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Tidal Finance And EasyFi to Offer Multiple Insurance On Layer 2 DeFi Ecosystem

Tidal Finance And EasyFi to Offer Multiple Insurance On Layer 2 DeFi Ecosystem

Tidal Finance and EasyFi have announced a strategic partnership that will be focused on enabling insurance on EasyFi’s Lending Protocol for digital assets. 

Insurance Coverage To All Users 

Because DeFi is currently in a very nascent phase, it is vulnerable to hacks, attacks, and a constant risk of users losing funds, making it essential for a protocol to mitigate the risk from these incidents. 

The collaboration will give EasyFi the capability to offer multiple-level insurance coverage to all users and projects under its wing. In addition, the partnership with Tidal Finance dramatically enhances the risk mitigation capabilities of the multi-chain protocols and their users. 

What The Collaboration Offers 

The collaboration between Tidal Finance and EasyFi will offer several advantages, 

  • It will provide an insurance cover to EasyFi’s multi-chain protocol, allowing micro-lending services and safer credit delegation. 
  • EasyFi users will be able to choose risk pools depending on their risk appetite. 
  • Users will be able to filter through assets and their coverage terms (cover period, premium) and be able to customize their insurance needs, protecting their investments. 

A Summary Of The Partnership 

  • EasyFi smart contracts will be ensured from vulnerabilities and failure in the future. 
  • EasyFi will be protected when it comes to security, and Tidal Finance’s insurance coverage to secure digital assets will be deposited by users for lending. 
  • EasyFi may explore and integrate deeper integration for the liquidity pools and include different metrics such as loss of principal risk, lock-up period, and return on deposited capital. This will allow EasyFi to evaluate the returns and risks in different liquidity pools.

Working Towards the Best Interests Of Users And Community Members 

EasyFi is committed to working and keeping the best interests of the community and lending protocol users in mind. The partnership will offer high security for the protocol, liquidity pools, and more. 

The insurance system on the EasyFi protocol will also encourage more people to participate in decentralized finance and the crypto lending space. 

About Tidal 

The first cross-chain DeFi insurance platform, Tidal, is a Balancer-type insurance market that allows users to create custom insurance pools for one or multiple assets. In addition, tidal provides insurance coverage for assets in custom-balanced liquidity pools across chains, making DeFi safer. 

Tidal allows its users to choose risk pools depending on risk appetite, and they can then filter it through a combination of protocols and their coverage terms. It also allows liquidity providers to invest in pools depending on their risk appetite. 

About EasyFi 

A Layer 2 universal lending platform, EasyFi is built for DeFi and focuses on scalability, adoption, and composability. It is an inclusive and open financial network infrastructure running on public networks and facilitating end-to-end borrowing of digital assets and other related financial projects. EasyFi is built on the automation of smart contracts and the ethos of permissionless networks. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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