EasyFi partners with Tidal Finance to offer multiple insurance on Layer 2 DeFi Ecosystem
Dear esteemed readers, today I will be talking about EasyFi partnership with Tidal Finance.
As we all know DeFi is still in its initial stage and it is vulnerable to multiple attacks and hacks with a risk of losing user funds. Thus, a decentralized protocol needs to mitigate the risk exposure against such incidents. With this collaboration, EasyFi will be able to offer multiple-level insurance coverage to all its users and projects thereby enhancing the risk mitigation capabilities of the multi-chain protocol & its users.
The onboarding of Tidal Finance onto the EasyFi Ecosystem will:
- Provide an insurance cover to our multi-chain protocol and enable safer credit delegation and micro-lending services
- Allow EasyFi users to choose risk pools depending on their risk appetite
- Allow users to filter through a combination of assets and their coverage terms (premium, cover period, etc) and customize their insurance needs to protect their investments.
Here is the summary of the partnership:
- EasyFi will insure its smart contracts (audited) from any failure or any untoward vulnerability in the future.
- The EasyFi platform will be protected in security matters with Tidal’s insurance coverage to secure all digital assets being deposited by users for lending.
- EasyFi may initiate deeper integration for liquidity pools and include different metrics, e.g. return on deposited capital, loss-of-principal risk and lock-up period — it will allow evaluation of returns and risks among different liquidity pools.
- EasyFi will also work with Tidal to offer a functionality to create custom insurance pools for retail as well as institutional customers/users.
This measure for insurance comes with full commitment to work in the best interest of the lending protocol users & community members. This partnership will aim to offer the highest level of security for our protocol, all liquidity pools and much more.
Tidal is the first cross-chain DeFi insurance platform. It is a very Balancer-like insurance market that allows users to create custom insurance pools for one or more assets. Tidal makes DeFi safer by providing insurance coverage for assets across chains in custom balanced liquidity pools.
Easyfi is a universal layer 2 lending protocol built for defi focused on scalability, composability, and adoption. It has been designed as an open and inclusive financial network infrastructure to run on public networks to facilitate end-to-end lending & borrowing of digital assets and related financial products. Easyfi is being built upon the ethos of permission-less networks & automation of smart contracts.
To learn more about $EZ and EasyFi, please go through our whitepaper and other articles on this publication.