Dec 30, 2021
Multichain Insurance for EasyFi Money Markets
Completion of Q4 Roadmap milestone to ensure security to user & protocol funds
In continuation of recent updates on our Q4 Roadmap, we are happy to announce the completion of Milestone 2 — EasyFi Insure. This milestone culminates a process that we started earlier this year for securing the protocol and user funds from external attacks.
Work on this milestone actually began with the announcement of our partnership with Tidal Finance to cover EasyFi’s smart contract vulnerabilities that are deployed on the Polygon, Ethereum & Binance Smart Chain networks, including all lending, farming and staking modules operating on the 3 different networks.
Under this arrangement, EasyFi has purchased $1 million USD-worth coverage through Tidal Finance to cover the protocol’s safety. Any valid payout amount will be directly paid to the EasyFi team to recover the users’ loss.
We had also announced that the users can also take part in this process as a guarantor by contributing to the guarantor pool that will allow users to mine a portion of the cover premium collected by Tidal by keeping $EZ as a deposit asset.
- A percentage of the cover premium collected for EasyFi will be rewarded to this pool
- The Pool will also be rewarded TIDAL tokens for the initial 3 months which will be distributed monthly
For liquidity pools, the solution could include metrics such as the return on deposited capital, loss-of-principal risk and lock-up period, which will be provided to evaluate the returns and risks among different pools.
We believe this will open a plethora of avenues for global liquidity providers, traders & arbitrageurs in the DeFi space and also enable TradFi operators to view this space as inclusive & safe.
Head over to https://app.tidal.finance/ to check this out.
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.
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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 an end to end lending & borrowing of digital assets and related financial products. EasyFi is being built upon the ethos of permissionless networks & automation of smart contracts.
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To learn more about $EZ and EasyFi, please go through our whitepaper and other articles on this publication.
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