ZKSpace teams with blockchain security firms Tidal Finance under “Fund Shield,” which provides a flexible coverage plan worth $1 million TVL, covering smart contract risk with vetted auditing from Certik, slowmist and ABDK
ZKSwap, the Layer2 DEX sub brand under ZKSpaceumbrellaumbrella) announced today that it has launched Fund Shield, the latest level of protection designed to safeguard ZKSwap users and provide them access to secure tradings. Fund Shield is ZKSwap’s first endeavor to provide greater security to users of DEX trading platform. By funding the $1 million USD-worth coverage plan through Tidal Finance, the ZKSwap team is adding an additional safety layer to their users’ funds.
The current coverage plan covers hidden smart contract vulnerabilities that are deployed on the Ethereum network, including the recently launched L2 DEX. Malicious attacks and economic exploits resulting in ZKSwap users’ asset loss would qualify for a valid claim. Any valid payout amount will be directly paid to the ZKSwap team to recover ZKSwap users’ losses. For more general coverage policy wording, please refer to Tidal’s Gitbook Cover Policy section.
By having ZKSwap in the mutual cover pool, reserve providers on the Tidal platform could receive earnings, specifically through two ways:
1)Earning cover premium directly from ZKSwap’s cover plan
2)TIDAL token rewards through the Cover Mining Program*.
*Further collaboration will allow ZKSwap token holders to utilize native tokens to purchase coverage will be launched soon.
ZKSwap’s insurance fund program comes at a time when industry leaders are voicing the need for increased security measures. According to Elliptic, a cryptoasset risk management firm, the amount of money lost on DeFi from hacks and scams has grown from $1.5 billion in 2020 to $10.5 billion in 2021.
ZKSwap is a layer 2-based decentralized cryptocurrency exchange (DEX) using the ZK-Rollups technology with an automated market maker (AMM) model. ZKSwap V2 supports 0 gas fee transfer/transaction and unlimited token listing while increasing liquidity and ensuring the timely execution of orders. ZKSwap V3 introduces a series of NFT-centered features and will further explore cross-chain deployment with BSC and Solana, implement EVM-compatible ZK-Rollups, and bring the community more layer 2-based products.
About Tidal Finance
Tidal Finance is the first multi-chain flexible insurance platform, working directly with companies, and the first insurance solution to launch on Polygon. The flexible insurance model allows companies to adjust their premiums on a weekly basis based on fluctuating TVLs (Total Value Locked) and evolving investment strategies. Users can buy and cover insurance purchasers and receive the highest APYs in the industry. Tidal Finance is also the first DeFi insurance provider to offer gas-free transactions for cover providers and buyers.