Tidal Finance enters into a strategic partnership with UnoRe to bridge the gap between insurance and reinsurance in the dynamic DeFi space
Tidal Finance is proud to join forces with UnoRe, the world’s first risk trading reinsurance platform on Polkadot & Web 3.0. UnoRe is the leading decentralized reinsurance protocol powered by Polkadot in the DeFi space.
Where insurance plays an important role to drive DeFi adoption, ensuring that the crypto insurance protocols are secure with a robust framework is of utmost importance. Therefore reinsurance players like UnoRe enable driving increased security by adding a protection layer to the crypto insurance protocol to limit the damage in case of catastrophic events or failure.
Nuances of the Tidal Finance-UnoRe Partnership
Under the purview of this partnership, Tidal Finance will ensure the safety of DeFi by insuring assets across chains in custom-balanced liquidity pools. UnoRe, as Reinsurer, will reinsure Tidal’s insurance protocols to accelerate their capital efficiency and increase the safety of principals covered by their insurance products.
Although the number of insurance offerings in the crypto space has grown exponentially throughout the years, the traditional reinsurance industry has failed to identify crypto-insurance protocols available for them. Tidal and UnoRe’s collaboration advocates a turning point in resolving security and liquidity issues in the crypto-insurance space.
Tidal Finance will be an innovator on the UnoRe for Innovators platform by staking UNO tokens in proportion to the expected premium in the Reinsurance treaty. This will allow Tidal Finance to develop new and innovative insurance products reinsured by UnoRe for their community.
UnoRe will offer an additional layer of protection to Tidal Finance and its users by providing a Stop Loss Reinsurance coverage. In the event of a catastrophic loss for Tidal Finance, UnoRe will cover the claimed amount beyond a predefined limit (Deductible of a Stop Loss Cover). In exchange, UnoRe will charge a premium for each policy offered by Tidal Finance that includes Stop Loss Cover.
Chad Liu, Co-founder of Tidal’s comments on the partnership:
“It’s a pleasure to be working with UnoRe as a reinsurer. This partnership is a true watershed moment for the decentralized insurance space, and we look forward to benefiting the crypto community with greater safety and security as a result of this engagement.”
Commenting on the partnership, Jaskanwar Singh, CEO and Co-founder of UnoRe states:
”We are thrilled to be partnering with Tidal Finance, a one of its kind coverage platform in the DeFi space. At UnoRe, we share the foundations of fairness and accessibility that Tidal Finance aims to propagate within the insurance market; through this equal integration, we will create a new standard for DeFi Insurance products within the crypto community.”
UnoRe will be the world’s first decentralized reinsurance platform powered by Polkadot, allowing the community to invest and trade in ‘risk’ and receive sizable returns on their investments in one of the safest asset classes in the world. The platform will break barriers to entry for the retail investor by doing away with the historic pre-requisite of absurdly high capital generally needed to invest into the market while also introducing much-needed transparency into the industry as a whole. UnoRe will also allow the community to propose innovative insurance products to the space, thus propelling a new generation of Insurtech companies powered by the UnoRe ecosystem.
About Tidal Finance:
Tidal Finance makes DeFi safer by providing insurance coverage for assets across chains in custom balanced liquidity pools. TIDAL is a Balancer-like insurance market built upon Polkadot that allows users to create custom insurance pools for one or more assets. With Tidal, users can choose risk pools depending on their risk appetite, and filter it through a combination of protocols/assets and their coverage terms (premium, cover period, etc). Liquidity Providers, on the other hand, can invest in pools that suit their risk/reward ratio.
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