Oasis Foundation, a branch of the Oasis Network developers, Oasis Labs, announced in a blog on Friday that decentralized finance (DeFi) insurance and coverage provider Tidal Finance will roll out a version of its platform on the Oasis Network.
The publication noted that insurance will be important to platform users as Oasis ramps up its DeFi offerings, and that by working with Oasis “confidential smart contracts”, Tidal will be able to deploy new methods of reclamation, such as “democratized anonymous voting” that preserve voters and user privacy.
This move is a reflection of similar ones taking place in Ethereum’s DeFi ecosystem, where Several projects are launching new insurance platforms or planning to incorporate coverage directly into their offerings at the protocol layer.
New focus?
The privacy-centric blockchain, founded by Dawn Song, member of the ranking of the 100 most influential people in the blockchain space of Cointelegraph, It pursued various strategies over the years in an effort to attract traffic and adoption. In 2018, the company raised an exorbitant $ 45 million while the rest of the crypto market stalled, and use cases, such as medical records and people selling personal data, were promoted as part of a computer network that preserve privacy.
When the mainnet arrived, on November 19, 2020, the company focused on decentralized financing, pledging collateralized loans through credit checks in the real world. The mainnet launch was followed by a token sale on November 25, which pallowed the company to obtain an additional USD 10 million.
The company’s current strategy consists of a patchwork of initiatives focused on big data, data privacy, and decentralized finance. Last year they announced a project with Binance to allow exchanges confidentially share threat assessment information in relation to fraud and hacks, and earlier this year worked with automaker BMW to enable covert information storage to protect privacy while data is shared internally.
However, the partnership with Tidal may indicate a renewed focus on DeFi. The press release notes that Tidal’s insurance on DeFi funds will be key to Oasis’ “rapidly expanding” DeFi ecosystem, and that multiple “decentralized exchange (DEX) and loan protocols will be integrated into the Oasis Network in the next months”.
In February, Anne Fauvre-Willis of Oasis spoke out on the Gamestop / Robinhood saga, stating that the failure “clearly highlighted the need to build decentralized systems and put users and people in control of their own data and finances. “.
The DeFi are in a moment of great success, having recently exceeded $ 100 billion in total locked value.
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