Hello Readers!!!
Here is another big step that was taken by EasyFi Network, considering that Defi is still very new and vulnerable to attacks, hacks that might directly lead to loss of assets, but still users' investments and funds have to be protected at all costs to make sure the whole reason behind Defi(decentralized finance) is not breached in the long run.
Normally, in all financial institutions, there is always a provision for insurance, and because an attack cannot be predicted, companies make sure there's insurance for all their customers and users.
EasyFi Network is not left out in this, they entered a strategic collaboration to enable Insurance on EasyFi's lending protocol for digital assets.
What the Partnership Entails?
The following are what Tidal Finance will do for EasyFi Network in this collaboration;
Since having insurance on digital assets is the goal, EasyFi will insure its audited smart contract from any kind of loss or failure that could affect the protocol and users' funds.
They'd be the protection of all deposited funds by users in the lending protocol with Tidal's insurance coverage to secure all digital assets.
EasyFi may initiate deeper integration for liquidity pools and include different metrics, e.g. return on deposited capital, loss-of-principal risk, and lock-up period — it will allow evaluation of returns and risks among different liquidity pools.
EasyFi will be creating custom insurance pools for retails and institutional users and customers.
The whole reason for EasyFi getting into insurance is to give impetus to more people to participate in the decentralized finance and cryptocurrency lending protocol without any fear.
The partnership with Tidal will offer EasyFi users the highest security level for all the protocol products and services.
To read the full Article and have a better understanding, Visit here.
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