TechFlow reports that Storm Labs, the developer of Cove Finance—an earnings optimizer based on Yearn V3—has raised $3 million in funding led by Electric Capital, with participation from Accomplice, Robot Ventures, Daedalus, and prominent industry angel investors.
The funds will be used to build Cove, an on-chain portfolio manager that enables users to create and manage customized DeFi portfolios without manual intervention, addressing issues such as loss hedging and rebalancing.
Cove's initial launch phase introduces Cove Boosties, a platform focused on Yearn that offers enhanced annual percentage yields (APY) and early access to Cove’s governance token. Cove is optimized by Gauntlet and has been audited by Trail of Bits, Quantstamp, and yAudit.
