NAOS Completes Mainnet Integration with Tidal Finance
We’re thrilled to announce the completion of mainnet integration with Tidal Finance. Through the partnership, NAOS and Tidal will jointly underwrite insurance policy to provide coverage on the real-world assets in NAOS ALPHA Lending Pool.
It is the first case to apply for DeFi insurance with real-world assets loans, and an important step to expand the DeFi insurance horizon beyond smart contract coverage. Lender and borrower’s information, payment history, are also being brought on-chain to make such insurance cases feasible with policy verification and claim process.
When non-payment or delayed payment amount is over the default threshold, the default will be triggered and the amount of loss will be calculated to disclose to both NAOS and Tidal communities. NAOS will cover 50% of the borrower’s default with the NAOS BETA Insurance Pool, and Tidal will cover another 50% with the protocol policy.
We truly believe this is an important milestone for real-world assets adopting DeFi innovation. There are trillions of business loans being covered by traditional insurance, and risks are well quantified with historical data. With DeFi insurance solutions in place, NAOS is well-positioned to expedite the scaling of real-world asset on-chain.
In celebration of the integration, we’re pleased to drop exclusive NFT to both NAOS BETA Insurance Pool and Tidal-NAOS Basket supporters who meet the below criteria:
- Deposit in Tidal’s and NAOS’s Insurance Pool:
a. 10 nBUSD or more in NAOS’s BETA Insurance Pool on BNB Chain
(Homepage → deposit BUSD in Formation → Borrow nBUSD → deposit nBUSD in BETA Pool, the detailed guide is here: Demystify NAOS Protocol- A Tutorial)
b. 10 USDC or more in Tidal’s NAOS Basket on Polygon
(Homepage → USDC Reserve → Deposit → Select NAOS Basket) - Period: deposit in both pools before 31th Mar 20:00 (UTC+8) and last at least 14 days
Deposit in both pools and last at least 14 days is required.
Multiple snapshots will be taken during the deposit period to verify the continuation of deposits.
Eligible users will be able to claim the NFT starting from 15th April at Project Galaxy.
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.
About NAOS Finance
NAOS Finance is a decentralized real-world asset (RWA) lending protocol that facilitates the borrowing of crypto native assets by using RWA as collateral. NAOS has established a large network of corporate borrowers and is operating with financing licenses in multiple regions. In the effort of connecting CeFi with DeFi, NAOS takes an ecosystem approach and looks to engage in meaningful strategic partnerships to expand the boundary of decentralized finance.
