We are resuming our showcase series of whitelisted coverage pools on the Bridge Mutual platform featuring top-tier DeFi projects that Bridge Mutual has selected to receive extra BMI rewards in exchange for providing coverage liquidity.
With a handful of leading projects already featured on the BMI platform, Bridge Mutual is excited to proceed with 88MPH.
88mph is an open-source and non-custodial protocol that allows you to deposit your crypto, earn a fixed-rate yield, speculate on future yields, and be rewarded with different incentives.
As of September 7, 2021, 88mph announced their public launch of 88mph V3, which features two primary products:
- A fixed-term, fixed-rate product enables users to earn a fixed yield rate on the assets they supply at a custom or preset maturity.
- A leveraged interest rate instrument, Yield Tokens (YTs), allows the users to speculate on the rise in APY of the underlying lending protocols used by 88mph or hedge their borrowing costs.
The fixed-rate product and Yield Tokens from 88mph’s upgrade will enable users to claim and stake MPH tokens to earn 88mph protocol revenue and voting rights.
88mph aims to de-risk its fixed-interest rate bonds with various tools, such as the Yield Tokens (YT), previously called floating-rate bonds.
Speculators may benefit from Yield Tokens (ERC-20/ ERC-1155) by betting on the average volatility of the yield rate of variable-rate yield protocols such as; Compound or Aave.
Depositing funds into protocols always comes with vulnerabilities- particularly the risk of insolvencies, such as when a protocol would not have enough funds to return the deposited funds plus fixed yield to a user. However, 88mph tackles this concern through four defense mechanisms set to mitigate such risks. 88mph’s four effective methods include fixed yield rate oracle, yield surplus, yield balancing, and security module.
With 88mph’s linear fixed-interest rate model, the yield generated by deposited funds could be more than the promised interest. This surplus will allow debt-balancing caused by instances where the floating rate has dropped since the deposit. Users may find more information on 88mph’s risk mitigation here. The insolvency risk of the fixed yield rate depositors decreases when a Yield Token is purchased. Therefore, lowering the amount of promised fixed-rate yield that is unsupported by tangible assets.
With the new V3 revamp taking off, Bridge Mutual and 88mph are providing users the availability of a vast scale of risk reduction strategies that will contribute to the expansive retrofitting of the new 88mph chapter. Considering that 88mph’s protocol security is the highest priority, Bridge Mutual is honored to extend its coverage tool to serve as an additional safeguarding element for the application. With considerable risk mitigation effort already in line with Bridge Mutual’s additional coverage options, users can be confident that the 88mph platform is credible.
As of the time of writing, 88mph currently has 59,550.4790 USDT in coverage liquidity on the Bridge Mutual platform, enabling $MPH & $BMI users to purchase coverage for their digital activities and be more comfortable about increasing their overall stake.
88mph is a lending crypto platform advancing assets at a fixed interest rate with infinite liquidity. You can claim your share of rewards from the 88mph rewards pool, where the protocol fee and yield-farming rewards are collected by staking your MPH. MPH holders have the power to shape the future of the protocol.
About Bridge Mutual
Bridge Mutual is a decentralized, p2p/p2b discretionary risk coverage platform covering stablecoins, centralized exchanges, and smart contracts. Its platform allows users to offer coverage, decide on policy payouts, share profit, and get compensated for adjudicating claims.