EasyFi Network
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EasyFi Network

EasyFi Invests for Multi-chain Protocol Insurance

Collaboration with Tidal Finance to also bring User Insurance and Guarantor Pool Mining in Scope

With reference to our partnership with Tidal Finance that we announced in May 2021, we are very excited to inform the community that EasyFi has initiated a process to provide financial safety and security to the user funds via an insurance cover in collaboration with Tidal Finance.

This is also in line with our Protocol Reinstatement Plan in which we had committed to add an additional layer of risk mitigation as part of our protocol to infuse extra security & confidence towards its usage.

Scope of current insurance plan

In our effort to provide greater safety to the user funds from smart contract failures, there are two plans that are being considered under the scope of this collaboration — Protocol & User Insurance.

There is more to this insurance plan by EasyFi. In the current phase we will cover the protocol insurance only. Summary of the same is as follows:

  • The coverage plan covers EasyFi protocol’s smart contracts that are deployed on the Polygon, Ethereum & Binance Smart Chain networks.
  • This will include all audited lending, farming and staking modules operating on the 3 networks.
  • This covers malicious attacks and economic exploits resulting in EasyFi users’ asset loss which would qualify for a valid claim.
  • This will call for a periodic subscription as a premium (weekly or monthly), that EasyFi will pay for the insurance cover.
  • We will begin with subscribing to a periodic flexible subscription coverage plan, that will cover our smart contract risks which have been vetted by our smart contract auditors.
  • The insurance premium will be based on the value in TVL that we will cover.
  • In the first phase, EasyFi will provide a cover of up to $1,000,000 worth of TVL which will be increased in a phase-wise manner up to $5,000,000 and more if the need arises.
  • In case of a payout event, the coverage amount will be directly paid to the EasyFi team to facilitate a speed recovery of their users’ funds.

Coming up next — User Insurance + Guarantor Pool Mining for rewards

About Tidal

Tidal is the first cross-chain DeFi insurance platform. It is a very Balancer-like insurance market that allows users to create custom insurance pools for one or more assets. Tidal makes DeFi safer by providing insurance coverage for assets across chains in custom balanced liquidity pools. With Tidal, users can choose risk pools depending on their risk appetite, and filter it through a combination of protocols/assets and their coverage terms (premium, cover period, etc). Liquidity Providers, on the other hand, can invest in pools that suit their risk/reward ratio.

Website | Medium | Twitter | Telegram | Announcements

Learn More: DeFi Insurance Simplified — Programmable Insurance by Tidal

About EasyFi

Easyfi is a universal layer 2 lending protocol built for defi focused on scalability, composability, and adoption. It has been designed as an open and inclusive financial network infrastructure to run on public networks to facilitate end-to-end lending & borrowing of digital assets and related financial products. Easyfi is being built upon the ethos of permission-less networks & automation of smart contracts.

Website | Twitter | Telegram | Whitepaper | App

To learn more about $EZ and EasyFi, please go through our whitepaper and other articles on this publication.

Stay tuned for more news & updates on our Telegram channel and join the official group. You can also follow us on Twitter

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