I deposited in DAI v1 vault months ago and recently to USDC v2 vault also , sums of significant value for my budget.
Now , after the recent exploit which resulted in a loss ( a loss that eventually compensated later by the fast and effective team’s actions) , i seriously thought about how i can get cover for my investments on yearn .
Now , i must admit that eventhough i try to learn as much as i can and i have been interacting with defi protocols the last few months i am by no means a tech savvy guy !
so I tried to get a quote on nexusmutual ,it states that the yearly cost is 2.6% (which seems fine if you take into account that interest on DAI or USDC vaults is currently 17-20% ) however i can’t buy that because “Requires more staking!”
I will not pretend that i know what that means ! I don’t!
And i would be gratefull if someone can eli5 here!
If that was my experience on nexus then can easily will be everyone’s guess what was my experience on coverprotocol!
Man! i was lost from the start there!
Isn’t there an easy way to do this?
Can i just give my eth public address where my yDAI or yUSDC rests , then pay some % for covering this investments and get done with this?
Or even better couldn’t be an option to get into a pre-covered vault (insured) for a reduced APY when compared with an un-covered one?
I believe that even if a pre-covered vault was the only option would be better and more adopted , since average joe’s would be sleeping much easier even with less APY’s on their funds if they were covered from possible losses!
I would very much appreciate any thoughts and if there is a simple step by step guide to purchase cover for my yearn vault deposits