Tidal Finance
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Tidal Finance

Bi-Weekly Recap — September 6th to 17th

Dear Community,

Crypto doesn’t sleep, and neither do we! The past couple of weeks have really flown by! You asked, so we listened. We’ve been busy keeping our heads down adding new features, partnerships, product updates, and more! Moving forward we will be providing Bi-Weekly updates to our community. In this report, we’ve broken down our progress into 4 categories:

  1. Marketing activities.
  2. Ecosystem business growth.
  3. Product development.
  4. Security measures.

Marketing activities

Since we are providing service directly to protocol teams, we have added direct support to their community through discord, telegram, community calls. This includes weekly reserve levels, coverage status updates, and educational content on how to participate in the ecosystem. The tweet space we hosted with Halborn and THORChain has received great feedback. We look forward to inviting additional partners in the ecosystem to our channel to discuss security and safety related topics.

Explanatory videos have been uploaded to our youtube channel to further drive platform adoption. We have collected common questions from the community and answered them in the short video as well as user workflow.
Guarantor pool video explanation
Staking pool video explanation

We have also formed three partnerships. The BlockSecBlockSec team has joined our risk claim committee with Halborn to further improve our risk and claim management process. Additionally, Impossible Finance and Solv Finance adopted our insurance service and each initialized a 1 million dollar coverage policy.

Ecosystem business growth

As an insurance platform, there are 2 important metrics we look at. One being the reserve level (supply), and another is how much cover is being sold (Demand).

Supply side:

Since our new version launched 2 weeks ago, about 1.5 million USDC has been deposited in the reserve pool (with an average growth rate of 80% per week). The max APR of the deposited asset is around 150% with 22% APR coming from stable coin USDC, making TIDAL Finance one of the highest DeFi yields compared to other platforms. With more protocols onboarding, reserve providers will be able to earn more yield by leveraging their capital. Finally, the current capital efficiency is 316% (total covered asset / reserve size).

Demand side:

We have 7 partners so far with 1 million USD covered each. Recently joined partners include Impossible Finance and Solv Protocol. The current activated plans include a total coverage of 4.75 million. With reserve size growth each partner will increase their coverage positions soon. Solv protocol’s coverage plan will become active next week, in an additional 10% APR return to the reserve pool.

Tidal staking pool and guarantor pool:

The Tidal Staking pool and guarantor pool are 2 supportive features to compensate the USDC reserve pool in the event of a payout. As of right now, Tidal staking pools hold a total amount of 468 million of TIDAL (which is sufficient to cover upto 100k USD in TIDAL in the event of payout), and guarantor pools of StaFi, EasyFi, bZx are currently open for deposit.

Product development

We have been working around the clock to improve our features, the most important one being the USDC reserve page upgrade. Compared to v1, we have improved the UI/UX significantly to offer users a more intuitive experience when depositing into the USDC reserve and selecting which protocols to backup. Another important update is data loading speed, we have optimized our servers and data loading implementations to provide a more streamlined process. Below is a list of the most important updates we have been working on in the past 2 weeks.

  • Ledger compatibility testing and troubleshooting — We have tested various scenarios and discovered a biconomy integration issue working with ledger. We will get this issue resolved this week.
  • Optimize and accelerate data loading — Optimized the data loading mechanism. Avoid the transaction failure page issue on the USDC reserve page.
  • Landing page update — We have updated the new landing page to better reflect our brand. www.tidal.finance
  • Front end API calling pending deposit — Pending deposits were experiencing data fetching problems that caused occasionally missing data, this issue has been fixed now.
  • New pool deployment (solv protocol) — Solv protocol reserve pool was deployed and is ready for reserve providers to choose.
  • Minimum variable product (MVP) completed by taking team tokens as payment option — we have added a powerful feature to take team native tokens for payment plans. This will begin implementation starting next week.

Security measures:

Security has always been our top priority. In August, we launched the Immunfi bug bounty program and fixed a few newly discovered issues. Our monthly security advisor,Halborn, has a bug fixed commit report for the month.

Closing thoughts:

With the new version launched 2 weeks ago, we have gained several new partnerships as well as substantial increase in the amount of reserve deposits. To have sustainable growth, reserve deposits and cover purchases are two of the most important factors our team is working on.

We really appreciate the community support and feedback along the way. Stay tuned, we have more big announcements coming soon. The future is bright and we’re excited to be in this space!

Mohsan Farid
Head of Growth

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