The Crypto Conversation Cove - Next-Gen DeFi Portfolio Management
Sunil Srivatsa is the founder and CEO of Storm Labs, an open-source software development studio. They help build and maintain infrastructure for decentralized protocols like Cove.
Why you should listenStorm Labs is an open-source software development studio that builds infrastructure for the next financial generation. Their mission is to build and share foundational infrastructure that enables economic empowerment for all.
Storm Labs raised $3 million in pre-seed funding from leading venture capital firms and angel investors to launch their protocol Cove, the first onchain portfolio manager that addresses the challenges of Automated Market Makers (AMMs). The round was led by Electric Capital.
The current scarcity of dedicated onchain management platforms forces retail crypto users to navigate DeFi's complexities and potentially lose through DIY yield-farming. According to the survey conducted by Storm Labs, 25% of investors spent 3+ hours a week manually managing their portfolios.
Cove's platform empowers users to tailor their investments to their risk appetite and goals to build their optimal DeFi portfolio without any need for manual management, while addressing the limitations of traditional AMMs and eliminating Loss-Versus-Rebalancing (LVR). They achieve this through a unique execution mechanism that guarantees fair and transparent trades, minimizing issues like price impact, slippage, MEV (Maximal Extractable Value).
Trades within Cove are facilitated through a proprietary matching engine, while external trades are routed through CoW Swap for added security while still eliminating MEV and capturing positive slippage. This means the platform can seamlessly match individuals holding complementary liquidity positions, facilitating efficient trades and maximizing returns.
Marking Stage 1 of the product roll-out will be the launch of Cove Boosties. Boosties is the first dedicated liquid locker and staking platform specifically designed to simplify and enhance the Yearn experience. It allows users to effortlessly earn boosted APY on Yearn vaults and mint coveYFI, with flexible dYFI rewards and early access to Cove's governance token ($COVE). Boosties is built using Yearn V3 and optimized by Gauntlet and audited by Trail of Bits, Quantstamp, and yAudit. The main protocol is slated to launch during Stage 2 later this year.
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