Tidal Finance Launches Mainnet!
Tidal Finance is very excited to announce its mainnet launch today, including their exclusive coverage They’ve given to Coindesk. This launch has been the culmination of many sleepless nights, coding sessions, extensive meetings, testnets, and multiple business development partners. Tidal launch also coincides with the announcement of its launch clients, who will be using their platform for protection against hack and smart contract failures. Thank you to StaFi, Xend Finance, Marlin, EasyFi, and bZx, for being part of a movement for better, more flexible, personal, and comprehensive insurance.
Read their press release below, which will be followed by details on how you can participate in being an insurance coverage provider with 100% APR (Annual Percentage Rate) returns — for our earliest adopters.
Tidal Finance Launches Mainnet For First Flexible Defi Insurance Coverage Protocol
Tidal Finance Goes Live With StaFi, Xend Finance, Marlin, EasyFi, and bZx As Initial Launch Clients For Subscription-Based Weekly Adjusted Insurance Model
JULY 27, 2021, New York, NY — Tidal Finance, the first multi-chain flexible insurance platform, today announced the launch of their mainnet and mining program for coverage providers. Tidal Finance is the first to launch on Polygon, offering tailored, subscription-based insurance coverage from hacks and smart contract failures directly to blockchain companies on all chains. StaFi, Xend Finance, Marlin, EasyFi, and bZx are amongst the initial clients that will go live on mainnet subscribing to Tidal Finance’s flexible insurance model, where weekly Total Value Locked (TVL) is analyzed and coverage costs are updated.
“The DeFi space is constantly growing and evolving and the sophistication of hacks and smart contract failures remains an ever-present threat,” said Sandeep Nailwal, COO of Polygon (previously Matic). “DeFi insurance companies cannot be a one-size-fits-all offering to companies that offer a broad range of products. Tidal Finance’s flexible insurance offering ensures that growing companies protect their customers, while offering some of the best APYs to coverage providers, where anyone can participate.”
As part of Tidal Finance’s mainnet launch, the company is introducing a cover mining program through an open marketplace that incentivizes coverage providers with an initial 100% APY for covering over seven protocols with up to $1 million in the reserve pool. Besides StaFi, Xend Finance, Marlin, EasyFi, and bZx, coverage providers can choose and back other protocols from hacks, including Yearn and Curve. Tidal Finance is also the first to offer gas-free transactions for cover providers and buyers. Tidal Finance will continue to announce new clients and coverage opportunities over the next several weeks.
“The DeFi space has been missing a service like the FDIC, which brings stability and security to institutions,” said Chad Liu, CEO of Tidal Finance. “The Federal Deposit Insurance Corporation does this through insuring banks directly for up to $250,000 for each depositor — just like we directly insure DeFi protocols. For blockchain and DeFi to continue to see massive adoption — and cross the chasm — users and institutional investors need to feel secure, and companies need to know they can insure themselves at the best rates possible on a flexible basis.”
About Tidal Finance
Tidal Finance is the first multi-chain flexible insurance platform, working directly with companies, and the first insurance solution to launch on Polygon. The flexible insurance model allows companies to adjust their premiums on a weekly basis based on fluctuating TVLs (Total Value Locked) and evolving investment strategies. Users can buy and cover insurance purchasers and receive the highest APYs in the industry. Tidal Finance is also the first DeFi insurance provider to offer gas-free transactions for cover providers and buyers.
