Popular cryptocurrency influencer and analyst Lark Davis has unveiled a new decentralized finance (DeFi) altcoin that he is betting on in a YouTube video published to his over 240,000 subscribers on the Google-owned platform.
In the video, as Daily Hodl reports, Davis reveals he is betting on Tidal Finance’s TIDAL token. The project is building a marketplace for programmable insurance on top of the Polkadot (DOT) blockchain, something he says he is bullish on:
I’m massively bullish on the insurance use case for decentralized finance and for cryptocurrency more broadly, especially considering that right now it seems like we barely go a week without another smart contract hack in DeFi or people losing millions of dollars worth of money.
Per the influencer, Tidal Finance connects the buyers and the sellers in its insurance marketplace to “help cover against smart contract risk.” He noted he believes that the DeFi project can help mitigated the risks associated with Web 3.0 and the use of smart contracts.
Davis added he sees Tidal Finance as an innovator in the sector, managing to stand out against the “biggest insurance player right now, Nexus Mutual,” by not requiring any know-your-customer (KYC) checks on the use of the platform, and allowing for the creation of custom insurance pools.
Davis went on to say that Tidal Finance is “offering the best yields to depositors and the lowest premiums to buyers of insurance plans.” The project’s insurance pools are over leveraged to ensure “enough funds are always on hand to be able to cover any losses when claims inevitably come.”
Tidal Finance’s token will be on sale on Polkastarter and on Balancer. Soon after it will be listed on decentralized exchange Uniswap. Whether the token will listed on major trading platforms like Binance or OKEx is still unclear.
Featured image via Pixabay.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.