Tragic seems to have hit hard for the DeFi protocols, COVER, and RULER badly. Yes, sources have confirmed well in advance regarding this closure. However, the news is finally official now as the community manager Ted, also known as ‘DeFi Ted’ announces it.
The Shutdown
The COVER protocol is completely a Decentralized Finance (DeFi) based sourced project. Accordingly, the platform provides all sorts of services related to DeFi , specializing in insurance providers specifically.
On the other hand, the RULER is also part of the COVER protocol, both from the same family origin though. The RULER is just a younger sibling of COVER in all aspects and terms. Also, both these platforms make use of and operate upon the Ethereum (ETH) blockchain.
In spite of being started just in the first half of this year, sadly these cryptocurrencies and their protocols are being shut down completely. In addition, the community manager and head, DeFi Ted himself announced this officially.
Though it was quite expected news as per our sources, it’s quite hard to see how emotional the community manager gets!
Both COVER and RULER Protocols are being shut down, as the core team developers abandon them. However, it’s still not clear why the development team left off. Even DeFi Ted did not reveal this.
As a result, the news made the prices of both COVER and RULER hit hard to the ground bottom plunging from $268.00 to $217.88 for the COVER and the RULER from $10.68 to $1.23.
DeFi Ted’s Sorrows
With full emotions and sorrows profusely, the community manager DeFi Ted states, it’s the end of both COVER and RULER. In addition, he states he has come up with such decisions after vast discussions with the remaining team. Also, he states they were forced to do so as all the team core developers left and abandoned the projects.
In spite of all this, DeFi Ted exclaims that whatsoever remaining funds are left will be evenly distributed among the token holders.
Furthermore, he also instructs all those who have invested and token holders to immediately withdraw all their funds. Also, he states to withdraw completely from both the protocols.
Besides, DeFi Ted expresses that he was completely disappointed when the team of developers suddenly left. And so, with the complete time spent together and towards building the protocols together with their visions, leaving all of a sudden is a great disappointment, he adds.
