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Tidal x Satoshi Club AMA Recap from the 24th of March

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Tidal and our guest was Chad Liu — @chadliu638. The AMA took place on the 24th of March.

The AMA session was divided into 3 parts with a total crypto reward pool of 800$

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&WebSite

Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Tidal! Welcome to Satoshi Club

@chadliu638 welcome here

We are really happy to see you here again

Chad Liu:

Likewise.

Goldie Rocket | Satoshi Club:
Therefore, we expect from you new interesting facts about Tidal!

Chad Liu:
Ha. Of course. Happy to share our progress so far.

Mary | Satoshi Club:
@chadliu638 You can make a very short intro for those who are new here, as you can see we are 50k now

And for sure we will be happy to hear about progress

Chad Liu:
Right? I was just about to say last time it was 30~40k, strong community!

Mary | Satoshi Club:
We are growing as well.

Chad Liu:
Sounds good. A bit background about myself — I have a mathematics, engineering and finance background, came to the crypto space in 2017 working in a venture fund and fell in love with space. The amount of creativity, innovation is definitely ahead of other industries. Earlier last year around April, I started this company by realizing the defi space has a high demand for insurance service. Tidal is a high yield insurance platform to connect sellers and buyers to cover smart contract hacks. The platform offers the functionalities to create custom insurance plans for one or more assets from multiple protocols. The main objective of the platform is to maximize capital efficiency and return to attract LPs while offering competitive insurance premiums to attract buyers. There are a couple of players on the market like nexus mutual and cover protocol, we are in line with such a service category.

Mary | Satoshi Club:
You will bring safety to the crypto world

Chad Liu:
Yes. Hopefully to support the whole Defi space grow bigger.

Goldie Rocket | Satoshi Club:
This is a really necessary direction in crypto

Mary | Satoshi Club:
Thank you for the intro and actually, we have the first question from our community regarding your progress

Chad Liu:
Ok.

Goldie Rocket | Satoshi Club:
Q1 from Telegram user @NataliyaKil
On February 4, you came to the AMA in the Satoshi Club. The change that immediately caught my eye: a different project logo. What other changes have occurred and what led to them?

Mary | Satoshi Club:
I think here we will see a long read because I see that Tidal really made a big progress

Chad Liu:
Yes. We did a design update with our product. New website. Released tech paper and some partnerships. We are launching the testnet next week. Currently doing some internal testing. We will release some interesting participation programs with testnet and depends on the progress, mainnet could follow 4~5 weeks after that.

On the fund raising side, we just completed a successful IDO on polkastarter, thanks to their team for all the help. Tomorrow we are conducting a token distribution on the balancer and right after on uniswap to TGE.

Mary | Satoshi Club:
Yes, great partnerships, btw! Congratulations

And about testnet — who will be able to participate?

Chad Liu:
Everyone has a chance to participate. The program is still in design, we may just need few hundreds of accounts to test, so it could be a first come first serve.

Mary | Satoshi Club:
So, we need to be fast! Satoshiclubbers, put your notifications on

Thank you for your answers! Ready for the next one?

Chad Liu:
Yes!

Goldie Rocket | Satoshi Club:
Q2 from Telegram user @Highpee
Just as said when you last visited on February 4th that your v1 will be launched in March, I have gathered that the team is set to launch the alpha testnet this week with an IDO planned on Polkastarter on 23rd March. However, only a total of 138 addresses from the Tidal community got whitelisted but you will have another sale on Balancer on the 25th of March. What will be the procedure and price for the second round of sale on Balancer and how many participants can join this round? What are your plans with regards to post-sale listing and how possible is it to join your testnet program? Kindly brief us more about these and any other good tidings you have for the club.

Chad Liu:
Yes. Total 138 listed address is already randomly selected from the total applications. We used 3rd party service Fractal to help us accepting applications and the KYC process. Total tickets are 125 and a bit extra just to leave some room if someone missed the time or other issues not getting the ticket. Our balancer token distribution event starts tomorrow. Today very soon there will be a detailed announcement about the process. Everyone can participate, the period lasts for 3 days long. I recommend not to rush buying from the beginning, wait for a while and see how the price stabilizes. Regarding the testnet, the detailed program will be released next week.

Mary | Satoshi Club:
Thank you! Congratulations! We will wait for the updates from you!

Goldie Rocket | Satoshi Club:
Q3 from Telegram user @meml97
I read that a while ago you said that one of Tidal Finance goals is to release and support Tidal v1 on Ethereum, but since Ethereum is having a lot of high gas fee transaction problems, which have users really upset about it, is it still your first next-to-go option or did that plan change because of that? Also, any plans on releasing Tidal v1 on any other blockchain such as BSC or Huobi? If so, which one and when will we be able to see it?

Chad Liu:
Yes. The gas fee is a big problem. During the testnet, we will work on the solution with polygon, that’s the current plan. For longer-term Q2 our plan is to migrate to Polkadot parachain that are compatible with Ethereum such as Moonbeam.

Mary | Satoshi Club:
This will be amazing, can’t wait till Polkadot will go live! Do you want to add something or we can go to the next question?

Chad Liu:
Let’s go to next. I was just about to say it’s going to be exciting to see how the Polkadot ecosystem evolves. I hope it attracts a lot of liquidity in Q2.

Goldie Rocket | Satoshi Club:
There is no doubt about it

Q4 from Telegram user @ovkneze_big
Your main competitor in the industry will be a pioneer like the Nexus Mutal. What different products will you offer to the market? Which strategy do you lean more towards — competition or cooperation?

Chad Liu:
Both. Tidal’s design is positioned a bit differently than NXM. We allow insurance sellers to backup more protocols while having the knowledge and appetite to take on a bit more risks. And our target insured protocols are leaning towards a bit newer protocols. The healthy competition part will drive the insurance price lower and affordable for defi users. And the collaboration could be re-insuring, for example, Tidal would need insurance cover for our own platform too.

Mary | Satoshi Club:
Great answer! We need healthy competition

Goldie Rocket | Satoshi Club:
This is a reasonable attitude! Ready for the next question?

Chad Liu:
Yep.

Goldie Rocket | Satoshi Club:
Q5 from Telegram user @MihaiPisica
On your site you don’t have the section “Audit”, I try to find it, but it didn’t find anywhere. Does it mean that it is not fulfilled and you don’t have already an Audit? Are you planing one (or more)? If you are kind, we would like to know about the issues and vulnerabilities that could be found in your project. to be assured that you will not be exposed to those risk which was exposed a few days ago one another well-known big project, also that data delivery and private user data leaks are secured at a high level. Thanks.

Chad Liu:
Yes. We booked 2 audits starting in early April. The reason for not starting so soon is that the testnet may cause some changes to the code. Our development team is aware of the known security risks — flash loan and price oracle manipulation attacks, token mining, etc. We are doubling down the effort to ensure. Also, our design is a bit different than dex and lending protocols, flash loan and price oracle attacks have very low risk on our platform.

Mary | Satoshi Club:
Thank you! Sure you understand security priority and everyone will be safe with Tidal!

Goldie Rocket | Satoshi Club:
Don’t forget to share with curious Satoshi Clubbers

Chad Liu:

Mary | Satoshi Club:
And just one 6th question left from this part

Ready?

Chad Liu:
Yes.

Goldie Rocket | Satoshi Club:
Q6 from Telegram user @borysfireball
Tell us more about your Guarantors and what role they play in the Tidal project? How is the selection process and is their number limited?

Chad Liu:
Yes. This is an unique feature we added a couple of months ago into the product. Guarantors are designed for protocol teams themselves and their token holders to back up against their own protocol. For e.g. AAVE holders can deposit AAVE to insure against AAVE protocol on Tidal, earning yield from the total cover sold for AAVE, as well as some TIDAL tokens as incentives. The risk they are taking is that if AAVE gets hacked, up to 30% of the guarantor fund will be used as compensation. But the upside is that such a guarantor fund would attract more liquidity from tidal insurance sellers willing to back them up. Hence generate more covers. We have to chat with many protocol teams and liquidity providers on their feedbacks and came up with this design.

Mary | Satoshi Club:
A great feature I should say

Goldie Rocket | Satoshi Club:
Thanks a lot for the great answers!

Mary | Satoshi Club:
Thank you, I feel that when Tidal will go live it will be something huge! And now we will have live part

Chad Liu:

Thank you. Its teamwork.
Yes.

Mary | Satoshi Club:
Let’s go

Part 2 — live questions from the Telegram community

Q1 from Telegram user @ Derick Abraham

You are in the business of insuring crypto-assets. But it’s not just from hackers. Do you have insurance against loss of profits due to the fall of BTC and the resulting market decline?

Chad Liu:
Right now the service only covers asset loss due to smart contract hacks. Well, known ones are flash loan attacks. the price insurance could be something we will expand into. But as right there are various products to cover that area as well — option trading.

Q2 from Telegram user @ Hakeem

How was the IDO on Polkastarter and what next for Tidal?

Chad Liu:
It was a success with Polkastarter IDO. We received over 200k applications. It was a bit overwhelming but a good problem to have I guess. Our next step is balancer token distribution for 3 days, to get a good sense of the token price then DEX offering after that.

Q3 from Telegram user @ Boylut

You said your balancer token distribution event starts tomorrow, how will the process go? Is there an announcement as regards this?

Chad Liu:
Yes. the announcement should come out in a couple of hours. I will share with the Satoshi community.

Q4 from Telegram user @ V!c

or

When can we expect Tidal to go live?

Chad Liu:
I would say late April. Depends on how smooth with testnet, it could cause a delay if major issues are found.

Q5 from Telegram user @ CoinTravolta

How will Tidal Finance’s Basic Design concept increase your capital efficiency?

Chad Liu:
We allow insurance sellers (LPs) to backup multiple protocols at the same time (leverage up) their capital. Making more returns from insurance premium while taking a bit higher risk.

Q6 from Telegram user @ EsrarengizBTC

Do you have a simple explanation and a sample situation insurance fund Is it possible to make a refund?

Chad Liu:
If I understand correctly you mean liquidity providers taking their funds out? On our platform, it takes about 14 days to withdraw. It could take longer if the pending period has some valid claim that occurred against capital.

Q7 from Telegram user @ Surendra Satoshi Club

Hello! @chadliu638. A few months back after we can see another Ama in Satoshi Club, is Satoshi club your partner?

Chad Liu:
Satoshi club holds a good community that gives every project good exposure to its audience. Always happy to give an update on our project here.

Q8 from Telegram user @ Gutierrez04

If I really only make stakes with recognized and verified tokens, why do I need insurance if they are reliable? or despite this, is it possible that any project can go to scam without problems?

Chad Liu:
Our cover may be a bit different than what you think — give an example, some assets are deposited into Defi protocols, e.g. harvest, pickle, and sometimes the attack can drain the fund in their protocol.

Q9 from Telegram user @ Sen

Tidal Finance has a something called “Treasury wallet” where is collected all fees, so can you explain to us what is the reasons for having these funds? To what will you use it?

Chad Liu:
Treasury wallet because holds the profits generated by the platform. The fund will be used for certain expenses. E.g. development, marketing, etc., and incentives giving back to token holders. Furthermore, some funds to back up the insurance claims if there is any shortage of our reserve pool.

Q10 from Telegram user @ Jacob

Can TIDAL reject an insurance claim request? If yes, what might be the grounds of disapproval?

Chad Liu:
Our claim process has 2 steps. First-round token hold vote. 2nd round 3rd party auditor committee validation. The claim could be rejected. But the token holder’s vote will be in line with the platform’s interest and success to approve a valid claim. And 3rd auditor committee will be an additional layer to ensure the process.

Part 3 — Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club/
Russian Telegram group: https://t.me/satoshi_club_ru/
Spanish Telegram group: https://t.me/satoshi_club_spanish/
Telegram Channel: https://t.me/satoshi_club_channel/
Twitter: https://twitter.com/realsatoshiclub/
Website: https://esatoshi.club/

Our partners:

Official Website: https://tidal.finance/

Medium: https://medium.com/tidal-finance

Twitter: https://twitter.com/tidaldefi

Telegram: https://t.me/TidalGlobal

Announcements Channel: https://t.me/tidalann

Tidal Gitbook Whitepaper: https://tidal.gitbook.io/tidal-gitbo

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