Xend Finance, the leading DeFi project right now to come out of Africa, has partnered with Tidal Finance, the latest success in DeFi Insurance, to enhance protection of members’ assets on its platform.
This partnership will provide decentralized mutual cover pools for assets and smart contracts on the Xend Finance platform.
Xend Finance allows users to convert their savings into stablecoins which are then staked on DeFi lending platforms like Compound, AAVE, and Balancer, to earn compound interest with high APYs.
Tidal Finance, on the other hand, allows users and liquidity providers to select risk and invest in pools by choosing any combination of protocols / assets and their coverage terms that suit their risk / reward ratio.
This partnership now means that users on the Xend Finance platform can easily buy insurance premiums for their assets further strengthening the Xend Finance security by ensuring users assets are always covered in unforeseen events.
At the same time, the partnership means $XEND tokens will now be added on Tidal Risk Pools.
Tidal Finance’s Initial Dex Offering (IDO) on PolkaStarter a few days ago also saw a huge over-subscription (over 500x) before its successful listing on Balancer DEX demonstrating the huge demand for DEX insurance services.
About Tidal Finance
Tidal Finance makes DeFi safer by providing insurance coverage for assets across chains in custom balanced liquidity pools. Tidal Finance is a Balancer-like insurance market built upon Polkadot that allows users to create custom insurance pools for one or more assets.
About Xend Finance
Check out this exclusive BitKE interview with Xend Finance CEO, Aronu, as he discusses the project inception, vision, and lessons for fellow African entrepreneurs on how to build successful DeFi crypto projects: