Bridge Mutual H1 2022 Report
Bridge Mutual Community,
Much has happened at Bridge Mutual in the first half of 2022. It’s time for us to look back, reflect on our achievements and prepare for what’s coming. This year has been a very busy and successful building period for Bridge Mutual. We made successful strides toward our objectives, roadmap, and we’re confident we will continue to do so.
- We released our second-quarter roadmap, which included new features such as going cross chain.
- Coinbase Wallet Integration was a success.
- Cross Chain Development for Binance Smart Chain and Polygon chain were completed efficiently.
- New coverage pools are available for BSC and Ethereum projects.
- We’re offering a bridge for our BMI token. You can now send your BMI tokens via an internal bridge to any other network we are on and use our platform.
- Bridge Mutual has reduced its premium pricing for cheaper policy costs.
- Allowance improvements reduce gas fees and the need to repeat transactions.
- We have redesigned our voting process to make it as efficient as possible based on input from the community.
- Improved withdrawal logic, lowering withdrawal request times.
Bridge Mutual Roadmap
On April 11, we released our Q2 roadmap, which includes the milestones we have already been working on. You can view the full roadmap here.
We announced the completion of the Coinbase Wallet integration on April 14th. Coinbase is one of the biggest crypto exchanges. A direct connection to their wallet will make it easier and more convenient for many users to use our platform.
Cross Chain Development
We’re excited to announce that we’ve completed the development of Polygon and Binance Smart Chain. We’ll be making formal announcements by the end of the month, and you can expect to see the recent developments roll out soon.
We have achieved cross-chain functionality, opening up new opportunities for our users. Users can now purchase protocols on multiple chains and underwrite them.
New Coverage Pools
For projects that are part of the Binance Smart Chain ecosystem, coverage pools are already available. These include Pancake Swap, Venus (XYZ), Alpaca Finance, and more. You can find all the pools here.
Thirty Ethereum pools are now available for users to either purchase coverage or underwrite them. The Business and Marketing team is continuing to expand this number. Bridge Mutual has recently partnered with Lido Finance to offer insurance for stETH.
BMI Token Bridge
We’ve managed to offer our BMI token bridge. You can now send your tokens via an internal bridge to any other network we’re on and use our platform. As a part of this, our developers also completed a multichain implementation, meaning that we can launch on any other EVM compatible chain in approximately 24 hours.
We’ve changed our pricing model. The policy prices on our platform will be cheaper. As a team, we collectively lowered the cost of the premium on all UR (Utilization Ratio) levels. For detailed price level information, please see below.
Allowance or access permissions. Allow a third party to carry out a transaction of a certain amount of user tokens, which are associated with the user address without giving the user’s private key. To avoid the Allowance process becoming tedious, it’s now possible to set an Unlimited Allowance for a particular token. Using Unlimited Allowance will allow users only to have to go through the Allowance process once for each type of token used. Unlimited Allowance can reduce gas fees, removing the need to repeat transactions.
Updated Voting Process
As we proceed into simplifying our current system to be as efficient as it can be, we’ve also improved the current voting system and polished it based on input from our community.
The fundamental changes are:
- The voting process below is built on vBMI removal. Voters won’t receive vBMI for staking (locking) stkBMI.
- ‘View Verdict’ transaction has to calculate voting results (moreover for each Voter separately) and send rewards to the Voter/Claimant who has triggered it. The system will need to save this information about voting results until the Voter will update the Reputation.
- ‘View Verdict’ transaction also sends the request to Liquidity Cushion for rebalancing. Rebalancing happens every X hours (3 days). After this period + 1-day Claimant has 8 days to Receive payment. If Claimant misses the timeslot and Policy has not expired yet, the Claimant can request payment manually.
- Claimant or any voter has 10 days to ‘View Verdict’, otherwise the Claim will be Expired, Voters won’t receive rewards and Claimant will be able to unlock BMI. To reveal whether Claim is Expired or not, the View results transition has to be contacted anyway.
- If there are several Resolved Claims, the Voter will receive a voting outcome for all of them in one transaction.
- Voters can unstake stkBMI only when there are no voted Claims.
- Voters can vote on other Claims only when they updated their reputation and received outcomes for all Resolved Claims. However, users can vote with pending STBL withdrawal.
- New Claims Bunch triggered when Voting Power has changed (Voter staking an additional amount of stkBMI or Reputation has changed) or currently, there are no voted Claims (Active/Pending/Resolved).
- Penalties are calculated based on stkBMI locked for a particular Claim, not on Voting Power.
The current Voting on Claims process is divided into 2 phases — Initial and Exposure. Each one lasts for 7 days. These requirements state that there will be only One Claim phase and it will last 14 days.
Since Voters are locking stkBMI when they vote on a Claim, we can remove ‘Staking stkBMI’ from ‘Stake and Farm BMI/ page.
At least 10% of the total staked stkBMI (the quorum) has to vote on Claim, otherwise, it will be Denied. To Approve the Claim voters have to vote at least 66% of the total votes stkBMI YES in consensus, else the Claim will be Denied (Rejected).
Voters can vote in the majority or minority for YES/NO. Their reputation and rewards depend on it. Voters who voted in the Extreme minority will lose a portion of their stake. Extreme minority starts when the Voter has been voting in the 10%.
Withdrawal Logic Changes
While we’re reviewing our withdrawal system, we decreased the length of the withdrawal period for our coverage providers. Instead of waiting seven days for a withdrawal request to mature, coverage providers must wait only four days to manage their funds easily. Withdrawals from any pool are possible when it has no active claims against it, allowing coverage providers to handle fair and smaller punishments. The above includes withdrawals from the Leveraged Portfolio if it invests in any pools that have active claims.
What’s Next For Bridge Mutual
As a team, we all strive to follow our constructive sprints, have organized stand-up calls, and business strategy meetings. We are constantly pushing to meet our set objectives.
The last few months have been a busy time for all of us. Our developers have been hard at work fixing technical issues and maintaining other planned development items. Our product team has been working with our development team to make sure all technical issues get resolved as quickly as possible. They focused on delivering the best experience for our users. The marketing and business team are always discussing collaborating with other DeFi projects, as well as brainstorming new ways to innovate and devise strategies to tackle recent hacks in the industry. They also perform in-depth data tracking and analytics across all platforms to guide them.
In this busy period of building, we would like to thank our community of supporters. We are extremely grateful to have a community of supporters — many of whom are early Bridge Mutual fans. Although there have been speed bumps in our development process, we’ve overcome every obstacle together. Every milestone we achieve brings us closer to our goal of becoming the most advanced and truly decentralized insurance marketplace.
There is no chance that we will stop or end the project. We have developed some exciting and innovative things, and we will release more information over the coming months. There is no significant issue that we cannot overcome or that we will not overcome.
We are excited to share our progress with you. We have been working hard on Bridge Mutual and it thrills us to show it off.
Thank you for your patience as we continue to build this product together. Please join us on Twitter and Discord to keep up with announcements and updates.
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.