Bridge Mutual Community,
Bridge Mutual has expanded its insurance protocol onto the Polygon chain. We are proud to have made this milestone and are confident that it will strengthen our position in the market. We will examine the release in more detail and explain its ramifications for our users as we advance to the next phase of our platform’s development.
The Polygon DeFi Ecosystem is the largest outside of Ethereum. This expansion means that our users can purchase coverage for their favorite Polygon protocols at lower premiums, which will lead to an increase in the number of transactions and total value locked (TVL) for Bridge Mutual. The APYs for policy underwriters will also increase. The BMI token is also taking a major step toward connecting, administering, and rewarding users across multiple blockchains.
Why did the BMI team decide to develop Bridge Mutual on Polygon?
The decision to launch on Polygon was a natural next step in our company’s growth. We always planned to expand to Polygon as we worked on perfecting our Ethereum and BNB based protocol. Polygon offers a high transaction throughput of 7,000 transactions per second. They solve common blockchain pain points, offering low gas fees and high speeds without sacrificing security.
Bridge Mutual has completed its cross-chain expansion to Polygon Chain, a significant milestone in its growth plans. The development unlocks new options given Polygon’s Total Value Locked (TVL), one of the largest outside of Ethereum and BNB Chain. Insurance for crypto assets on all chains is beneficial for all parties — the people who insure the assets and those who own them. This new feature opens up a host of opportunities for Bridge Mutual users.
How will the Polygon version of Bridge Mutual work?
- The Polygon chain will be a mirrored version of the Ethereum and BNB chain version of Bridge Mutual’s application, with the same practicality.
- Polygon, ETH, and BNB will all be available on the same platform. Users can swap between different networks through the same interface.
- The BMI token will power Polygon, Ethereum and BNB Smart Chain versions of Bridge Mutual. Token holders can now send their tokens via an internal bridge to all networks we support.
How will this impact the BMI token?
The maximum supply of BMI tokens will remain fixed. Anyone who uses Polygon, BNB Smart Chain, and Ethereum must purchase the BMI tokens to interact with the network and its future DAO.
What’s next for Bridge Mutual on Polygon Chain?
Bridge Mutual will continue to support Polygon and its ecosystem. We look forward to educating a new market segment about how Bridge Mutual benefits DeFi users. We are excited to offer our users the ability to purchase as well as underwrite insurance policies related to Polygon protocols, and look forward to offering more coverage options in the future.
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.