Tidal Finance
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Tidal Finance

Bi-Weekly cover status update Oct. 25th to Nov. 5th

To our insured partners and reserve providers:

It’s time for a recap for the past 2 weeks’ cover status for our clients as well as earnings for reserve providers. As usual, the report contains two section:

  1. Insured partner section — overview of their coverage status, guarantor pool earnings,etc.
  2. Reserve provider section — overview of earnings by providing USDC.

Section 1

At the moment we have 6 active policies with a total covered amount of $8,500,000 — bZx, StaFi, Marlin, Impossible Finance, Solv Protocol, Xend Finance, and MonoX Finance. bZx’s incident on Nov. 5th 2021 has not affected the smart contract vulnerability coverage policy on tidal platform. (more details please refer to the incident report).

StaFi protocol’ reserve has increased over 2 million and fulfilled the purchase order of 2 million coverage. Actually, all customers’ coverage orders have been fulfilled at the moment. Table below shows the detailed coverage amount of each project.

**For the policies with reserve level below target cover TVL, the covered amount is capped at reserve level, so as the weekly cost.

There are 4 active guarantor pools — StaFi, bZx, Xend, EasyFi.

Section 2

The total reserve size is $2,484,429 with max earning APR of 158% — 17.3% APR from stable coin USDC and 141.3% APR from TIDAL incentives.

The current capital efficiency ratio is 342.13% (total coverage / reserve size), offering a high yield with such leverage ratio.

The current weekly USDC revenue is $7,740, 17% increase from 2 weeks ago since MonoX Finance’s policy activated, with 90% distributing back to the reserve providers, 5% distributing to the guarantor pool, and 5% being held in the temporary treasury. Annualized revenue at the current weekly earning is $402,500.

Closing thought

In the past two weeks we have successfully onboarded a new policy with MonoX Finance, as well as fulfilled all the purchase orders with existing policies. The reserve pool has increased close to 1 million since 2 weeks ago, establishing a strong foundation for the ecosystem to onboard new customers.

Thank you to the insured partners who trusted us to leverage the Tidal platform for their users’ safety, as well as our community and reserve providers supporting us and making DeFi safe.

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