OpenCover

OpenCover has released its February 2026 alpha update, detailing recent developments in their onchain risk protection platform. The newsletter covers: - Latest platform improvements and features - Updates on their coverage offerings for smart contract risks - Community initiatives and engagement activities - Progress on their underwriter network OpenCover continues to focus on making portfolio protection accessible and affordable for users navigating onchain risks like smart contract exploits and oracle failures. [Read the full update](<https://open.substack.com/pub/opencover/p/opencover-alpha-february-2026?r=2chtfi&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true>)

OpenCover released its February 2026 update, highlighting several key developments: - **Onchain Risk Map 2026**: The first comprehensive taxonomy of DeFi risk, developed with Nexus Mutual for risk professionals, protocols, and institutional users. Full report and webinar scheduled for February 11. - **CAP in-dApp Protection**: New protection feature now available within the application. - **DAF London**: Participation in decentralized finance events in London. The risk map aims to standardize how blockchain risk is understood and managed across the DeFi ecosystem, providing a structured framework for evaluating onchain vulnerabilities. [Read the full update](https://open.substack.com/pub/opencover/p/opencover-alpha-february-2026)

**Key Updates from Covered Yield Protocols:** - **YO Protocol** introduced its governance token $YO and expanded support to Arbitrum yield sources, starting with Revert's Lend USDC integration into yoUSD - **Cap** launched the Cap Homestead Program **Recent OpenCover Developments:** - Protocol Cover now available for [Hybra Finance](https://opencover.com/hybra) on Hyperliquid, covering protocol hacks, oracle manipulation, liquidation failures, and governance attacks at 0.46% monthly - Depeg Cover launched for Neutrl USD and Spark - Integration with Cap enables users to purchase cover directly within the Cap dApp for their positions, including Pendle YT/PT tokens

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.

**Stream Finance incident** has caused downstream effects across multiple DeFi protocols, prompting insurance claims. **Eligible coverage includes:** - Beefy Finance Multi-protocol - Harvest Finance Multi-protocol - Base DeFi Pass - Nexus Mutual Entry/Essential/Elite **How to claim:** - Users with active cover can submit claims at [opencover.com/claim](https://opencover.com/claim) - Contact via DM or Discord ticket **Key takeaway:** The incident demonstrates how **contagion spreads through DeFi** - protocols you use often depend on others, creating interconnected risks. This serves as a reminder that **zero risk doesn't exist** onchain, highlighting why coverage exists to protect users when they need it most.

OpenCover published their November 2025 alpha update, highlighting key developments in their DeFi insurance platform. **Key Updates:** - Full integration with StakeDAO completed - Participation in DAS 2025 event - Launch of exclusive founder video series - Monthly progress report available The update provides insights into OpenCover's ongoing development as they expand their onchain risk protection services. The platform focuses on making portfolio protection accessible and affordable for DeFi users. [Read the full update](https://open.substack.com/pub/opencover/p/opencover-alpha-november-2025?r=2chtfi&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true)

**Major DeFi incident affects multiple protocols** Users with active insurance coverage for several major DeFi platforms need to submit claims immediately: - **Beefy Finance** Multi-protocol coverage - **Balancer V2** protocol coverage - **Base DeFi Pass** coverage - **Nexus Mutual** Entry/Essential/Elite tiers **How to claim:** - Submit directly at [opencover.com/claim](https://opencover.com/claim) - Check registered email for notifications - Contact support if needed **Key reminder:** This incident reinforces that **zero risk doesn't exist** in DeFi or traditional finance. Insurance coverage exists specifically for situations like this - when you need protection most. *If you have active coverage for any affected protocols, act now to secure your claim.*