Tidal platform provides inidviduals coverage through their own project teams, offering end users an more emersive experience comparing to purchasing from a 3rd party. Payout will be handled together with insured project teams based on each individual's damage and coverage, saving the headache of each individual to keep up with the claim filing process.
Users can use “USDC” or “Native token” (if availabe from the insured protocol) to get covered. By setting up a payment account and desired coverage amount, users can initiate their coverage plan on a weekly subscription basis.
Users can withdraw or deposit from they payment account at any time, as well as adjust the coverage amount at any time.
As long as there is enough balance in the payment account, the coverage plan will automatically continue. If there is not enough balance, the coverage plan will be suspended and reactivated as soon as there is enough balance.
In an effort to keep gas costs low for our customers, the coverage purchase feature is currently supported on the polygon network with other L2 solutions to follow.
Users can access the purchasing site from the insured protocol's site. Below are the purchasing steps by using the StaFi protocol's portal as an example: StaFi.tidal.finance
First, you need to approve the deposit action if this is your first time depositing USDC. Click the “Deposit” button on the “Pay with USDC” tab and click the “Approve” button on the pop-up window. Click “Sign” on the pop-up Metamask window and wait for the transaction to go through.
After the approval, you can deposit the desired amount of USDC into your Pre-deposit Balance. Click the “Deposit” button, enter the amount you’d like in the pop-up window, and click “Deposit”.
You can change the amount of USDC deposited into your Pre-deposit Balance. To deposit more, you can click the “Deposit” button and follow the instructions shown above. To reduce the amount, you can click the “Withdraw” button, enter the amount to withdraw, and click “Withdraw”
Lastly, you need to purchase the coverage. Click the “Adjust” button, enter the amount of coverage you want to purchase, and click the “Adjust” button. Follow the same instructions if you need adjust your insurance coverage for the next epoch
It is important to understand that your insurance coverage (or any further adjustments) will not become effective until the beginning of next epoch (or week). For the same reason, you will not be charged for the cover cost until the next epoch when your insurance plan becomes effective.
To purchase cover with FIS, simply switch to the “Pay with FIS” tab and then follow the same instructions as provided above. The amount of FIS deduction will be based on the weekly average price of FIS.
Have multiple wallets all needs protection? NO PROBLEM, we made it simple for you.
In the “insured wallet” page, users can enter upto 10 other accounts to be protected under the same payment account.
During a payout, the damage amount of each account will be analyzed, and compensation will be distributed to each account according to its loss.
If the covered amount is less than the total damaged amount, compensation will be distributed to each account proportionally based on “its own loss / the total loss”.
**Covered amount could be limited by the capacity of coverage available, and the overage cost is based on the actual covered amount. When the total purchase coverage amount is larger than the capacity, each individual’s coverage amount is reduced proportionately.
“Individual Actual Coverage” = “Individual Target Coverage” x (“Coverage capacity” / “Total Target Coverage”)