OpenCover

**Depeg coverage now available for Frankencoin (ZCHF) users** OpenCover has launched depeg protection for Frankencoin, allowing users to insure against defined depeg events. The coverage is underwritten by Nexus Mutual. **Key details:** - Protection covers specific depeg scenarios for ZCHF - Built on OpenCover's platform - Backed by Nexus Mutual's underwriting This follows OpenCover's previous depeg coverage launch for frxUSD in August 2025, expanding their portfolio of stablecoin protection options.

OpenCover is extending its depeg coverage to include non-USD denominated assets, broadening protection options for users. **What This Means:** - Depeg cover protects against stablecoins or wrapped assets losing their peg - Previously covered USD-denominated assets like USDT, frxUSD, and sGHO - Now expanding to protect additional pegged assets beyond the dollar This expansion gives users more options to protect their portfolio against peg failures across different asset types.

**Covered Vaults integrate risk protection directly into DeFi deposits** OpenCover has introduced Covered Vaults, a new approach to onchain risk management that embeds protection into the deposit process. **Key features:** - Users activate Vault Cover simply by depositing funds - Premiums automatically stream from yield while positions are held - No upfront payments or duration commitments required - Coverage stops automatically when users exit their positions **What makes it different:** Unlike traditional DeFi insurance products, Covered Vaults eliminate separate workflows and manual premium payments. Protection becomes a native part of the vault strategy rather than an add-on product. The system covers smart contract hacks, oracle failures, and other onchain risks through vetted underwriters.

OpenCover has deployed Covered Vaults across seven curated vaults on Morpho, managed by kpk.io. The integration brings opt-in insurance coverage to vault strategies, with protection underwritten by Nexus Mutual. **Key Features:** - Vault-native risk transfer built into curated strategies - Optional coverage for users seeking additional protection - Partnership between OpenCover, Nexus Mutual, and Morpho Covered Vaults represent a new primitive for integrated risk management in DeFi vaults, allowing users to add insurance coverage directly within their vault positions.

**Covered Vaults** have launched in the [Superform Base mini app](https://base.app/app/https:/mini.superform.xyz), introducing embedded onchain protection directly into vault deposits. **Key features:** - No upfront payment required - No duration commitment - Single-tap activation at deposit - No separate workflow needed The technology is being adopted by Brazilian fintech **Picnic** and integrated into Superform's vault experience on Base. This marks the first implementation of vault-native risk transfer, allowing users to protect their deposits against smart contract risks without leaving the deposit interface. The integration eliminates the traditional friction of purchasing protection separately, making risk management a seamless part of the savings experience. [Read the full Alpha newsletter](https://opencover.substack.com/p/alpha-june-2026-how-covered-vaults)

**Covered Vaults** are establishing themselves as fundamental DeFi infrastructure by abstracting risk management into a native protocol layer. **Key Development:** - Vault-native risk transfer is becoming integrated into the DeFi stack - Partnership with Nexus Mutual and ecosystem partners to build this infrastructure - Transforms risk from uncertainty into a predictable, manageable cost **Why It Matters:** Institutions and fintechs require the same risk transfer mechanisms they use in traditional finance. By making risk a known cost rather than an unknown variable, Covered Vaults aim to enable institutional capital to scale into DeFi with confidence. This represents a shift from bolted-on insurance products to native risk management embedded directly into vault architecture.

OpenCover now offers coverage for Hybra Finance positions at a monthly rate of 0.46%. Users can protect their assets while earning yields on stablecoins within the Hyperliquid ecosystem. **Key Features:** - Monthly coverage cost: 0.46% - Earn approximately 9% on USDC/USDT0 - Protection available for Hyperliquid-ecosystem assets The service allows users to safeguard their DeFi positions while maintaining earning potential on their holdings. [Learn more about Hybra coverage](https://opencover.com/hybra)

OpenCover has launched Protocol Cover for Hybra Finance, the public liquidity layer on Hyperliquid. **Coverage includes protection against:** - Protocol hacks - Oracle manipulation - Liquidation failures - Governance attacks Hybra Finance has processed over $3 billion in volume as a liquidity infrastructure on Hyperliquid. The Protocol Cover acts as insurance for users' positions against these specific onchain risks. This coverage is underwritten through Nexus Mutual, which has covered $6B+ in onchain risk to date.

OpenCover has introduced **Depeg Cover** for Neutrl USD (NUSD), a synthetic stablecoin with over $200M in total value locked. **Key Features:** - Protection against depegging incidents for NUSD holders - Coverage extends to sNUSD (staked NUSD), which generates yields for stakers - Neutrl delivers market-neutral returns through OTC market strategies The depeg cover provides security for users earning yields with Neutrl's institutional-grade stablecoin products. This follows OpenCover's recent expansion of depeg protection to other DeFi protocols. Learn more about [Neutrl](https://twitter.com/Neutrl) and their synthetic dollar offerings.

**OpenCover completed multiple payouts** to users affected by recent DeFi incidents. **Key developments:** - Users from Beefy Finance, Euler Finance, and Harvest Finance received full compensation - Payouts covered losses from the Stream Finance fallout and related contagion effects - Claims processed for users who didn't directly interact with failed protocols but were still impacted **Why this matters:** - Demonstrates how DeFi protocols interconnect, creating **second-order risks** - Shows cover protection working as intended during real incidents - Highlights the importance of multi-protocol coverage in DeFi The payouts reinforce that **contagion risk is real** in DeFi's composable ecosystem, where protocols build on each other.