Bridge Mutual Moves Liquidity to SushiSwap and Enters the Onsen Program
Bridge Mutual V2: The Great Reinforcement, a massive upgrade of the BMI platform featuring several new features, has been announced and will be released in the latter part of October 2021. Before we release the final details, however, we still have a number of other exciting news to share with you.
We are very happy to announce that Bridge Mutual has officially partnered with SushiSwap, one of the leading global DEXes, and is transferring its liquidity to SushiSwap. At the same time, BMI has been recognized by the Sushi team as eligible to join the notable Onsen program, a liquidity provision reward system that will allow BMI Liquidity Providers to earn rewards in both SUSHI and BMI tokens at the same time, effectively increasing their yield.
SushiSwap started as a decentralized exchange but has rapidly evolved into a multi-product Defi platform, offering services ranging from yield farming to lending. An opportunity to collaborate and participate in the Sushi ecosystem, apart from having an undeniable business value for the platform and the community, represents an important milestone for the BMI team itself — both Bridge Mutual and Sushi share a similar vision of community-empowered, privacy-oriented, and decentralized crypto-landscape, making this partnership symbolically special.
We are confident that this is just the beginning of this mutually beneficial collaboration.
Bridge Mutual Knights are happy to stand along Sushi Samurais.
How can I participate in Bridge Mutual (BMI) farm on SushiSwap as a new user?
- First, you’ll need some BMI and ETH (or wETH) in your wallet. You can buy BMI here, on SushiSwap.
- Secondly, you’ll need to provide both ETH (wETH) and BMI to the BMI pool. You can do it here.
- In exchange for providing ETH (or wETH) and BMI to the liquidity pool, you’ll receive SLP tokens.
- Head to the SushiSwap application and press the “Farm” tab.
- Search for the “BMI/WETH” pool and click on it.
- Press the “Staking” tab and stake SLP tokens to receive SUSHI token rewards. You’re all set.
How do I participate in the farm if I am currently providing BMI/ETH liquidity on Uniswap and staking the BMI/ETH Uniswap V2 LP tokens in the Bridge Mutual Application?
Current BMI / ETH liquidity providers on Uniswap are encouraged to migrate their LP positions into SushiSwap. You can do it with few simple steps:
- Start by unstaking your LP tokens in the Bridge Mutual application (assuming they’re staked). You can re-stake your BMI reward tokens to the BMI native staking pool without slashing.
- Head to the https://app.sushi.com/migrate
- Connect your wallet to SushiSwap (make sure you have some Ethereum to cover gas fees). Make sure to connect the wallet that has the BMI/ETH Uniswap V2 LP tokens you used to stake in the Bridge Mutual application.
- Allow access to your Uniswap LP tokens on your selected wallet type.
- Select the tokens you wish to migrate and the amount.
- Click “Migrate.”
- Approve the transaction in your wallet.
- Open the “Farm” tab on SushiSwap.
- Find the “BMI/WETH” pool and click on it.
- Click on “Staking,” stake your SLP tokens, and that’s it.
The interaction of the Uniswap and the SushiSwap pools:
- The rewards for the Uniswap LP staking will still be active till the 31st of October, 2021; however, they are significantly reduced.
- The two pools, the old one on Uniswap and the new one on SushiSwap, will run in parallel until the 31st of October so that users can comfortably migrate.
- At first, Liquidity Providers on SushiSwap will only be rewarded with the SUSHI token. Once the old Uniswap LP pool is discontinued, BMI rewards will be introduced as the second token reward to SushiSwap (see SushiSwap’s MasterChef V2 mechanics).
How will this affect the BMI’s token circulation?
The BMI token rewards distribution for both the LP stakers (Previously Uniswap and now SushiSwap) and the coverage providers will gradually be decreased with time, making the BMI token more scarce and costly to obtain. This is in line with the “fair launch” approach adopted by the BMI team at the very beginning of the project — substantial BMI token distribution throughout the early staking and coverage mining event programs was executed to create a widely distributed and decentralized pool of token holders — a foundation for the upcoming Bridge Mutual DAO.
The team was and remains reluctant towards quick “pump” speculative schemes and is focusing on building a product with strong and competitive foundations — one that would generate value regardless of the market cycle. BMI token rewards distribution was aimed to consolidate the position of users who fundamentally recognize the potential of decentralized insurance and want to “hodl” the token, not to “dump it” on the first occasion.
BMI’s token governance utility will increase with the introduction of the BMI DAO and the potential token buyback proposals it will be eligible to approve (institutional buying pressure). How will this work, and how will Bridge Mutual generate revenue? Stay tuned for more news coming very soon.
Sushi builds a comprehensive DeFi ecosystem with AMM, leverage & margin trading platform, token launchpad, and NFT artist platform. Follow our socials to keep up with our product launches and find out more on how you can make the most of your cryptocurrency assets with Sushi’s secure and powerful DeFi tools!
About Bridge Mutual
Bridge Mutual is a decentralized, p2p/p2b discretionary risk coverage platform that provides coverage for stablecoins, centralized exchanges, and smart contracts. Its platform allows users to provide coverage, decide on policy payouts, as well as share profit, and get compensated for adjudicating claims.