Tidal Finance Introduces Insurance Fund for Covering $1 Million Worth TVL
With an effort to create a safety net in the finance eco-system, Tidal Finance announces its new partnership. Tidal Finance offers a weekly coverage subscription plan to safeguard the OpenSwap that covers the smart contract risk.
To ensure the safety of its protocol, OpenSwap is investing over $1 million in coverage via Tidal Finance. In the event of a payment event, the entire coverage amount is going towards the OpenSwap team to help them recover their users’ cash as quickly. As a DEX, OpenSwap offers the best on-chain pricing along with multi-chain trading, adding coverage plan of tidal. OpenSwap team is further working on an additional safety layer for the user funds.
The existing coverage plan helps cover OpenSwap’s smart contract deployed on the BSC network. This also includes “Liquidity Queues.”
Malicious cyber-attacks and exploitation economically that result in asset loss for OpenSwap users would be eligible for a legitimate claim. Any acceptable compensation amount will be sent directly to the OpenSwap team to compensate OpenSwap users, a.
About Tidal Finance
Tidal Finance is an insurance platform with a multi-chain feature and works directly with different companies. It is the first company that launched on Polygon. Companies can change their premium rates on a weekly basis depending on changing TVLs (Total Value Locked) and changing investment plans thanks to the concept of flexible insurance. Users may buy and cover insurance buyers while earning the greatest annual percentage yields in the business: Tidal Finance, a DeFi insurance company to provides cover to purchasers’ gas-free transactions.
OpenSwap is the leading DEX offering on-chain swaps under minus slippage and providing arbitrage of multi-chain. Since the DeFi universe is expanding, liquidity is scattering across multiple chains. Experts believe the situation is set to get increasingly worse due to the emergence of new chains having DEx on every chain. The OpenSwap team is currently working on a comprehensive one-stop DeFi hub offering multi-chain arbitrage, on-chain pricing, and zero slippage, helping users to get all experience and change their trading activities.