Cryptocurrency markets

Tidal Finance insurance crypto protocol launched on Polygon

Tidal Finance insurance protocol launched on Polygon
As stated by the developers of the project, Tidal Finance was launched on Polygon, the second tier of the Etherium network. Customers of the app, which operates on a subscription-based insurance model, include StaFi, Xend Finance, Marlin, EasyFi and bZx.
Blockchain-based payment network Dash, has launched a non-custodial, user-driven retail app to encourage merchants to distribute the cryptocurrency.
Tidal Finance insurance protocol launched on Polygon

Tidal Finance insurance protocol launched on Polygon

Faced with a shortage of insurance options, cryptocurrency companies, especially DeFi projects, began rolling out alternative solutions. Decentralized insurance involves the use of reserve pools to cover losses. Such pools have an incentive system that allows individual investors who supply assets to the pool to profit from their investments.

"At launch, Tidal is going to contribute $200,000 to the reserve pool. Judging by our competitors, we are confident that we will easily start at $5 million and even get to $10 million in pools," said Tidal Finance CEO Chad Liu.

DashDirect users can qualify for discounts of up to 12 percent on their purchases, the company said. Participating retailers and online retailers include American Eagle, AutoZone, Best Buy, Chili's, Chipotle, CVS, DoorDash, GameStop, Home Depot, Subway and Ulta.
Tidal uses the term "mining" to describe distributing its own token to participants who choose to bring USDC into the pool to support one or more protocols that offer insurance coverage.

"We estimate that if they support one protocol, they can get about a 15% annual rate of return. If they support, say, seven protocols in the initial launch pool, their returns could grow to about 100 percent per annum," Liu said.
He said Tidal takes a straightforward approach to claims resolution, relying on a combination of in-house security experts and a partnership with Halborn, a security and auditing firm focused on blockchain and smart contracts.

The app uses the official Dash wallet to facilitate transactions and money transfers when users check in. In addition, users do not have to pay currency exchange fees.
"The final decision on claims is left to the risk assessment committee," Liu said. "In my opinion, it's better to have an assessment by a separate party that has no interest in losing capital when a claim arises."

Late last year, Tidal Finance became a founding member of an alliance to develop the DeFi industry.

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