According to the official Twitter account of the project, the Cover Protocol (COVER) protocol and its subproject Ruler Protocol (RULER) have officially stopped working permanently due to emotional conflicts. After this announcement, altcoin prices saw a sharp drop in yellow.
2 altcoin projects shut down: Cover Protocol and RULER!
Cover Protocol and Ruler announced that the project was closed due to emotional conflict. According to the information sent by Ted, the founding partner of the DeFi project, from the Medium post, Cover had to be closed because the core developers of the project suddenly said “goodbye” to the project. Ted commented on the subject:
The decision to do so was not an easy one and is a final decision made by the remaining team after reviewing the way forward after the core developers abruptly left the projects. After discussing with the remaining team and finalizing the forward plans, it made sense to distribute the remaining treasury funds equally to the token holders.
After discussing with the remaining members and determining the main hadollars of the plans, the team will distribute the remaining treasury funds equally among the COVER token holders. Ted commented on the subject:
I would like to say personally that I am extremely disappointed to learn that the development team has left so abruptly, especially given the time we spent together creating the protocols and following the vision they had.
Yearn Finance bids farewell to Cover Protocol due to development disagreements
It must have been extremely difficult to come to that decision. But with few human resources left, it’s hard for the project to keep Cover Protocol running anymore. If you are Dikkadollarsi, you may feel that the altcoin project has been in trouble since March 2021. At that time, Yearn Finance said goodbye to Cover Protocol due to disagreements over development. Yearn’s Andre Cronje later expressed disappointment in a (now deleted) tweet:
I personally find it sad. I had great respect, trust and faith in the cover team. Lesson learned. I will never trust them again.
Following that, Cover Protocol released COVER V2, which is seen as an effort to stand up and regain the glory of the past after breaking up with Yearn Finance. But then the story couldn’t be changed and maybe like Cronje, we couldn’t trust Cover again…
Altcoin fiyadollaryellow fell hard with the decision to take down the shutter! “Can go to zero”
It is known that the project will take a snapshot of the wallet owner from block 13162680 to take into account partial compensation. The refund is received from the treasury and will not be received by the project members. Ted commented on the subject:
The compensation will be from block 13162680, which will be used as a snapshot to distribute funds from the treasury to its owners. The founders, including me, will not be involved in this.
Finally, Ted urges users to withdraw funds from the protocol as soon as possible, as they can no longer maintain the UI and converting to Etherscan is complicated. Moreover, according to the warnings, if you are holding COVER on the exchanges, you should sell immediately because the price will soon drop to zero if mudollars… At the time of writing, the price of COVER has dropped 17% to $224. The altcoin project Ruler Protocol (RULER) is experiencing a 68 percent collapse. According to experts, the declines may continue.
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