Tidal Finance Launches Mainnet For First Flexible DeFi Insurance Coverage Protocol
We are very excited to announce our mainnet launch today, including our exclusive coverage we’ve given to Coindesk. This launch has been the culmination of many sleepless nights, coding sessions, extensive meetings, testnets, and multiple business development partners. Our launch also coincides with the announcement of our launch clients, who will be using our platform for protection against hack and smart contract failures. Thank you to StaFi, Xend Finance, Marlin, EasyFi, and bZx, for being part of a movement for better, more flexible, personal, and comprehensive insurance.
Read our press release below, which will be followed by details on how you can participate in being an insurance coverage provider with 100% APR (Annual Percentage Rate) returns — for our earliest adopters.
TIDAL FINANCE LAUNCHES MAINNET FOR FIRST FLEXIBLE DEFI INSURANCE COVERAGE PROTOCOL
Tidal Finance Goes Live With StaFi, Xend Finance, Marlin, EasyFi, and bZx As Initial Launch Clients For Subscription-Based Weekly Adjusted Insurance Model
JULY 27, 2021, New York, NY — Tidal Finance, the first multi-chain flexible insurance platform, today announced the launch of their mainnet and mining program for coverage providers. Tidal Finance is the first to launch on Polygon, offering tailored, subscription-based insurance coverage from hacks and smart contract failures directly to blockchain companies on all chains. StaFi, Xend Finance, Marlin, EasyFi, and bZx are amongst the initial clients that will go live on mainnet subscribing to Tidal Finance’s flexible insurance model, where weekly Total Value Locked (TVL) is analyzed and coverage costs are updated.
“The DeFi space is constantly growing and evolving and the sophistication of hacks and smart contract failures remains an ever-present threat,” said Sandeep Nailwal, COO of Polygon (previously Matic). “DeFi insurance companies cannot be a one-size-fits-all offering to companies that offer a broad range of products. Tidal Finance’s flexible insurance offering ensures that growing companies protect their customers, while offering some of the best APYs to coverage providers, where anyone can participate.”
As part of Tidal Finance’s mainnet launch, the company is introducing a cover mining program through an open marketplace that incentivizes coverage providers with an initial 100% APY for covering over seven protocols with up to $1 million in the reserve pool. Besides StaFi, Xend Finance, Marlin, EasyFi, and bZx, coverage providers can choose and back other protocols from hacks, including Yearn and Curve. Tidal Finance is also the first to offer gas-free transactions for cover providers and buyers. Tidal Finance will continue to announce new clients and coverage opportunities over the next several weeks.
“The DeFi space has been missing a service like the FDIC, which brings stability and security to institutions,” said Chad Liu, CEO of Tidal Finance. “The Federal Deposit Insurance Corporation does this through insuring banks directly for up to $250,000 for each depositor — just like we directly insure DeFi protocols. For blockchain and DeFi to continue to see massive adoption — and cross the chasm — users and institutional investors need to feel secure, and companies need to know they can insure themselves at the best rates possible on a flexible basis.”
To find out more about the coverage mining program, you can click here: https://medium.com/tidal-finance/tidal-finances-cover-mining-program-4196aec48a20 For businesses, you can find out more information here: https://tidal.finance/
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.
The team is made up of experienced professionals with advanced backgrounds in math, analytics, and finance, who previously worked for JP Morgan Chase Asset Management, Bank of America Investment Banking, Hedge Funds, and QRI Analytics. Tidal Finance is based in New York City, NY.
Cover Mining and Staking Program
Be a part of the movement that we are creating for a more secure DeFi ecosystem, where our companies and protocols pay-as-they-go through a flexible insurance model.
We previously wrote about our Cover Mining Program and how you can participate here. You could earn over $15k in weekly rewards.
Here’s a step-by-step breakdown 👈 of how to participate in the mining program with USDC.
As for the staking program, we are allocating 10,000,000 Tidal tokens ($TIDAL) each month to support Shoaling and early supporters. Please take a look at details of our School of Fish Staking Program here.
Here’s the step-by-step breakdown 👈 on how to participate in the staking program, set to begin in 24 hours.
Starting block: 17341000 (approximately 1pm — 3pm UTC on July 28)
Ending block: 17661000 (15 to 20 days afterwards depending on blockchain status)
Reward per block: 20 TIDAL
Total rewards: 6,400,000 TIDAL for 15 to 20 days
When we approach the end of the initial period, we will announce how we will continue the staking program in the long term. The current setting is to offer 400 million staked TIDAL token 30% APR. Rewards will be adjusted higher if TIDAL is staked.
We are very to have garnered such a large following as we have made it to this momentous day and occasion. Thank you for being part of our community and we hope to make you a part of our community for years to come. You can follow our Telegram Announcements for more upcoming details.
The Tidal Finance team