We are extremely honored and excited to be partnering with Polygon, one of the most important ecosystems and a top 20 market cap company, on insuring their ecosystem and the security of ecosystem projects.
Tidal Finance will work in collaboration with Polygon to increase the safety of ecosystem projects and create an incentive program to attract more coverage providers to safeguard insurance policy.
As an insurance platform, Tidal has already provided coverage for seven projects with over $7 million in assets, which has all come since Tidal’s mainnet went live on July 27. Under a hack or exploit, Tidal works directly with the project team on a claim for its recovery.
This collaboration is aimed to increase safety measures for top quality Polygon projects through Tidal Insurance. Projects need to meet certain criteria in terms of auditing, total value locked (TVL) and other safety measures. Qualified projects will be awarded a premium discount offering and MATIC incentives for their coverage providers.
“As the DeFi space continues to evolve, the sophistication of hacks and risks related to smart contracts remain a threat,” said Sandeep Nailwal, co-founder of Polygon. “A one-size-fits-all approach doesn’t work for companies that provide a broad range of products. Tidal Finance’s flexible insurance offering ensures users are protected.”
“This collaboration will add an extra layer of security measures in the Polygon ecosystem,” said Chad Liu, CEO of Tidal Finance. “Polygon, a thriving ecosystem, is taking the lead to accelerate DeFi insurance adoption. With Polygon’s help, we can consistently provide a high APR for coverage providers while offering an affordable price for project teams and their users.”
You can find out more about Polygon here.