Tidal Finance, a high-yield insurance platform for buying and selling over-leveraged cover across multiple chains, has announced a testnet program with a $10,000 reward pool for engaging in activities including selling coverage, buying coverage, etc.

This is an exciting update for Tidal Finance, which recently announced top tier partnerships with foundations, such as Oasis, Polygon and Elrond, as well as partnerships with multiple DeFi protocols demanding insurance coverage in the coming months (Injective, Hopr, Xend, Bifrost, Cere Network, etc.). “The demand for insurance coverage has been increasing daily, with the total value locked reaching $60 billion. Tidal is bringing an innovative solution to the space, and we are glad to see other protocol teams and ecosystem partners supporting this initiative,” said Chad Liu, co-founder of Tidal. “The testnet launch is an important step for us to deliver a high-quality product to the market. Our team will support users and actively collect feedback during this process.”

The testing period will run for 20 days with 10 intervals on Ethereum Ropsten using testnet tokens. Participants will be able to buy and sell coverage, deposit or withdraw reserves from liquidity pools of stable assets, and stake guarantor tokens composed of native tokens of protocols being insured. The simulation will be carried out with a scoreboard to track each participant’s activities. Such an exercise will offer the Tidal team data points to test the platform’s robustness and collect feedback for improvements. 

Liquidity mining simulations will also be tested during this period. Different parties on the platform — coverage sellers, buyers and guarantors — will be awarded testnet tokens for providing and selling coverage. Eventually, liquidity mining will be adopted as an effective approach to bootstrap initial capital reserves for the Tidal coverage pools. Apart from the liquidity mining program, a staking program has been developed and will be launched soon after the audit. 

Tidal had a successful initial DEX offering on Polkastarter that was 500 times oversubscribed and was backed by top-tier venture capitalists, including KR1, Hypersphere, Spartan, Kenetic Capital, AU21 Capital and NGC Ventures.

Tidal will collect interest through its testnet interest form linked here.