As a strategy to get the market’s attention, Oasis decided to try DeFi to attract traffic.
Oasis Foundation, a subsidiary of Oasis Network, announced on Friday that Tidal Finance, which deals with decentralized finance insurance, will launch a version on their platform. The announcement, which was made in the form of a blog post, clarified that insurance would be vital for Oasis platform users. Tidal plans to optimize the Oasis confidential smart contracts to deploy new claim methods such as democratic voting that preserves user’s privacy.
This is the same thing that is happening on the Ethereum DeFi ecosystem, where projects are being launched on insurance platforms as many projects plan to cover their offerings.
Oasis network is a privacy-focused blockchain that has maximized different strategies to increase traffic and adoption. Because of this reason, the company was able to raise $45 million amid the crypto market crisis in 2018. At that time, it was mainly used for medical records.
As of November 2020, when the mainnet was rolled out, the network diverted its focus on decentralized finance, especially for under collateralized loans but using real-world credit checks. After the mainnet was launched on 19th of November, there was a token sale on the 25th of that month, which gave the company additional $10 million. The company is focusing on different strategies such as big data, data privacy, and decentralized finance. Its offering partnered with Binance to give exchanges the freedom to share threat assessment information on fraud and hacks. The company has also worked with BMW for data privacy while sharing and storing data.
Oasis partnership with Tidal shows that it is keen on focusing on DeFi. The insurance will help Oasis thrive in the DeFi pools to expand the DeFi ecosystem, increase lending protocols, and decentralized exchanges that will all be on the Oasis Network.
From the Robinhood saga back in February, it is clear that we need to create systems that are decentralized and gives individuals complete control of their data and finances.
DeFi is the new monster in the block that is hard to fight, and we can tell that from DeFi projects that are doing so well.