Oasis Foundation, the developer division of Oasis Network, Oasis Labs, announced in a blog post on Friday that insurance coverage and decentralized financing (DeFi) Tidal Finance will publish a copy of its platform to the Oasis Network.
A blog post indicated that insurance will be important to platform users as Oasis expands DeFi’s offerings, and that by working with Oasis’s secret smart contracts, Tidal will be able to deploy new ways to handle claims such as “anonymous, democratic voting …” This preserves the privacy of voters and users.
The move is similar to what is being done in the Ethereum DeFi ecosystem, with several projects launching new insurance platforms or planning to include coverage directly in their proposals in the protocol team.
A new focus?
The privacy-focused blockchain technology, co-founded by Dawn Song of the 100 largest cointelegraph companies, co-founders of Cointelegraph, has applied various traffic-driving and adoption strategies over the years. In 2018, the company raised $ 45 million when the rest of the crypto market stopped and use cases like medical records and people selling personal information were announced as part of a privacy-preserving computing network.
When the flagship network was introduced on November 19, 2020, they focused instead on decentralized financing and promised mortgages using real credit checks. Mainnet’s launch on November 25 was followed by a token sale that earned the company an additional $ 10 million.
The company’s current strategy consists of a set of measures aimed at big data, privacy, and decentralized finance. Last year, they announced a project with Binance to allow exchanges to privately share fraud and hacking assessments, and worked with automaker BMW earlier this year to ensure that stored information is stored to protect confidentiality during internal communications.
However, the partnership with Tidal could indicate an increased focus on DeFi. The press release notes that Tidal’s coverage of DeFi pools will be key to Oasis’s “fast-growing” DeFi ecosystem, and that “lending protocols and DEX will be integrated into Oasis’s network in the coming months.”
In February, Anne Fovre-Willis of Oasis spoke about the Gamestop / Robinhood saga, saying the failure “clearly demonstrated the need for decentralized systems that allow users and individuals to control their data and money.”
DeFi entered into severe distress too late, recently losing $ 100 billion in total book value.