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About OpenCover
OpenCover is an onchain risk marketplace and data platform running on Ethereum and the Base, Optimism, Arbitrum and Polygon L2s, serving individuals, DAOs and funds holding DeFi positions. It does not underwrite capital itself; it routes capacity from underwriters such as Nexus Mutual, Sherlock, Chainproof and InsurAce into one checkout, letting users buy cover against protocol exploits, stablecoin depegs and yield-token losses. Policies are issued as transferable ERC-721 tokens, and claims follow each underwriter's terms and adjudication. The platform also aggregates premiums, active cover and payouts across providers into comparable data.
On the product side, the Base DeFi Pass bundles Aave, Morpho, Pendle and Uniswap into a monthly subscription, so funds can move between covered protocols without buying a new policy each time; institutional clients get bespoke programmes and capacity introductions. Its position is closer to distribution and risk data than to underwriting, which is where Nexus Mutual sits. Capacity depends on the upstream underwriters, and protocols outside their lists cannot be covered, Arcadia being one example.
In April 2026 OpenCover launched Covered Vaults after roughly a year of joint development with Nexus Mutual: a depositor stakes vault shares into the matching covered vault, protection activates automatically, premiums stream out of strategy yield, and withdrawing ends cover. Announced aggregate capacity is up to $50 million, with eight figures of vault value protected at launch.
During the year OpenCover extended cover to Solana, where eligible positions in Kamino, Raydium, Orca and Jupiter can be insured. Nexus Mutual still supplies the underwriting capital and handles claims, with cover spanning contract exploits, oracle failure, bad debt from liquidation failure and governance attacks. OpenCover holds no underwriting capital; it is the access and aggregation layer that displays terms, prices premiums, executes the onchain purchase and supports claims. One caveat matters: Nexus Mutual is a discretionary mutual where token holders vote on payouts, not a regulated insurance contract, a distinction easily lost in marketing. Terms, exclusions and per-claim caps vary by product and have to be checked line by line before buying.
OpenCover aims to make covered vaults a default option in DeFi, deepen revenue sharing with vault curators, and lift Solana and multichain capacity to institution-sized limits.
Jeremiah Smith — Co-founder & CEO; PhD in AI from Imperial College London, Y Combinator alumnus, previously at DX.network and CarbonChain.
Yury Oparin — Co-founder & CTO; over 15 years of engineering experience at UBS, Sprint and Telstra.
OpenCover offers onchain cover with premiums starting at $2 per week for $5,000 of coverage.
OpenCover settles premiums weekly with week-by-week renewal, where $2 of premium covers $5,000 of cover.