Oasis Foundation, the developer arm of Oasis Labs’ network, Oasis Labs, announced Friday in a blog post that Decentralized Insurance and Coverage (DeFi) provider Tidal Finance will publish a copy of its platform to Oasis Network.
The blog post indicated that insurance will be important to users of the platform 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 an “anonymous democratic vote.” 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 who sold personal information were announced as part of a privacy-preserving computing network.
When the flagship network was launched on November 19, 2020, it focused instead on decentralized financing and pledged secured loans 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 confidentially share information about fraud and piracy threats, and earlier this year they worked with automaker BMW to create a repository of stored information to protect privacy 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 the “rapidly growing” DeFi Oasis ecosystem, as well as more “lending and DEX protocols that 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 has exploded a lot recently, after recently losing $ 100 billion in total book value.