bZx Community Seeded $10,000 As Insurance Fund To Cover Up To $1 Million-Worth TVL Through Tidal Platform
In Tidal Finance’s effort to bring safety to the ecosystem, we are proud to announce another client to join the covered ecosystem. With our first-in-the-industry weekly flexible subscription coverage plan, Tidal Finance is covering the bZx smart contract risk which has had seven audits since 2018, with the most recent auditing from firms Peckshield and Certik in September 2020. bZx also has an active bug bounty program rewarding up to $350,000.
bZx Protocol is purchasing $1 million USD-worth coverage through Tidal Finance to cover their protocol’s safety. In case of a payout event, the coverage amount will be directly paid to the bZx team to facilitate a speed recovery of their users fund.
The current coverage plan covers bZx’s smart contract vulnerabilities that are deployed on the Ethereum network, including Fulcrum and Torque which provide decentralized margin trading, borrowing, lending and farming to the DeFi community. Malicious attacks and economic exploits resulting in bZx users’ asset loss would qualify for a valid claim. Any valid payout amount will be directly paid to the bZx team to recover bZx users’ loss. For more general coverage policy wording, please refer to Tidal’s gitbook cover policy section.
By having bZx in the mutual cover pool, reserve providers on the Tidal platform could receive earnings, specifically through two ways:
- Earning cover premium directly from bZx’s cover plan
- TIDAL token rewards through the Cover Mining Program*.
*In the previously released cover mining article, up to $2885 USD value of TIDAL (721,154 amount of TIDAL tokens @price 0.004) will be rewarded to the reserve providers every week backing up bZx, as well as earning 90% of the premium fee paid for the coverage plan. Further collaboration will allow bZx token holders to utilize BZRX as collateral while earning yield, which will be launched right after activating the coverage plan.
We have the distinct pleasure to work in collaboration with bZx Protocol. To discuss, head to our Telegram or Discord. Also, subscribe to our newsletter, where you’ll get the first alert for our mainnet launch!
About Tidal Finance
Tidal Finance is the first multi-chain flexible insurance platform, working directly with companies, and the first insurance solution to launch on Polygon. The flexible insurance model allows companies to adjust their premiums on a weekly basis based on fluctuating TVLs (Total Value Locked) and evolving investment strategies. Users can buy and cover insurance purchasers and receive the highest APYs in the industry. Tidal Finance is also the first DeFi insurance provider to offer gas-free transactions for cover providers and buyers.
About bZx
bZx is a financial primitive for shorting, leverage, borrowing, and lending that empowers decentralized, efficient, and rent-free blockchain applications.
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