users to purchase CLAIM tokens and have their funds be secured against smart contract risks.
Protect your capital through Smart Contract Coverage
Users can protect their capital by purchasing CLAIM tokens for the CORE ecosystem on the COVER Marketplace.
Example:
User X has $20,000 worth of tokens invested in the cvault.finance ecosystem. To protect himself against smart contract risks, he chooses to buy full coverage, by purchasing 20,000 CLAIM tokens for 4,467 DAI. The expiration date shows how long the coverage is valid for.
In case of an incident, such as a hack, bug or a maleficent event, the 20,000 CLAIM tokens will be worth 1 DAI each. Securing User X’s entire capital.
If there is no incidents by the end of the expiration date, the CLAIM tokens expire and will be worth 0 DAI.
An in depth guide on how to provide liquidity and earn shield mining rewards can be found here.
CORE Emergency Shutdown 📟
Community governance is important for CORE’s ecosystem to become self sufficient. One of the first implementations to increase community control over the protocol, is the release of a fail safe mechanism. The CORE Panic Button smart contract is intended to be triggered, in case of a serious emergency, such as a hack, security breach or possible malicious governance activities. Once 500 CORE are placed inside the COREPanicButton Contract, it enacts immediately to shut down the entire system. The dev team will be able to take a look at the threat and eliminate it. The community members who contributed 500 CORE to the COREPanicButton contract and stopped the malicious event from further damaging the protocol will receive a bounty reward of 10 CORE, split among its contributors. In case of a false alarm, 500 CORE inside the contract will be burned and the protocol will restart unchanged. This new feature brings additional security and gives important control over the protocol to the community.
Phase 1 is packed with new features which will benefit our ecosystem. Our team is dedicated to challenge the DeFi landscape, by introducing new innovative products. Stay tuned for more information regarding upcoming releases and exciting collaborations.
💬 Join Us!
- Join the discussion in our Discord at https://discord.gg/hPUm9Jh & Telegram https://t.me/COREVault
- Don’t miss any update by following these Twitter accounts at @CORE_VAULT @x3devships @0xRevert @0xdec4f
