Introduction

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Cove

Optimized by Gauntlet. Audited by Trail of Bits, Pashov Audit Group, Zellic, Quantstamp, and yAudit.

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What is Cove?

Cove pairs off-chain intelligence with on-chain automation to deliver curated 1-click DeFi vaults that earn higher, risk-adjusted yield 24/7.

Our first product coveUSD sets the benchmark for safe, diversified blue chip USD yield on Ethereum.

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The Cove Ecosystem

The Cove ecosystem is a comprehensive suite of products designed to make onchain earning simple, safe, and powerful.

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Cove Protocol

At our core is the Cove Protocol, which pairs off-chain intelligence from experts like Gauntlet with on-chain automation to deliver higher, safer yield. It provides:

• A simplified way to earn onchain that hides the complexity of best-in-class management.
• Easy access to sophisticated strategies run by experts like Gauntlet.
• The potential to earn $1B+ in additional profit for LPs by eliminating loss-versus-rebalancing (LVR) using Programmatic Orders.
• Better execution on internal trades, which are matched offchain by Cove’s solver and settled without value leakage, similar to ring trades in batch auctions.

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coveUSD

coveUSD is Cove’s flagship vault, delivering institutional-grade USD yield through automated capital allocation.

• It routes deposits through off-chain Silverback bots and Gauntlet’s risk models to optimize returns.
• It automatically reallocates across top strategies including Ethena’s sUSDe, Frax’s sfrxUSD, Superform’s SuperUSDC (Euler/Fluid), and Cove’s Boosties Yearn sUSDS vault.
• Over the past three months, it has achieved net APYs up to 8.08%.
• It aims to establish the benchmark rate for safe, blue-chip USD yield on Ethereum.

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Boosties

Boosties is the dedicated liquid locker and staking platform for Yearn, built with Yearn V3.

• Choose between automatically compounding or directly claiming dYFI rewards.
• It includes coveYFI, a liquid locker for YFI.
• It also offers the dYFI Redeemer, a public good to automatically redeem dYFI for YFI without holding ETH.

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$COVE

$COVE is the protocol’s governance token. It is currently non-transferable and will be used for onchain governance in the future.

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Roadmap

We are continuously building to make DeFi as accessible as running water. Here’s what’s next:

• AI-enabled strategies powered by Ritual x ████████.
• Full tokenomics and onchain governance.
• Cross-chain expansion and abstraction.

Learn more: