Bridge Mutual August Monthly Report
Bridge Mutual Community,
Bridge Mutual had many achievements in August 2022. We’re looking back on our successes and preparing for the future. We have accomplished a great deal towards our objectives and are confident that we will continue to do so.
In August 2022, Bridge Mutual added Lido Finance and Linear Finance as new coverage pools to its platform.
By partnering with leading projects, Bridge will expose users to new and innovative ways to protect themselves against DeFi crimes. Bridge has already whitelisted multiple projects on its platform, but it plans to continue expanding the number of projects for which it provides coverage. The goal is to increase benefits for users and grow the utilization of the $BMI token..
Expansion to Binance Smart Chain
In August, Bridge Mutual completed its expansion to BNB Smart Chain, achieving cross-chain functionality. BNB is the leading layer 1 blockchain with a massive user base, handling the highest peak EVM transactions with economical fees. It is a significant milestone in Bridge Mutual’s growth, as it unlocks new opportunities to users who can purchase and underwrite some of the largest protocols in the BNB DeFi ecosystem worth over $5.2 billion. Bridge users will also be able to purchase coverage for their favorite Binance Chain projects at lower premiums.
Bridge Mutual deployed Polygon into the Quality Assurance (QA) environment in August. The product team then conducted extensive testing to ensure that all features functioned as intended. We completed the bridge of $BMI to POL to make the voting process accessible on all chains. To enable voting on all chains, we completed bridging the $BMI to POL. The stkBMI tokens were also bridged to the POL chain, allowing users to vote on claims and lock them in the POL Voting Contract. In order for users to purchase coverage and underwrite pools on POL, we created pools for POL projects..
Bridge Mutual has made great strides in developing its latest planned offering, stablecoin insurance. This feature will reimburse a user for any loss in the value of their pegged assets should they de-peg from the price of its target asset. In 2022 there were several examples of stablecoin depegging, including UST, HUSD, and AUSD. Bridge Mutual is taking the utmost care to evaluate all risks and ensure the execution is flawless. The feature is in the final stages of front-end development, and significant testing in the QA environment is required to ensure all components function as intended. The team plans to go-to-market with stablecoin insurance soon.
About Bridge Mutual
Bridge Mutual, a decentralized coverage platform, is on a mission to become the #1 crypto-armorer of Decentralized Finance and equip everyone with protection against universal crypto threats. We are a fully decentralized, p2p/p2b discretionary risk coverage platform covering smart contracts, stablecoins, centralized exchanges. Our platform allows users to provide coverage, decide on policy payouts, share profit, and get compensated for adjudicating claims. Users can get protection and provide one in exchange for yield. We focus on great product design, pro-community business objectives, and synergy with other web3 innovations.