OpenSwap 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. With the weekly flexible subscription coverage plan, Tidal Finance is safeguarding OpenSwap, covering smart contract risk with vetted auditing from peckshield, as well as a bug bounty program from Immunefi.
OpenSwap 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 OpenSwap team to facilitate a speed recovery of their users’ funds. OpenSwap is a DEX offering the best on-chain pricing and multi-chain arbitrage and trading, by adding tidal’s coverage plan, OpenSwap team is adding an additional safety layer to their users’ fund.
The current coverage plan covers OpenSwap’s smart contract vulnerabilities that are deployed on the BSC network, including the recently launched “Liquidity Queues”. Malicious attacks and economic exploits resulting in OpenSwap users’ asset loss would qualify for a valid claim. Any valid payout amount will be directly paid to the OpenSwap team to recover OpenSwap users’ loss. For more general coverage policy wording, please refer to Tidal’s gitbook cover policy section.
By having OpenSwap in the mutual cover pool, reserve providers on Tidal platform could receive earnings, specifically through two ways:
- Earning cover premium directly from OpenSwap’s cover plan
- TIDAL token rewards through the Cover Mining Program*.
*Further collaboration will allow OpenSwap token holders to utilize native tokens to purchase coverage will be launched soon.
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.
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage and multi-chain arbitrage opportunities. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. The OpenSwap team has been working for the past several months on building up a vision of a comprehensive one-stop DeFi hub that offers the best on-chain pricing, multi-chain arbitrage, and zero slippage, allowing users to experience revolutionary benefits through optimizing their trades through unique features such as Liquidity Queues, Hybrid Smart Router, and Open Interchain Protocol.