Xend Finance Buys $1 Million Worth Of Coverage TVL Through Tidal Finance
In Tidal Finance’s effort to bring safety and security to the DeFi ecosystem, we are proud to announce Xend Finance as another partner joining our covered ecosystem. With the weekly flexible subscription coverage plan, Tidal Finance is covering their smart contract risk with vetted auditing from firms Certik and Tech Rate, performed across January 27th, 2021 to April, 21st 2021.
Xend Finance is a DeFi and stable cryptocurrency savings platform for Credit Unions, Cooperatives, and Individuals.
Credit Unions, Cooperatives and Individuals anywhere in the world can convert their local currency to stable cryptocurrencies and earn compound interest — up to 70% — on their savings. The company was the first to build on Binance Smart Chain out of Africa and is backed by Binance and Google Launchpad.
Xend Finance supports Tidal Finance’s launch with up to $1 million USD in coverage for their protocol’s safety. In case of a payout event, the coverage amount will be directly paid to the Xend Finance team to facilitate a speed recovery of their users’ funds..
The current coverage plan covers Xend Finance’s smart contract vulnerabilities that are deployed on the Ethereum network, Binance Smart Chain and Polygon including Esusu Savings, Cooperative savings and Personal saving strategies. Malicious attacks and economic exploits resulting in Xend Finance users’ asset loss would qualify for a valid claim. Any valid payout amount will be directly paid to the Xend Finance team to recover Xend Finance users’ loss. For more general coverage policy wording, please refer to Tidal’s gitbook cover policy section.
By having Xend Finance in the mutual cover pool, reserve providers on the Tidal platform could receive earnings, specifically through two ways:
- Earning cover premium directly from Xend’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 Xend, as well as earning 90% of the premium fee paid for the coverage plan. Further collaboration will allow Xend token holders to utilize $XEND as collateral while earning yield, which will be launched right after activating the coverage plan.
We have the distinct pleasure to work in collaboration with Xend Finance. To discuss, head to our Telegram or Discord. Also, subscribe to our newsletter, where you’ll get early notice on our major announcements!
About Tidal Finance
Tidal Finance is the first multi-chain flexible insurance platform, working directly with companies, and the first insurance solution to launch on Polygon. The flexible insurance model allows companies to adjust their premiums on a weekly basis based on fluctuating TVLs (Total Value Locked) and evolving investment strategies. Users can buy and cover insurance purchasers and receive the highest APYs in the industry. Tidal Finance is also the first DeFi insurance provider to offer gas-free transactions for cover providers and buyers.
About Xend FInance
Xend Finance provides the tools and platform for a decentralized financial credit union, regardless of geographic location and home country currency. Members can earn multiple levels of interest on their savings by seamlessly exchanging their crypto or fiat currency to stable cryptocurrencies and staking — the process of locking up crypto assets to earn yields — on lending platforms so members can earn compound interest on their money. The Xend Finance platform is the world’s first decentralized finance (DeFi) credit union.
The native token of the Xend Finance ecosystem is the Xend Token ($XEND), which is used to reward users for saving, investing and performing different operations on the network.
$XEND tokens also generate interest for the users — the Xend Finance smart contract periodically invests user savings on DeFi lending protocols, which produces a second level of interest for the users.
To learn more about Xend Finance, the chefs advise you to visit their official communication channels: