Xend Finance announced a partnership with Tidal Finance to support Tidal Finance’s launch with up to $1 million USD in coverage for their protocol’s safety.

In case of a payout event, the coverage amount will be directly paid to the Xend Finance team to facilitate a speed recovery of their users’ funds.

The current coverage plan covers Xend Finance’s smart contract vulnerabilities that are deployed on the Ethereum network, Binance Smart Chain and Polygon including Esusu Savings, Cooperative savings and Personal saving strategies. Malicious attacks and economic exploits resulting in Xend Finance users’ asset loss would qualify for a valid claim. Any valid payout amount will be directly paid to the Xend Finance team to recover Xend Finance users’ loss. For more general coverage policy wording, please refer to Tidal’s gitbook cover policy section.

�By having Xend Finance in the mutual cover pool, reserve providers on the Tidal platform could receive earnings, specifically through two ways:

Earning cover premium directly from Xend’s cover plan
TIDAL token rewards through the Cover Mining Program

What is Tidal Finance?
Tidal Finance is the first multi-chain flexible insurance platform, working directly with companies, and the first insurance solution to launch on Polygon. The flexible insurance model allows companies to adjust their premiums on a weekly basis based on fluctuating TVLs (Total Value Locked) and evolving investment strategies. Users can buy and cover insurance purchasers and receive the highest APYs in the industry. Tidal Finance is also the first DeFi insurance provider to offer gas-free transactions for cover providers and buyers.

What is Xend Finance?
Xend Finance provides the tools and platform for a decentralized financial credit union, regardless of geographic location and home country currency. Members can earn multiple levels of interest on their savings by seamlessly exchanging their crypto or fiat currency to stable cryptocurrencies and staking — the process of locking up crypto assets to earn yields — on lending platforms so members can earn compound interest on their money. The Xend Finance platform is the world’s first decentralized finance (DeFi) credit union.