Bifrost partners with Tidal Finance to cooperate Asset Insurance and increase Platform Security
Bifrost is delighted to announce its partnership with Tidal Finance. Through this partnership, Tidal Finance will bolster the security of Bifrost’s platform by insuring Bifrost’s vToken smart contracts and help launch its initial coverage pool. Tidal will also help cover Bifrost’s slashing losses down the road.
Integration of Tidal asset coverage features with Bifrost
Tidal Finance is High Yield DeFi Insurance Platform offering the DeFi community the ability to hedge against failure of any DeFi protocol or asset.
Bifrost is a parachain designed for staking’s liquidity. Its goal is to release liquidity for staking assets by issuing derivative assets. Since Bifrost has deployed vETH smart contract for ETH 2.0 staking liquidity, the vETH as a staking derivative has accumulated 17,800 ETH which equals to $32.04 million market cap.
Through this collaboration, Tidal Finance will adequately insure the vETH smart contract created by Bifrost. The Bifrost team will also be covered by Tidal for validator slashing losses down the road and integrate future developments into Bifrost general vToken and its yield optimization features.
Tidal will also work closely with the Bifrost team to launch its initial coverage pool. With Bifrost’s participation, Tidal finance could offer more coverage to cover buyers and increase LP’s returns.
“Bifrost is a really innovative platform and we’ve been keenly following their progress. We’re glad to be working with them now and offer mutual cover pools to ensure more confidence in the Bifrost platform.” said Tidal co-founder Chad Liu.
“Tidal as a talent insurance coverage protocol created yield optimization, which is a perfect feature that can be integrated with DeFI protocols. The different characters in Tidal’s mechanism will run like a DAO to flow premium and yield effectively.” Said Bifrost.
About Tidal
Tidal Finance makes DeFi safer by providing insurance coverage for assets across chains in custom balanced liquidity pools. With Tidal, Users can select risk pools by choosing any 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.
TIDAL Public Channels
- Official Website: https://tidal.finance/
- Medium: https://medium.com/tidal-finance
- Twitter: https://twitter.com/tidaldefi
- Announcements Channel: https://t.me/tidalann
- Telegram Channel: https://t.me/tidalfinance
- Intro to Tidal Medium blog: https://medium.com/tidal-finance/introducing-tidal-open-marketplace-for-programmable-insurance-1a48b1d497eb
What is Bifrost?
Bifrost is the Polkadot Ecological DeFi basic protocol. It is committed to becoming an infrastructure for pledged assets to provide liquidity. It has launched a derivative vToken for Staking and Polkadot Parachain Slot (PLO). It has obtained $2.15M in fund-raising from NGC, SNZ, DFG, CMS and other institutions and Web3 Foundation Grant. It is also a member of Substrate Builders Program and Web3 Bootcamp.
vToken can optimize transactions in multiple scenarios such as DeFi, DApp, DEX, CEX, and realize the transfer channel of pledge rights such as staking and PLO through vToken, realize the risk hedging of pledge assets, and expand scenarios such as vToken as collateral for lending, its staking reward part of the interest can be offset to achieve low-interest loans.
Website https://bifrost.finance/
Github https://github.com/bifrost-finance
Telegram https://t.me/bifrost_finance
Medium https://medium.com/@bifrost_finance
Twitter https://twitter.com/bifrost_finance
Discord https://discord.gg/8DRBw2h5X4
