Impossible Finance Launches Insurance Fund To Cover Up To $1 Million-Worth TVL Through Tidal Platform
In Tidal Finance’s effort to bring safety to the ecosystem, we are proud to announce another partner to join the covered ecosystem. With the weekly flexible subscription coverage plan, Tidal Finance is covering their smart contract risk with vetted auditing from Peckshield and Blocksec, as well as a bug bounty program rewarding up to $94,000.
Impossible Finance is purchasing $1 million USD-worth coverage through Tidal Finance to cover their protocol’s safety. In case of a payout event, the coverage amount will be directly paid to the Impossible Finance team to facilitate a speed recovery of their users’ funds.
The current coverage plan covers Impossible Finance’s smart contract vulnerabilities that are deployed on Binance Smart Chain and Ethereum, including the most recently launched feature launchpad. Malicious attacks and economic exploits resulting in Impossible Finance users’ asset loss would qualify for a valid claim. Any valid payout amount will be directly paid to the Impossible Finance team to recover Impossible Finance users’ loss. For more general coverage policy wording, please refer to Tidal’s gitbook cover policy section.
By having Impossible Finance in the mutual cover pool, reserve providers on Tidal platform could receive earnings, specifically through two ways:
- Earning cover premium directly from Impossible Finance’s cover plan
- TIDAL token rewards through the Cover Mining Program*.
*Further collaboration will allow Impossible Finance token holders to utilize $IF as collateral while earning yield, which will be launched right after activating the coverage plan.
We have the distinct pleasure to work in collaboration with Impossible Finance Protocol. To discuss, head to our Telegram or Discord. Also, subscribe to our newsletter, where you’ll get the first alert for our mainnet launch!
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.
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About Impossible Finance
Impossible Finance is a multi-chain incubator, launchpad, and swap platform led by Ex-Binance & DeFi veterans. It offers a robust product-first ecosystem that supports top-tier blockchain projects to targeted user audiences. With extensive support from key leaders in the crypto industry, Impossible Finance simplifies DeFi for users to enjoy fairer investing, cheaper trading and better yields.
Website | Whitepaper | Medium | Twitter | Telegram
