Bridge Mutual Community,
Bridge Mutual has completed the expansion onto the BNB Smart Chain. We believe that this is a significant step forward in our roadmap and are delighted to have achieved this milestone. As we take this momentous step forward, we delve deeper into what the release involves and what’s next for Bridge Mutual.
The BNB Smart Chain Ecosystem is the biggest blockchain ecosystem outside of Ethereum. This expansion means that users can purchase coverage for their favorite BNB projects at lower premiums. Policy underwriters will also receive much higher APYs. As for the BMI token, this is the first step toward becoming a token that will connect, administer and provide rewards across many other chains.
Why did the BMI team decide to develop Bridge Mutual on BNB Smart Chain?
Going multi-chain was a natural next step that has been on the internal roadmap from the beginning. As we worked on fleshing out and improving our Ethereum-based protocol, expanding to BNB Smart Chain was always on the agenda. Bridge Mutual expanded to BNB Smart Chain because it is the best-performing EVM compatible layer 1 blockchain with a massive user base. BNB Chain handles the largest daily active users and has the highest peak EVM transactions with economical fees.
The completion of the Bridge Mutual expansion to BNB Smart Chain marks a significant milestone in its growth. As it unlocks new options given BNB Smart Chain Total Value Locked (TVL), which is the biggest of any blockchain outside of Ethereum. We have achieved cross-chain functionality, opening up new opportunities for our users. Insurance for crypto assets on all chains is beneficial for all parties — the people who insure the assets and the people who own them.
How will the BNB Smart Chain version of Bridge Mutual work?
- The BNB smart chain will be a mirrored version of the Ethereum chain and will have the same functionality.
- Both Bridge Mutual ETH and BNB will be available through the same interface, and users will easily swap between the networks.
- The same BMI token will power both the Ethereum and BNB Smart Chain versions of Bridge Mutual. We’ve completed our BMI token bridge, you can now send your tokens via an internal bridge to any other network we support.
How will this impact the BMI token?
The maximum supply of BMI tokens will not increase. Users of BNB Smart Chain and Ethereum will have to purchase the token to vote and interact with the network and its future DAO. The same principle will apply to future blockchain expansions.
What’s next for Bridge Mutual on BNB Smart Chain?
We will continue to develop and support projects in the BNB Smart Chain ecosystem. We look forward to providing our users with the opportunity to purchase insurance policies related to BNB protocols, as well as underwrite them.
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.