The Oasis Network may benefit from a renewed emphasis on DeFi.
Tidal Finance, a decentralized finance (DeFi) insurance and coverage provider, will be introducing a version of their platform on the Oasis Network, according to the Oasis Foundation, an offshoot of Oasis Network developers Oasis Labs.
Insurance will be critical for platform users as Oasis scales its DeFi offerings, according to the blog post, and Tidal will be able to deploy new claims methods, such as “anonymous, democratized voting” that protects voters and user privacy, by working with Oasis’ “confidential smart contracts.”
Similar moves are being made in Ethereum’s DeFi ecosystem, where a number of projects are introducing new insurance platforms or aiming to bake coverage directly into their protocol layer offerings.
Is there a new focus?
The privacy-focused blockchain, which was created in Crypto entrepreneur Dawn Song, has tried a variety of strategies to increase traffic and acceptance over the years. When the rest of the crypto industry stalled in 2018, the company raised a massive $45 million, and use cases like medical records and individuals selling personal data were touted as part of a privacy-preserving computational network.
By the time the network’s mainnet launched on November 19, 2020, they had shifted their focus to decentralized finance, offering under collateralized loans based on real-world credit tests. The mainnet launch was accompanied by a token sale on November 25, which brought in an additional $10 million for the venture.
The company’s new plan is a jumble of projects centered on big data, data protection, and decentralized finance. They announced a project with Binance last year to allow exchanges to share threat assessment information about fraud and hacks in a confidential manner, and they worked with BMW earlier this year to create cloistered information storage to protect privacy while exchanging data internally.
However, the relationship with Tidal could signal a renewed emphasis on DeFi. Tidal’s insurance on DeFi pools will be critical for Oasis’ “rapidly growing” DeFi ecosystem, according to the press release, and several lending protocols and DEXs will be incorporated into the Oasis Network in the coming months.
Oasis’ Anne Fauvre-Willis weighed in on the Gamestop/Robinhood saga in February, saying that the saga “clearly illustrated the need to develop decentralized systems that placed consumers and individuals in charge of their own data and finances.”
DeFi has been on a roll just, recently surpassing $100 billion in Total Value Locked.