Tidal Finance Partners with Elrond to Provide Insurance and Increase Security

Tidal Finance is thrilled to partner with Elrond, a highly scalable, fast, and secure blockchain platform for distributed apps, enterprise use cases, and the new internet economy.

Through the Elrond and Tidal Finance collaboration, Tidal will provide insurance coverage DeFi protocols and assets deployed on the Elrond Network. This partnership will enhance Elrond DeFi and take asset safety to a whole new level while maintaining user confidence.

Bringing insurance coverage solution to the Elrond ecosystem

Elrond is a blockchain platform for the new internet economy, decentralized applications, and enterprise use. Its value proposition is its high scalability, stating that it is the first blockchain network in which state, network, and transaction sharding have all been implemented.

Tidal Finance is a High-Yield DeFi Insurance Platform offering the DeFi community the ability to hedge against failure of any DeFi protocol or asset. This collaboration will bring tremendous value to both the Tidal Finance and Elrond ecosystems.

Through this collaboration, Tidal Finance aims to provide comprehensive insurance coverage to Elrond through its mutual cover pools. The addition of Tidal Finance’s insurance offering will help to increase the level of platform security, protecting DeFi users against hacks, malicious actors, and other unforeseen events. Elrond’s native token EGLD will also be added onto Tidal Risk Pools, enabling LPs to earn more yields by providing mutual cover.

“The Elrond DeFi 2.0 modules are extremely exciting and we believe that they are launching at an inflection point for the entire blockchain space. We’re happy to contribute insurance functionality and explore deeper integration into the Elrond ecosystem.” said Chad Liu, Co-founder of Tidal Finance.

“Hedging against risk is a key pillar of traditional finance. Transporting it to DeFi is critical for enabling large actors to take considerate positions in decentralized protocols, according to their profiles. Solutions such as Tidal Finance are essential for large-scale adoption.” Beniamin Mincu, Elrond CEO.

Under the purview of this collaboration, Tidal platform will include DeFi protocols on the Elrond Network and allow eGold holders to get insurance. The eGold holders will be eligible provide liquidity for Tidal cover pools. The partnership between Tidal Finance and Elrond will help in driving DeFi to mainstream adoption by setting a strong foundation for future integrations.

About Elrond

Elrond is a blockchain protocol that seeks to offer breakneck transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, including fintech, decentralized finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost.

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 various 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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