Full-Featured Layer2 Protocol ZKSpace Bolsters User Safeguards with $1 Million Fund
ZKSpace, the upgraded version of ZKSwap, has teamed with blockchain security firms Tidal Finance under “Fund Shield,” which provides a flexible coverage plan worth $1 million TVL, covering smart contract risk with vetted auditing from Certik, slowmist and ABDK.
Full-featured layer2 protocol ZKSpace announced today that it has launched Fund Shield, the latest level of protection designed to safeguard ZKSpace users and provide them access to secure tradings. Fund Shield is ZKSpace’s first endeavor to provide greater security to users of DEX trading platform. By funding the $1 million USD-worth coverage plan through Tidal Finance, the ZKSpace team is adding an additional safety layer to their users’ funds.
The current coverage plan covers hidden smart contract vulnerabilities that are deployed on the Ethereum network, including the recently launched L2 DEX. Malicious attacks and economic exploits resulting in ZKSpace users’ asset loss would qualify for a valid claim. Any valid payout amount will be directly paid to the ZKSpace team to recover ZKSpace users’ losses. For more general coverage policy wording, please refer to Tidal’s Gitbook cover policy section.
By having ZKSpace in the mutual cover pool, reserve providers on the Tidal platform could receive earnings, specifically through two ways:
1) Earning cover premium directly from ZKSpace’s cover plan
2) TIDAL token rewards through the Cover Mining Program*.
*Further collaboration will allow ZKSpace token holders to utilize native tokens to purchase coverage will be launched soon.
ZKSpace’s insurance fund program comes at a time when industry leaders are voicing the need for increased security measures. According to Elliptic, a crypto asset risk management firm, the amount of money lost on DeFi from hacks and scams has grown from $1.5 billion in 2020 to $10.5 billion in 2021.
About ZKSpace
The all-new ZKSpace platform is comprised of three main parts: ZKSwap, the innovative Layer 2 AMM DEX utilizing ZK-Rollups technology, payment service ZKSquare, and an NFT minting center and marketplace called ZKSea. With an all-new-look user interface, NFT support, unlimited token listing, smoother withdrawal, optimized efficiency, and multi-chain support, ZKSpace aims to implement EVM-compatible ZK-Rollups and bring the community more layer 2-based products in the near future.
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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.
