322 Interactions, 6 today
A renewed emphasis on DeFi may push traffic to the Oasis Network.
The Oasis Foundation, an offshoot of Oasis Network developers Oasis Labs, revealed in a blog post on Friday that Tidal Finance, a provider of decentralised finance (DeFi) insurance and coverage, would deploy a version of their platform on the Oasis Network.
According to the blog post, insurance will be critical for app users as Oasis scales its DeFi services, and Tidal will be able to deploy new claims approaches, such as “anonymous, democratised voting” that protects votes and consumer safety, by collaborating with Oasis’ “confidential smart contracts.”
Similar moves are being made in Ethereum’s DeFi ecosystem, where a number of projects are unveiling new insurance platforms or aiming to bake coverage directly into their products at the protocol layer.
The privacy-focused blockchain, founded by one of Cointelegraph’s Top 100 Crypto entrepreneur Dawn Song, has tried a variety of tactics to increase traffic and usage over the years. When the remainder of the crypto industry stalled in 2018, the firm earned a massive $45 million, and usage cases such as medical records and individuals selling personal data were touted as part of a privacy-preserving computational network.
By the time the network’s mainnet launch on November 19, 2020, they had shifted their focus to decentralised finance, offering collateralized loans using real-world credit checks. Following the introduction of the mainnet, the organisation raised an extra $10 million from a token sale on November 25.
The new policy of the business consists of a patchwork of programmes centred on big data, data protection, and decentralised finance. They announced a project with Binance last year to encourage exchanges to confidentially share threat assessment information about fraud and hacks, and they partnered with automaker BMW earlier this year to enable cloistered information storage to maintain privacy when exchanging data internally.
However, the relationship with Tidal may indicate a renewed emphasis on DeFi. Tidal’s insurance on DeFi pools, according to the press release, will be critical for Oasis’ “rapidly expanding” DeFi ecosystem, as will several “lending protocols and DEXs that will be integrated into the Oasis Network in the coming months.”
Oasis’ Anne Fauvre-Willis commented on the Gamestop/Robinhood saga in February, saying it “clearly highlighted the need to build systems that are decentralised and put users and individuals in control of their own data and finances.”
DeFi has been on a roll just, recently surpassing $100 billion in Total Value Locked.