Solv Protocol and Tidal Finance Partnership
In the pursuit of higher protocol security, Solv has purchased $1-million USD worth of insurance coverage through Tidal Finance. The current plan covers the vulnerabilities of their smart contracts deployed on Ethereum and Binance Smart Chain, and boosts their protocol’s safety.
Tidal has been playing an integral role in beefing up the security of the DeFi sector, with projects such as bZx, Marlin, Xend Finance, StaFi, and Impossible Finance buying coverage. For them and the Tidal team, this instance is quite momentous due to the fact that this is the FIRST time DeFi insurance is being applied to the NFT sector.
Solv current coverage plan means that users are eligible to file a claim in the event of economic exploits or malicious attacks on their protocol. During a payout event, Solv will receive the total coverage amount so that their users can recover their funds more quickly.
Furthermore, Solv is happy to announce that Tidal will mint vesting vouchers and distribute them as grants to companies they collaborate with. Also, they’re considering minting vouchers as a reward for the Cover Mining Program to further boost insurance reserve deposits.
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