Cove, a pioneering on-chain portfolio manager, has forged a strategic alliance with Bazaar, a decentralized launchpad compatible with various blockchains.
This partnership signals a transformative shift in Cove’s community engagement strategy, offering an inclusive opportunity for individuals to participate in the $COVE token launch.
$COVE lies at the core of Cove’s ecosystem, which encompasses Boosties, a specialized liquid locker and staking platform designed for Yearn. Storm Labs, the entity behind the protocol’s development, recently secured $3 million in pre-seed funding, led by Electric Capital, with notable contributions from Accomplice, Robot Ventures, and Daedalus. The official launch of the main Cove Protocol is slated for Q3 2024.
The auction, earmarking 9.5% of the $COVE supply, aims to democratize token distribution, deviating from the conventional first-come, first-served approach. Employing an uncapped batch auction model, participants receive tokens proportionate to their contribution, ensuring fairness despite the initial uncertainty about individual allocations.
Scheduled to span three days starting from April 22nd, 2024, at 12 PM EST, this auction represents a pivotal juncture for Cove. Its objectives include bootstrapping protocol-owned liquidity by acquiring YFI tokens and further decentralizing governance. Bazaar’s platform will facilitate this auction, enabling users to pledge ETH in exchange for $COVE tokens, subject to linear vesting over one year.
Bazaar’s ethos of transparency and community-driven launches aligns seamlessly with Cove’s principles. The platform’s support for liquidity bootstrapping pools and batch auction mechanisms complements Cove’s vision. With competitive fees and a commitment to quality launches, Bazaar emerges as an ideal partner for Cove’s growth trajectory.
This collaboration underscores the joint effort to address capital formation challenges in the crypto sphere, including equitable access and blockchain interoperability. Bazaar’s solution offers a user-friendly experience, enabling cross-chain swaps and universal liquidity across Ethereum, Optimism, Arbitrum, Base, Polygon, and ZkSync Era networks.
About Cove:
Cove pioneers on-chain portfolio management, supported by the $COVE governance token and Boosties, a dedicated platform for Yearn staking and liquidity management. Cove’s optimization by Gauntlet and audits by Trail of Bits, Quantstamp, and yAudit ensure robustness and security.