Hello Readers!!!
EasyFi has taken another bold, big step to ensure the security of the users by investing in Multi-chain protocol insurance, this is to bring greater safety to all user's funds from smart contract failures if there's ever going to be one. They have collaborated with Tidal for User Insurance and Guarantor Pool Mining.
Scope of the Current Insurance Plan
They are two plans being considered under the scope of this collaboration with Tidal, they are:
- Protocol &
- User Insurance
Protocol Insurance
This protocol insurance will do the following for EasyFi Network
Covers EasyFi Protocol's smart contracts that are being deployed on all three networks, Ethereum, Polygon, and Binance Smart Chain.
EasyFi users will now be saved from assets loss that might result from malicious attacks.
There would be a weekly periodic subscription(premium) that will let EasyFi pay for insurance cover.
EasyFi will begin a subscription of a periodic flexible subscription coverage plan to cover smart contract risks.
Insurance Premium will only cover TVL(Total Value Locked)
In the very first phase, EasyFi will provide a cover for up to $1,000,000 worth of TVL which might later be increased to $5,000,000 and even more if need be.
Payout will only be done to EasyFi Team to ensure speedy recovery of their user's funds in the event of payout.
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. Source.
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