Ooki Governance Proposal Tidal Insurance Allocation

Summary

Tidal Finance is a decentralized discretionary mutual cover protocol offering the DeFi community the ability to hedge against failure of any DeFi protocol or asset.

This proposal would allocate $10k in USDC from the treasury fund to purchase upto $1m worth of insurance from Tidal for their mutual cover pools. Tidal users would provide decentralized insurance to Ooki assets.

For users who want additional protection, Tidal will also offer the ability for users to purchase individual insurance protection which they can purchase on their own, the individual protection amount will be deducted from the protocol protection amount, the individual’s purchase will count toward protocol’s coverage amount. For example, Ooki is being cover with 1 million, user bought 100k, in this case, the user get covered by 100k, and Ooki is getting covered with 900k. Total still 1 million. The user’s payment will directly go to Ooki’s payment acocunt.

Details

Ooki Protocol will be purchasing upto $1 million USD-worth coverage through Tidal Finance to cover their protocol’s safety. In case of a payout event, the coverage amount will be directly paid to the Ooki to facilitate a speed recovery of their funds.

The insurance policy would cover any losses arising out of Ooki smart contract vulnerabilities that are deployed on the Ethereum and Polygon network. Malicious attacks and economic exploits resulting in Ooki users’ asset loss would qualify for a valid claim. Any valid payout amount will be directly paid to the Ooki DAO to recover Ooki users’ loss. For more general coverage policy wording, please refer to Tidal’s gitbook cover policy 4 section.

The $10k USDC in this proposal would pay the weekly premiums on upto $1m worth of insurance from Tidal for their mutual cover pools. This would pay the insurance premiums on Tidal for a period of a minimum 6 months at a cost upto $384 every week

Funding Request

This would allocate $10k towards Tidal Insurance

only eth or also losses on polygon, bsc and arb?

Yes, would be nice to cover phishing too