Jul 29, 2021
StaFi Protocol Buys $1 Million-Worth Of Coverage TVL through Tidal Finance
In Tidal Finance’s effort to bring safety to the DeFi ecosystem, we are proud to announce StaFi to the covered ecosystem. With the weekly flexible subscription coverage plan, Tidal Finance is covering their smart contract risk which includes the added layer of security from vetted auditing firms PeckShield and CertiK across January 2021.
StaFi is an open protocol that provides the ability to stake PoS tokens receive rTokens in return, which are available for trading, while still earning staking rewards. This infrastructure focuses on solving layer 0 problems across scalability, decentralization, and anonymity.
StaFi Protocol supports Tidal Finance’s launch with up-to $1million in coverage for their protocol users. In case of a payout event, the coverage amount will be directly paid to the StaFi team to facilitate a speedy recovery of their users’ funds.
The current coverage plan covers StaFi’s smart contract vulnerabilities that are deployed on the Ethereum network, including rETH App and rBridges. Malicious attacks and economic exploits resulting in StaFi users’ asset loss would qualify for a valid claim. Any valid payout amount will be directly paid to the StaFi team to recover StaFi users’ loss. For more general coverage policy wording, please refer to Tidal’s gitbook cover policy section.
By having StaFi in the mutual cover pool, reserve providers on Tidal platform could receive earnings, specifically through two ways:
- Earning cover premium directly from StaFi’s cover plan
- TIDAL token rewards through the Cover Mining Program*.
*In the previously released cover mining article, up to $2885 USD value of TIDAL (721,154 amount of TIDAL tokens @price 0.004) will be rewarded to the reserve providers every week backing up StaFi, as well as earning 90% of the premium fee paid for the coverage plan. Further collaboration will allow StaFi token holders to utilize FIS as collateral while earning yield will also be launched right after activating the coverage plan.
We have the distinct pleasure to work in collaboration with StaFi Protocol. To discuss, head to our Telegram or Discord. Also, subscribe to our newsletter, where you’ll be the first get our updates.
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.
About StaFi Protocol
StaFi is the first DeFi protocol unlocking liquidity of staked assets. Users can stake PoS tokens through StaFi and receive rTokens in return, which are available for trading, while still earning staking rewards. FIS is the native token on StaFi Chain. FIS is required to provide security to the network by staking, pay for transaction fees on the StaFi chain, and mint & redeem rTokens.
Website: www.stafi.io
Twitter:@Stafi_Protocol
Telegram Chat: https://t.me/stafi_protocol
Telegram Announcements: https://t.me/stafi_ann
Discord: https://discord.com/invite/jB77etn
Forum: https://commonwealth.im/stafi
