The digital currency “SAFE” of the decentralized financing project “yieldfarming.insure” has been officially changed to its name “COVER” after a dispute over the management and project team level.
In other words, the "COVER" digital currency, which was originally called "SAFE", has been re-launched after controversy and conflict between members of the project team.
The renaming process was accompanied by the announcement of the founder of “Yearn.finance” as a consultant for the project.
However, the "COVER" digital currency based on Ethereum has witnessed criticism from the cryptocurrency community after its value decreased by 62% due to the controversy.
Last September, the digital currency “SAFE” was announced, which is the original cryptocurrency of the “yieldfarming.insure” decentralized financing project.
Recently Mr. “Alan”, founder of “SAFE” also known as “Chefinsurance” stated that there is a dispute with the developer named “Azeem”.
This controversy resulted in Azeem leaving the SAFE project, and as a result, the SAFE team also turned towards creating an alternative digital currency called COVER to replace the SAFE coin.
Tell "Alan" what it means:
As the creator of the SAFE project, I acknowledge that errors occurred during my handling of the SAFE digital coin launch.
I take full responsibility for my actions and nobody but me should be blamed.
I apologize to everyone who has been negatively affected by what things have turned out to be.
Since then, there has been a lot of hype around the upcoming "COVER" digital currency.
After a month of wrangling, the COVER digital coin was launched, but with a surprising twist on the offer.
Instead of adhering to the previously established initial supply of "SAFE", the supply of "COVER" was reduced by implementing a supply supply limit of 160,000 COVER.
Early SAFE investors, decentralized finance analysts, and venture capitalists have harshly criticized the "COVER" digital currency supply limit.
Spartan Group investor Jason Choi said the original owners of SAFE / COVER had reduced their holdings by 5.8-fold.
"Choi" pointed out that there is hope that the digital currency "COVER" will become a strong player in the arena of decentralized financing, DeFi, but the reckless decisions of "COVER" make the matter unlikely, and he added with its meaning:
COVER's earliest proponents (SAFE holders) were reduced by 5.8 times.
The hope was that COVER would be a viable addition to the DeFi arena, but the team's repeated reckless decisions indicate otherwise.
Danger Zhang, a market analyst for decentralized finance, said:
The decision spoiled early backers of SAFE and COVER.
To illustrate this further: whoever bought or kept a SAFE2 took a high risk of providing financial support for a project they believed strongly in.
But by reducing them significantly, the project is killing its ardent supporters.
what happened after that?
The price of the digital currency "COVER" is struggling to recover from the massive decline, amid heavy criticism from industry experts.
While others believe that it is possible that the project will return to the arena and compete with the insurance projects in the DeFi arena.
