Tidal Finance, a secured security interface that favors the creation of decentralized insurance pools, has announced its new partnership with Bandot, Polkadot’s first stablecoin credit channel. The integration will help Tidal Finance offer decentralized insurance tools to support Bandot’s pledge funding and liquidity mining services. The Tidal team released an official Twitter post to circulate the news of their collaboration with Bandot, stating:
We're excited to announce a partnership with Bandot.
Tidal has joined forces with Bandot to provide decentralized insurance service to Bandot’s pledge fund pool and liquidity mining, offering Bandot users to get covered in case of smart contract exploit. https://t.co/7INrQgHw0C
— Tidal Finance (@tidaldefi) January 18, 2021
According to the report, the insurance cover offered by Tidal Finance will provide coverage for Bandot customers during smart contract failures or frauds. On the other hand, Bandot will enrich the Tidal Finance users to fetch extra returns in their favor. The partnering teams aspire to build a user-oriented insurance fund pool focused on lending and borrowing on Bandot’s highly-acclaimed lending system.
The CEO of Bandot, Vincent Chen, stated that the firm is pleased to team up with the Tidal Network to further its expansion plans. The team is highly positive about the collaboration with Tidal and sees it as an opportunity that will increase the standards of asset security and management in the industry.
A similar reaction was given by Chad Liu, the Founder of Tidal Finance. The spearhead is confident that the insurance cover pool will boost the customers’ trust in the Bandot network. The firm is excited to work with Tidal to design an innovative product for the fans.
Tidal offers the best insurance pool data and ranking, making it a high potential smart contract powered decentralized insurance space. It is built on Polkadot and offers coverage for a diverse range of assets easily. Bandot, on the other hand, facilitates easy smart token swaps, unsecured credit options, and a liquidity pool for the users. It works as a crucial data indicator oracle channel that provides accurate data to parachains quickly.