Fireside Chat Recap | Week 5 | The YIELD App and Steady State Partnership

Intro (Silvia)

Silvia started by introducing Fireside chat guests and the YIELD App x Steady State partnership as the topic of discussion.

Can you reflect on the first year of the YIELD App? Triumphs and tribulations.

Tim was asked to reflect on their first year of the YIELD App. He highlighted the YIELD App’s eventful journey following a year of existence. He stated challenges they faced initially, which was followed by a bull market. After raising funding and closing in Dec (2020), the YIELD App conducted a successful public launch in Feb (2021). The YIELD app is now six months into its operations with 53,000 clients and over $300M invested in the company. As they sought to protect their company and users’ assets, Tim crossed paths with Jonathan, who introduced him to DeFi insurance.

You have recently launched a new Bitcoin fund, How has that been going?

Silvia followed with a question on the YIELD’s app reopened Bitcoin fund. Tim mentioned the fund, which initially launched to raise 500BTC. They reopened the fund to increase its holding. Though unsure of exact figures, Tim stated it’s almost at capacity (1000BTC). The YIELD App is exploring conservative yet high-yielding options for investment of their increased Bitcoin undermanagement.

Regarding Steady State, why did you begin to look for a new insurance solution instead of using some of those currently available, like Nexus Mutual?

Tim was asked about their choice of Steady State, considering other available insurance providers such as Steady State.

Jon and Akash, do you care to comment on the partnership and what has been working well with it?

Silvia turned to Jon and Akash to find out more about the partnership and its working well with it.

What makes explicitly Steady State a workable solution for the YIELD App and other CeFi platforms?

Jon was asked to explain why Steady State is a workable solution for the YIELD app and other CeFi platforms.

What are your plans regarding implementing Steady State for the YIELD App? What do you expect it to look like?

Back to Tim, Silvia asked about any plans about implementing Steady State with the YIELD App. While still under construction, Tim stated Steady State’s understanding of their needs. They are looking at pricing options, coverage options, and other YIELD App-specific services. Tim also praised Steady State for their client-centered service delivery as they work on an insurance solution.

Do you have any foresight or predictions on the market? Or on how CeFi/DeFi will perform?

Tim was asked to give any foresight or predictions on the market and how CeFi/ DeFi will perform. He acknowledged regulatory uncertainties as stifling the expected performance of CeFi/DeFi/. Issues such as travel, KYC, and AML all affect investment in these services. Tim also simplified DeFi/CeFi relationships. Centralized platforms such as the YIELD App provide essential support services for DeFi. On market predictions, Tim remained optimistic, basing his positivity on current market enthusiasm on crypto. Akash further explained how innovations would keep DeFi exciting.

Join us next week as the team delves into the ongoing nuisance that are DeFi hacks. Why does history keep repeating itself, and what can we do?

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.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Steady State

Steady State

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