Bridge Mutual Partners with Lido Finance to Offer Insurance for Lido Staked ETH (stETH)
Bridge Mutual is thrilled to announce its new partnership with Lido Finance — the industry leader in liquid staking. It has a priority in contributing to ecosystem improvement, increasing blockchain decentralization, and making staking benefits available to all participants. The collaboration will enable users to purchase coverage for Lido’s stETH and underwrite insurance for Lido’s stETH for an attractive yield.
The availability of DeFi insurance will protect Ethereum stakers from future hacks and other technical mishaps. The partnership will provide Lido users with the following additional layers of security:
- By being inclusive and transparent, we can provide a safer staking experience for Lido users.
- Demonstrate Lido’s efforts to protect stakers by building trust between the Lido DAO and Ethereum stakers.
- Lido will offer coverage that stETH holders can purchase and use to protect themselves in the event of a security breach.
Lido went live in December 2020. The platform sought to simplify the Ethereum staking experience, mitigating several challenges associated with the process and democratizing staking for the average ETH holder. Ethereum is scaling, and Lido is following suit. Recently, Lido unveiled their expansion plans for Lido on L2, starting with an expansion of stETH across the growing L2 DeFi ecosystem. For Ethereum stakers, this means lower fees and the ability to access a new suite of DeFi applications that will amplify yields. Lido is committed to making Lido’s staked-asset tokens widely secure and accessible throughout the Ethereum Layer 2 ecosystem as it develops.
The DeFi market continues to mature, bringing with it a rising number of hackers who prey on assets and investments. In response, Bridge Mutual is pleased to create and whitelist a Lido Finance coverage pool on the BMI platform. Bridge and Lido share a collective mission of expediting mass adoption of decentralized finance. With this synergistic partnership, BMI aims to help reduce vulnerabilities by providing protection against potential hacks and exploits that appear to be inescapable in DeFi.
About Lido Finance
Lido is the leader in liquid staking (when measured by TVL) with a priority on contributing to ecosystem improvement, increasing blockchain decentralization, and making staking beneficial for all the participants on every chain it has launched.
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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.