OpenSwap Bridge Founder #7 Tidal Finance ($TIDAL)
It is with great pleasure to inform you that today is the day Tidal Finance joins the OpenSwap Bridge Founder Program as the official 7th bridge founder 🎉🎉🎉!
More information about our Bridge Founder Program can be found here.
TIDAL is a decentralized discretionary mutual cover protocol that offers the DeFi community the ability to hedge against the failure of any DeFi protocol or asset.
Mutual cover pools can be created where users can serve as Reserve Providers (RPs) and stake their stables to provide reserve capital to any pool to reap incentives in stable coin premium or the $TIDAL token.
How This Partnership Benefits Tidal Finance and OpenSwap
It was during OpenSwap’s post-IDO period that we first got to nurture the initial strategic partnership with Tidal Finance. Now for trolls of you who remember, Liquidity Queue was OpenSwap’s first key technology that was rolled out right after the IDO held on Impossible Finance. Tidal became OpenSwap’s main insurance partner covering for any potential losses from our Liquidity Queues and protecting users from exploits and loss of funds.
What OpenSwap Bridge Mainnet Release mean for the Tidal Finance Community?
Tidal Finance community greatly benefits from OpenSwap any-to-any swaps, enabling the users to take full advantage of crosschain bridge and hybrid smart router integration, $TIDAL will be exposed to liquidity from all our supporting chains.
In other words, OpenSwap ANY-to-ANY Crosschain Bridge will help $TIDAL gain additional exposure to more liquidity from different chains, thus increasing user adoption and potentially creating additional demand. As aforementioned, while Tidal Finance benefits from this partnership by having additional liquidity access points, this partnership will also benefit the entire DeFi world as OpenSwap Bridge will ultimately help to have more DApps be insured and protected by Tidal.
In the future, OpenSwap is going to support more chains, our Stablecoin vaults can also serve as middlemen for $TIDAL holders, helping them to bridge their tokens across multiple chains.
Quick Guide for our loyal trolls and friends at Tidal Finance 🌊
Here is the link to our testnet link
Step 1: Go to Metamask and click Add Network button
Step 2: Fill in the following information
- Network Name: Polygon Mumbai
- New RPC URL: https://matic-mumbai.chainstacklabs.com
- Chain ID: 0x13881
- Currency Symbol: MATIC
- Block Explorer: https://mumbai.polygonscan.com
Step 3: Getting testnet tokens
Go to one of the following links to get testnet tokens. We would recommend getting some ETH (Kovan) and MATIC (Mumbai).
Step 3: Connect your desired network to either: Kovan or Polygon Mumbai testnet
Step 4: Select “KOVAN” as the source chain and “MATIC” as the Destination Chain. Click the Approve button followed by Confirm button on Metamask.
Step 4a: Once the token is approved, click Create Order button and followed by Confirm Swap button.
Step 5: Click on the Confirm Swap button followed by Confirm button on Metamask.
Step 6: You can view your orders here, currently the status is Pending. Once the status turns to Executed, the tokens have successfully been bridged to your destination chain.
Congratulations you have completed the tutorial 🎉🎉🎉
About Tidal Finance
Tidal Finance is the first flexible DeFi insurance platform and marketplace, offering the highest APYs and gas-free transactions. The flexible insurance model allows companies to adjust their premiums on a weekly basis based on fluctuating TVLs (Total Value Locked).
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage with hybrid smart routing, and an ANY-to-ANY single asset cross-chain bridge. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. OpenSwap aims to become every crypto project’s BFF through a set of key offerings that will empower teams to establish funding and sustained token health, allowing teams to focus on what they do best — BUILD.