Tidal Finance— Why Polkadot?

Tidal Finance
2 min readOct 27, 2020

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What is Polkadot?

Polkadot Network is a next-gen L1 platform that focuses on interoperability, and defines a mechanism for heterogeneous blockchain networks to communicate with each other. This allows separate and previously isolated blockchains to be networked together, forming an “internet of blockchains”, where private chains can be firewalled from public chains like Ethereum, but still allow cross-chain transactions via pre-defined State Transition Functions.

As Polkadot will hold their first parachain auctions in upcoming months, there is a lot of anticipation for the ecosystem launch. There are already many parachains in development and testing phase, such as Plasm, Acala, Moonbeam, etc. Each parachain has a specific set of tools and platform design to provide appropriate environment for apps to build on.

There are already quite a few DeFi projects — DEXs, financial primitives, and other products where users will deposit millions of dollars worth of crypto into. Tidal will launch with Polkadot and its pioneer DeFi projects to allow users to use the protocols with confidence. There are hacks on a regular basis on Ethereum, and there is no telling that Polkadot won’t have vulnerabilities. Tidal will provide the smart contract covers to allow users to protect their assets at will.

With the growing demand of DeFi and decentralized services in general, Tidal is a next-gen Balancer-like DeFi discretionary mutual cover protocol built on the Polkadot Network that allows individual users or entities to create custom mutual cover pools for one or more assets. Through the Tidal Protocol, liquidity providers can provide reserve capital to any existing pool, or launch their own mutual cover pool, and users who wish to obtain protection can purchase the best mutual coverage according to their needs by comparing between different mutual cover pools.

Tidal enables various market participants, LPs and protocol users to miti- gate and manage their risk exposure in a decentralized, trustless and transparent way, increasing adoption of the participating smart contract platforms, and the greater DeFi market by stimulating both supply and demand.

Follow our Tidal public channels for future updates:

✳️ Ofiicial Website: https://tidal.finance/

✳️ Medium: https://medium.com/tidal-finance

✳️ Twitter: https://twitter.com/tidaldefi

✳️ Telegram: https://t.me/TidalGlobal

✳️ Announcements Channel: https://t.me/tidalann

📗Intro to Tidal Medium blog: https://medium.com/tidal-finance/introducing-tidal-open-marketplace-for-programmable-insurance-1a48b1d497eb

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Tidal Finance

Tidal Finance is the first flexible DeFi insurance platform and marketplace offering the highest APYs in the industry. https://tidal.finance/