Fireside Chat Recap | Episode 10 | EQIFI and Steady State Partnership

To celebrate Steady State’s strategic partnership with EQIFI, founder Brad Yasar is this week’s special guest on Fireside Chat. He shares why our communities should be excited about this collaboration and discusses insurance in DeFi — or rather how it will affect us all moving forward!

If you missed last week’s show, you can watch the episode here.

Intro (Silvia)

Silvia started by introducing Fireside chat guests and the EQIFI and SteadyState partnership as the topic of discussion.

Silvia: While running a routine update, Compound delivered a bug that mistakenly sent $90M to user accounts. Would Steady State insure such a hack?

Jon points out SteadyState is still figuring out how the on-chain parametric insurance will work, but they will cover exploits caused by bugs. Saying payouts will happen as opposed to the event to evaluate what the transactional loss was to the different parties.

Silvia: SteadyState and EQIFI. The first DeFi platform to partner with a global Bank, what does this new partnership mean for SteadyState?

Jon starts by saying the biggest reason there is a snag in mainstream adoption, especially from retailers and pop shops, is because they think DeFi is a scam. Steady State is insuring those businesses and taking the necessary steps to protect the users and consumers from combating this negative perception.

Brad speaks about his and EQIFI’s team’s experience building 60 blockchain projects that were never hacked.

He then talks about working in the traditional finance industry using bank-grade software to build EQIFI as a gateway to crypto for beginners.

Brad continues to the SteadyState/EQIFI partnership emphasizing the importance of multiple layers of protection against hacks and exploits.

Silvia: User question — what’s the reason why you’ve never been hacked?

Brad says they focus on a methodical approach to development. Taking time to secure everything and not prioritizing 3rd party open-source code.

Silvia: Will EQIFI become an exchange?

Brad mentions EQIFI isn’t an exchange. They only have a mini-swap feature with just five tokens currently. Adding they will be adding more tokens as time goes by.

Silvia: What makes SteadyState a workable solution for EQIFI and other platforms?

Jon starts by saying people can insure their equity and risk tokens providing opportunities to people who aren’t as versed with crypto to stake capital to diversify and get decent returns while getting risk coverage.

He continues adding SteadyState is looking to build its insurance fund to offer different kinds of premium solutions showing users with transparent parameters what specifically they’re insured for.

Brad jumps in, saying EQIFI’s immediate focus is to ensure invested funds invested are safe. Adding users not only want a secure platform but a high yield one as well.

Silvia: Brad, regarding SteadyState, what did you begin to look for instead of using current options such as Nexus Mutual?

Brad explains they considered other options and ended up settling with SteadyState because they liked what they were building in terms of their protocol.

Brad prefers SteadyState because they can partner to create a customized solution suited for just EQIFI. Plus, because it’s decentralized, they can involve users in the insurance of their funds.

He says EQIFI has comprehensive insurance for everything, the development side, user side, etc. Adding they also work with traditional insurance partners.

Jon then says Nexus focuses on retail insurance while SteadyState provides direct insurance and clear payouts via DeFi protocols.

He also commends EQIFI for taking a proactive approach to protecting its users.

Brian concludes their partnership will use contracts to decide what token amounts would be covered. Saying the point is to make the contract as customizable as possible.

Silvia: Brad, give us some alpha about EQIFI’s yield strategies.

Brad starts by expressing excitement towards EQIFI’s yield product. Saying EQIFI is focused on finding the best yield with the lowest risk. Not the highest yield with the highest risk because he believes this model is not sustainable.

Focusing on a strategy of minimizing risk and maximizing potential returns for users so they won’t need to jump between Layer-1 chains, DEXs, or DeFi projects.

Brad explains EQIFI yield aggregator sources the blockchain for all the best opportunities adding it has 12-point risk assessment criteria from several transactions, number of wallets, debt, liquidity, etc. The aggregator then assesses the opportunity and distributing the funds based on categories and relevancy scores.

Automating projects according to their risk profiles saves people time while ensuring good long-term and steady returns.

Brian agrees that saving time is crucial, saying that to insure risk in a protocol, users need to find a private provider to make an individual contract for the individual token. And even then, they would still need to conduct a risk assessment of the specified project to learn more information about the team.

Brian pitches SteadyState’s risk analysis database pulling in the right market signals to price risk and offer efficiency transparently even if it means lower yields.

Silvia: Can anyone explain the relationship between Yield, SteadyState, and EQIFi?

Jon says SteadyState is only partnering with Chainlink and simply applying to be an insurance partner to EQIFI, AuBit, Yield app, and Flourishing Capital.

Saying SteadyState is working with them to develop tailored solutions for their products because their visions are all aligned towards building a safer DeFi ecosystem.

Brad reiterates EQIFI is more focused on growing through partnerships and not competition. Saying they’d rather focus on how well the market is growing as opposed to individual company market capitalization.

Saying their relationship leans more towards mutual respect and support.

Silvia: When do you plan on taking on BSC?

Brad says EQIFI is planning on doing implementing BSC in the next two weeks. Explaining in the future, users won’t know what chain they’re currently on; they’ll only be seeing returns.

Silvia is comparing the internet, saying users don’t need to know how it works; they want it to work.

Silvia: When will loyal holders get credit cards?

Brad says users can apply for credit cards because the option is already available but to be the first to get an EQIFI card, users would need to participate in the development phase, and EQIFI will do the best job delivering.

About Steady State

Steady State gives DeFi protocols and platforms a practical solution to safeguard their financial future. With the help of Chainlink Keeper technology, our platform aims to eliminate bottlenecks in DeFi insurance by using automated processes, shared coverage policies, and a cutting-edge risk analysis database. Steady State is creating a new paradigm for decentralized insurance by delivering DeFi’s best-ever insurance platform for protocols.

To learn more about Steady State and the impact of our pragmatic approach to Defi insurance, visit us at the links below:

Website | Telegram | Twitter | LinkedIn | Medium | Reddit | Facebook | YouTube

Steady State cautions that statements in this communication that are forward-looking, and provide information other than historical information, involve risks, contingencies and uncertainties that may impact actual results of operations and prospective transactions.

Steady State is a comprehensive DeFi insurance solution that protects users, secures platforms, and reshapes how we think about risk and reward.