MonoX 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 thrilled to announce another partner to join the covered ecosystem in polygon. With the weekly flexible subscription coverage plan, Tidal Finance is safeguarding MonoX’s mainnet launch, covering smart contract risk with vetted auditing from Peckshield and Halborn, as well as a bug bounty program with a $20k reward pool.
MonoX 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 MonoX team to facilitate a speed recovery of their users’ funds. We are also looking forward to deepening the collaboration with MonoX’s single asset liquidity pool, which requires less capital as a liquidity provider, making token swap easy for users and less capital intensive with zero pair asset collateral for project teams.
The current coverage plan covers MonoX’s smart contract vulnerabilities that are deployed on the Polygon network, including the most recently launched feature single asset liquidity pools. Malicious attacks and economic exploits resulting in MonoX users’ asset loss would qualify for a valid claim. Any valid payout amount will be directly paid to the MonoX team to recover MonoX users’ loss. For more general coverage policy wording, please refer to Tidal’s gitbook cover policy section.
By having MonoX in the mutual cover pool, reserve providers on Tidal platform could receive earnings, specifically through two ways:
- Earning cover premium directly from MonoX’s cover plan
- TIDAL token rewards through the Cover Mining Program*.
*Further collaboration will allow MonoX token holders to utilize native tokens as collateral while earning yield, which will be launched right after activating the coverage plan.
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 MonoX
MonoX introduces the premier bootstrap decentralized exchange, Monoswap. Project owners can list their tokens without the burden of capital requirements and focus on using funds for building the project instead of providing liquidity.
It works by grouping deposited tokens into a virtual pair with our own vCASH stablecoin, to offer a single token pool design.
MonoX will revolutionize the DeFi ecosystem by fixing the capital inefficiencies of current protocol models. With lower trading fees, capital efficiency, and zero-capital token launching — MonoX will expand the capabilities of DeFi.
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