Cove Finance
(Inactive)DeFi yield aggregator combining on-chain automation with off-chain intelligence
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About Cove Finance
Cove Finance is a yield optimizer built on Yearn V3, acting as an on-chain portfolio manager. Its core business revolves around the Boosties system, a smart contract framework that lets users stake Yearn V3 gauge tokens to earn dYFI rewards without needing to hold both veYFI and vault tokens simultaneously.
The main pain point it addresses is the ve-token dilemma: users with only veYFI or only gauge tokens face suboptimal yields due to the boost mechanism. Cove solves this by pooling veYFI, allowing all stakers to benefit from boosted emissions, and automating dYFI compounding. It also provides a public redemption contract for efficient dYFI-to-YFI conversion.
In the past six months (March to September 2026), Cove launched its liquidity mining program in seasons. Season 2 began around May 30, 2026, with Epoch 0 focusing on bootstrapping coveUSD liquidity, distributing 730,800 COVE over four weeks. Subsequent epochs expanded to coveYFI and other vaults, with emissions shifting toward sustainable levels. The protocol also continued to enhance its Boosties contracts, enabling broader participation in Yearn V3 yield without manual veYFI management.
Cove Finance, a yield optimizer built on Yearn V3, has reached several milestones with long-term significance. In April 2024, it completed a $3 million pre-seed round led by Electric Capital, with participation from Accomplice, Daedalus, and Robot Ventures, laying the foundation for its development. In May 2025, Cove launched its mainnet and introduced coveUSD, a flagship product offering diversified USD yield on Ethereum, marking its transition from testing to live operations. The protocol also underwent three audits by Zellic and Pashov Audit Group, with Quantstamp and Trail of Bits as additional auditors, enhancing its security credibility. Cove's collaboration with Gauntlet for strategy optimization and its roadmap including AI-enabled strategies via Ritual further underscore its long-term vision. These events highlight Cove's progress in building a secure, optimized onchain portfolio management platform.
Sunil Srivatsa is the Founder and CEO of Cove Finance. He holds a double major in Computer Science and Finance from Washington University in St. Louis. Previously, he founded Saddle Finance and served as a Senior Software Engineer at Uber, where he worked on infrastructure security, autonomous vehicle data engineering, and real-time analytics. Cove is a yield optimizer built on Yearn V3, partnering with Gauntlet for risk modeling. He is also the founder of Storm Labs, focused on open-source DeFi infrastructure.