When yPIE was first created it was to include all Yearn ecosystem tokens. COVER token was originally part of this PIE. Due to Cover Protocols unfortunate exploit which caused an infinite amount of COVER token to be minted, we were removed from this Pie. As a protocol we totally understand that removal was necessary and actions had to be taken by the PieDAO team in order to protect the yPIE token holders.
Post mortem can be found here: https://coverprotocol.medium.com/12-28-post-mortem-34c5f9f718d4
Security is our number one priority over anything else. Moving forward with future and current code we have and will be following this outline:
Extensive testing including
- unit tests
- integration tests
- testnet testing
- exhaustive edge case testing
Multiple rounds of rigorous internal code reviews
External code reviews by experienced devs
Minimum two official audits
While this event was unfortunate, we made it possible for yPIE token holders to claim the (new) COVER token if they had held the token at the time of the snapshot taken. We were deeply sorry that the exploit happened and that yPIE was affected at the time. We are moving forward even stronger and hope to continue our good relationship with PieDAO
Reference for compensation: https://coverprotocol.medium.com/compensation-plan-b089d499191e
We propose that COVER token be added back to the yPIE. We have fixed our rewards contract which contained the exploit and have had it re-audited and reviewed numerous times. The current rewards contract is in place and working as intended. The infinite token minting exploit is no longer possible. The token now has a max supply of 70,200 tokens which is already minted.
- Add COVER token to yPIE
- xCOVER will soon be launched, offering a yield to COVER token stakers which can be implemented into the yPIE strategies (details on xCOVER: https://twitter.com/chefcoverage/status/1352686218950172675?s=19)
- Possible PieDAO coverage collaboration to align and synergize PieDAO and Cover even further (will talk in greater detail if interested).