Tidal Finance to Execute its Platform on the Oasis Network
The Oasis Foundation, an organ of Oasis Network developers, has revealed that Tidal Finance, a provider of decentralized finance (DeFi) insurance, will start executing a component of its platform using the Oasis Network. The Foundation made this development known in a post it shared on its blog on Friday. Besides, the Foundation acknowledged the importance of insurance for the platform users while Oasis scales its DeFi offerings. It also noted that using Oasis “confidential smart contracts” will enable it to execute new techniques for claims like “anonymous, decentralized voting” that guarantees voters’ security and privacy.
Is Oasis shifting focus?
The development is similar to the programs instituted in Ethereum’s DeFi platforms that involve several projects undertaking various insurance policies or trying to bake content durectly into the offers of the protocol layer. The confidentiality-sensitive blockchain established by Dawn Song, a crypto expert ranked in the Cointelegraph’s top 100 crypto entrepreneurs, has attempted several schemes in the past years in a bid to earn traffic and acceptance. In 2018, while other cryptocurrencies were either stagnant or falling, Oasis raised a whopping $45 million while issues like medical history and people leaking personal information were lauded as a way of ensuring privacy.
Then, the platform’s mainnet appeared on Nov. 19, 2020, and concentrated on Defi, offering collateralized loans via credit checks. Then on 25 of the same month, the firm launched the sale of a token with which it earned $10 million. Presently, Oasis is focusing on data privacy and DeFi. In 2020, the firm partnered with Binance to launch a program that will enable exchanges to share information about threats of hacks and frauds. Earlier this year, Oasis partnered with BMW, the foremost auto manufactured, to activate cloistered storage of information that will ensure privacy is protected during internal sharing of data.
The partnership reflects Oasis’ renewed interest in DeFi
The Oasis/Tidal partnership indicates a reflection of a renewed interest in DeFi. According to the blog post, Oasis will gain significantly from Tidal insurance as it will boost Oasis’ fast-growing DeFi platform. Also, the firm is planning several “lending protocols as well as DEXs to incorporate into the Oasis Network this year. The platform will enable DeFi users to trade in over-leveraged coverage and hedge against losses from any DeFi asset or protocol. The expansion of the Oasis Network will enable Tidal to reduce its exposure to risks.
Recently, Anne Wills of Oases remarked on the Robinhood/GameStop case, affirming that the controversy underscored the urgent need to create decentralized systems that ensure that users are in complete control of their funds and information. DeFi has been garnering more popularity recently, as it has hit the $100 billion mark of Total Value Locked.
The Oasis Foundation is the sponsor of the Oasis Network platform–the pioneer of privacy-focused blockchain for transparent financing. The Foundation aims to allow users to be in complete control of their funds and information. Tidal Finance is a firm focused on ensuring the safety of DeFi by offering insurance for multi-chain assets in equal liquidity pools. Tidal enables users to choose risk pools and select a mix of their coverage terms.