Tidal Finance announced its strategic partnership with Elrond Network via their respective Twitter handles. Tidal Finance is a high-yield insurance platform dedicated to offering a safe and secured DeFi (Decentralized Finance) network powered by Polkadot technology to provide personalized insurance assets. Elrond is a blockchain platform popular for its high-scalability and fast and secure network focused on supporting apps, use cases, and more.
Elrond further took to its blog to shed more light on the strategic alliance between the two partners. It states that DeFi space is growing due to its ability to offer cutting-edge technology to support the digital financial market. Therefore, creating innovative use cases, introducing liquidity, and at the same time securing the network against any security breaches is of utmost importance. DeFi based smart-contracts space is going through a transformation to make it safer and introduce security in the digital world. And hence, now more than ever is the need to work in this area to make the DeFi ecosystem more robust to withstand security threats.
This is where the strategic collaboration will play a vital role as its partner Tidal Finance will offer the insurance solution on the DeFi network to help provide protection against the security-related issues, revealed the blog. The blog also captured Beniamin Mincu’s reaction, who is a CEO at Elrond. He stated that without hedging against the risk, the whole financial system would collapse. With the mass-adoption of DeFi solutions in the financial market, it is imperative to introduce robust security through insurance products. And its partner is the perfect candidate to help achieve just that.
On the other hand, Tidal Finance too was quick to explain its view through its blogpost. It published the views of Chad Liu, Co-founder of Tidal Finance. According to him, Elrond’s insurance solutions will help shape Elrond’s ecosystem through Tidal Finance’s solutions. He also praised Elrond DeFi 2.0 module, which will be a gamechanger in the blockchain technology market.
According to the blog published by Tidal Finance, its competitive solutions dedicated to mutual cover will extend insurance benefits to its strategic partner. It also mentioned the benefits would not be limited just between the partners, but DeFi space, on the whole, will gain from the wide range of Financial insurance solutions of Tidal Finance to cope with the security breaches. This strategic alliance will initiate the process of integrating Tidal Platform’s DeFi protocols on its partner’s platform and open new opportunities for Elrond’s eGold community by providing security.
This development will introduce native currency Elrond EGLD on Tidal Risk Pool. So, both strategic partners, Tidal Finance, a leading insurance solutions platform powered by Polkadot technology, and Elrond, a highly-scalable blockchain technology platform, will shape the new age Elrond DeFi ecosystem and positively change the world’s outlook towards asset safety.