The Oasis Foundation has announced that Tidal Finance, the DeFi insurance and coverage provider, will be implementing a version of their platform on the Oasis Network.
It has been reported that insurance will be important for users of the platform as Oasis scales its DeFi offerings and that by working with Oasis’ “confidential smart contracts” Tidal will be able to deploy new claims methods, such as “anonymous, democratized voting” that preserves voters and user privacy.
However, the move mirrors similar ones being made in Ethereum’s DeFi ecosystem, where multiple projects are launching new insurance platforms or planning to bake coverage directly into their offerings at the protocol layer.
The report said that in 2018, the company raised a monster $45 million as the rest of the crypto market stalled, and use-cases such as medical records and individuals selling personal data were touted as part of a privacy-preserving computational network.
Even with loaded coffers and a rockstar executive team, @OasisProtocol's growth strategy hasn't always been clear… but after securing a @tidaldefi implementation, a strategy may be emerging. @Blockanalia reports. https://t.co/AmEppVXJ3m — Cointelegraph (@Cointelegraph) April 10, 2021
Likewise, the company’s current strategy consists of a patchwork of initiatives focused on big data, data privacy, and decentralized finance. Last year, they announced a project with Binance to allow exchanges to confidentially share threat assessment information regarding fraud and hacks, and earlier this year worked with automaker BMW to enable cloistered information storage to protect privacy while sharing data internally.
The partnership with Tidal may signal a renewed focus on DeFi.
Thus, the press release notes that Tidal’s insurance on DeFi pools will be key for Oasis’ “rapidly expanding” DeFi ecosystem and that multiple “lending protocols and DEXs that will be integrated into the Oasis Network in the coming months.”
Source: Cointelegraph