dailyhodl.com
Crypto influencer Lark Davis is unveiling the name of a brand new decentralized finance (DeFi) asset that he’s personally buying.
In a new video, Davis tells his 244,000 YouTube subscribers that he’s backing Tidal Finance (TIDAL), a marketplace for programmable insurance on the Polkadot (DOT) ecosystem.
“I’m massively bullish on the insurance use case for decentralized finance and for cryptocurrency more broadly, especially considering that right now it seems like we barely go a week without another smart contract hack in DeFi or people losing millions of dollars worth of money. This is exactly where something like Tidal Finance steps in. Tidal connects the buyers and the seller in their insurance marketplace to help cover against smart contact risk.”
Davis believes that the new DeFi project can help mitigate the risks involved with smart contracts while doing it in a unique way compared to its main competitor.
“Tidal Finance will also allow for the creations of custom insurance pools and unlike the biggest insurance player right now, Nexus Mutual, Tidal Finance is not going to require you to do any KYC (know your customer) to be able to use their insurance because the whole thing is totally decentralized. It’s just offering the best yields to depositors and the lowest premiums to buyers of insurance plans.
Insurance pools will be over-leveraged to ensure that enough funds are always on hand to be able to cover any losses when claims inevitably come in because that’s going to happen in DeFi.”
The analyst adds that TIDAL will be going on sale via Polkastarter and Balancer in the coming days.
“TIDAL is going to be doing a sale on Polkastarter on the 23rd and the whitelist is currently open but it’s closing soon so if you want to get on that whitelist for Polkastarter definitely go and check that out. They’re also going to be doing a public sale over on Balancer on the 25th… If you missed the token sale, watch for this just to list on Uniswap when this comes out.”
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