Product analysis

Velodrome cover,
coverage and gaps.

Cover for the Optimism DEX Velodrome: pays on a contract hack, not for impermanent loss; in 2022 a team member drained a team wallet (user funds were untouched).

Assecura score 64/100 Limited

Verdict

Velodrome has run since June 2022 with no contract exploit of user funds, has Spearbit audits and an Immunefi bounty, and is the more battle-tested member of the ve(3,3) pair with Aerodrome. Its 2022 insider incident (a team member drained a team wallet, user funds untouched and returned) is a trust flag but not a contract failure, and notably it is exactly the kind of loss a protocol cover does not pay. The limits are the family ones: a fork lineage that clause 9.4 reaches into (Solidly, plus Uniswap v3 via Slipstream), everything on a single OP-Stack L2 (Optimism), impermanent loss excluded and the oracle and liquidation covered events barely applicable. VELO is not a peg, so there is no depeg gap.

Confidence: medium 6 red flags As of 2026-07-14

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Velodrome cover,coverage and gaps.

Full report locked

Velodrome cover,
coverage and gaps.