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OpenCover is a DeFi cover aggregator that brings together multiple on-chain underwriters to provide protection against smart contract exploits, hacks, and stablecoin depegs. Users can select a protocol or asset, set coverage amount and duration, compare quotes, and purchase cover. Policies are issued as NFTs; buying requires no KYC, while claims may require a brief check. Smart contracts handle premium payments and payouts, and on-chain data is aggregated to support risk assessment. It supports multiple EVM chains and major DeFi protocols.
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About OpenCover
OpenCover is a DeFi insurance platform that provides protection against onchain risks such as smart contract exploits, oracle failures, and stablecoin depegs. Its core product, Covered Vaults, integrates insurance directly into ERC-4626 vaults, so users automatically get coverage when they deposit funds, with premiums streamed from yield rather than paid upfront. This removes the friction of traditional DeFi insurance, which often requires separate policies, manual premium payments, and duration commitments. The platform aggregates underwriters and displays the best available price for each coverage amount and term.
In the past six months (March to September 2026), OpenCover has focused on expanding Covered Vaults adoption. It launched within the Superform Base mini app, allowing users to activate protection with a single tap during deposits. Brazilian fintech Picnic also adopted the technology. Over 15 vaults are now live across Ethereum, Base, and Optimism, covering strategies from protocols like Morpho and Superform. In May 2026, the platform processed payouts for the USR incident affecting its Covered yoUSD vault, with claims settled within a week and deposits reopened afterward. This demonstrated the payout mechanism in a real event, though it also highlighted that covered products can still suffer losses. No major negative incidents beyond this were reported in the period.
Over the past six months, OpenCover has advanced significantly in vault-native risk transfer. In May 2026, it launched Covered Vaults, the first primitive for vault-native protection, built on the extended ERC-7540 standard and in collaboration with Nexus Mutual. This enables users to stake vault shares to activate coverage, with premiums streamed directly from yield and no lockups. By June 2026, 15+ Covered Vaults were live across Ethereum, Base, and Optimism, covering strategies from Morpho, YO, Superform, and Origin, offering 4%+ covered APY (up to 10% with incentives). A notable integration was with Picnic, a Brazilian neobank, which embedded sDAI depeg protection into its app, allowing users to earn yield with built-in coverage, achieving 3-4% covered APY and competing with traditional fintechs. Following the USR incident, OpenCover validated its claims process by indemnifying affected users within a week, demonstrating real-world resilience. Looking ahead, OpenCover is expanding depeg protection beyond USD stablecoins to non-USD pegged assets, broadening its risk coverage. The roadmap focuses on scaling vault-native risk transfer, enhancing the Covered Vault ecosystem, and deepening integrations with DeFi infrastructure to make protection a seamless, embedded layer across protocols.
Co-founder & CEO Jeremiah Smith: PhD from Imperial College; previously co-founded DX Network and CarbonChain (YC S20); alum of Y Combinator, Alliance, and Lloyd's Lab.
Co-founder & CTO Yury Oparin: Full-stack engineer with 15+ years of experience across Sprint, UBS, and Telstra; co-founded DX Network and CarbonChain (YC S20); Lloyd's Lab alum.
VP of Blockchain Engineering Csongor Bokay: Over a decade building mission-critical financial infrastructure (DrumG, SIX Group); leads OpenCover's blockchain infrastructure.