EasyFi extends collaboration with Tidal to offer Multi-chain user insurance
In continuation of our partnership with Tidal Finance and investment in a protocol insurance cover announced earlier, we are now very excited to inform the community that users can now also invest in insuring their funds and farm TIDAL token and part of the premium pool as well.
While the protocol insurance we have invested in does cover upto $1 million TVL as of now — extendable to $5 Million — users are now enabled to contribute to the guarantor pool that will bring an additional layer of risk mitigation and security towards their funds on EasyFi Network.
The purpose of guarantor pool is to offer certain recovery for the reserve providers once a payout happens, which is important to support a healthy level of reserves taking a higher risk of providing coverage.
The collaboration would also offer EZ token the utility of covering EasyFi protocol products while earning rewards.
Scope of user insurance
- Users are encouraged to offer a portion of their EZ token reserve allocated as a funds pool available for claims in the event of a smart contract hack.
- This allows users to create custom insurance pools for one or more assets on the EasyFi Protocol.
- EZ Token holders can stake their tokens to compensate reserve providers under payouts solely related to their own protocol.
- In return, the guarantor pool receives a portion of the premiums of cover sold against their protocol, as well as Tidal mining rewards.
- 5% of the cover buyer’s payment will be rewarded to the guarantor pool as well as a share of TIDAL token rewards.
- Under a payout event, 10% of the claimable amount against the token price day before the hack is distributed to the reserve providers. E.g. 100k USDC total payout amount would result in 10k USD worth of tokens to be paid out to reserve providers.
Guarantor Pool Mining
A guarantor pool will be created for EasyFi which will enable users also to participate and earn rewards.
- The users can be part of the guarantor pool by keeping $EZ as a deposit asset and mine a portion of the cover premium collected by Tidal
- A percentage of the cover premium collected for EasyFi will be rewarded to this pool
- The Pool will also be rewarded TIDAL tokens for the initial 3 months which will be distributed monthly.
- This guarantor pool is maintained by Tidal Finance.
About Tidal
Tidal is the first cross-chain DeFi insurance platform. It is a very Balancer-like insurance market that allows users to create custom insurance pools for one or more assets. Tidal makes DeFi safer by providing insurance coverage for assets across chains in custom balanced liquidity pools. 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.
Website | Medium | Twitter | Telegram | Announcements
Learn More the Guarantor Role on Tidal network
About EasyFi
Easyfi is a universal layer 2 lending protocol built for Defi focused on scalability, composability, and adoption. It has been designed as an open and inclusive financial network infrastructure to run on public networks to facilitate end-to-end lending & borrowing of digital assets and related financial products. Easyfi is being built upon the ethos of permission-less networks & automation of smart contracts.
Website | Twitter | Telegram | Whitepaper | App
Info Credit:- EasyFi Medium Blog
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In continuation of our partnership with Tidal Finance and investment in a protocol insurance cover announced earlier, we are now very excited to inform the community that users can now also invest in insuring their funds and farm TIDAL token and part of the premium pool as well.
While the protocol insurance we have invested in does cover upto $1 million TVL as of now — extendable to $5 Million — users are now enabled to contribute to the guarantor pool that will bring an additional layer of risk mitigation and security towards their funds on EasyFi Network.
The purpose of guarantor pool is to offer certain recovery for the reserve providers once a payout happens, which is important to support a healthy level of reserves taking a higher risk of providing coverage.
The collaboration would also offer EZ token the utility of covering EasyFi protocol products while earning rewards.
Scope of user insurance
- Users are encouraged to offer a portion of their EZ token reserve allocated as a funds pool available for claims in the event of a smart contract hack.
- This allows users to create custom insurance pools for one or more assets on the EasyFi Protocol.
- EZ Token holders can stake their tokens to compensate reserve providers under payouts solely related to their own protocol.
- In return, the guarantor pool receives a portion of the premiums of cover sold against their protocol, as well as Tidal mining rewards.
- 5% of the cover buyer’s payment will be rewarded to the guarantor pool as well as a share of TIDAL token rewards.
- Under a payout event, 10% of the claimable amount against the token price day before the hack is distributed to the reserve providers. E.g. 100k USDC total payout amount would result in 10k USD worth of tokens to be paid out to reserve providers.
Guarantor Pool Mining
A guarantor pool will be created for EasyFi which will enable users also to participate and earn rewards.
- The users can be part of the guarantor pool by keeping $EZ as a deposit asset and mine a portion of the cover premium collected by Tidal
- A percentage of the cover premium collected for EasyFi will be rewarded to this pool
- The Pool will also be rewarded TIDAL tokens for the initial 3 months which will be distributed monthly.
- This guarantor pool is maintained by Tidal Finance.
About Tidal
Tidal is the first cross-chain DeFi insurance platform. It is a very Balancer-like insurance market that allows users to create custom insurance pools for one or more assets. Tidal makes DeFi safer by providing insurance coverage for assets across chains in custom balanced liquidity pools. 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.
Website | Medium | Twitter | Telegram | Announcements
Learn More the Guarantor Role on Tidal network
About EasyFi
Easyfi is a universal layer 2 lending protocol built for Defi focused on scalability, composability, and adoption. It has been designed as an open and inclusive financial network infrastructure to run on public networks to facilitate end-to-end lending & borrowing of digital assets and related financial products. Easyfi is being built upon the ethos of permission-less networks & automation of smart contracts.
Website | Twitter | Telegram | Whitepaper | App
Info Credit:- EasyFi Medium Blog