Introducing Bridge Mutual
— A Decentralized Insurance Protocol
As of the date of writing, volume of stablecoins has roughly tripled over the last 12 months to a staggering $17 billion and continues to climb. Over this same period, the value of loans on DeFi Platforms is up 10 times at about $2.5 billion USD.
However, the increased value of this space has increased the size and frequency of attacks, and we are now experiencing roughly one news-worthy attack every week. There is a clear and growing demand for ways to help consumers mitigate their losses.
Unfortunately, there are very few blockchain solutions out there to insure DeFi and stablecoins. Of the solutions that do exist, there are notable problems: off-chain investment schemes; too centralized; unfit to scale; unrealistic business models; etc.
Furthermore, all of the services to date focus only on covering smart contracts and not the much larger, more important, stablecoin economy.
Bridge Mutual (aka Bridge) was created to be a long-term, viable solution to these problems. Bridge provides a decentralized, scalable and comprehensive system of smart contracts to insure smart contracts, stablecoins, centralized exchanges, and other crypto and DeFi products.
1. a transparent, audit-able, on-chain investment strategy to return yields to its users;
2. clear profit-sharing incentives with its users;
3. no KYC or personal identifying information requirements;
4. cost-efficiency via Polkadot; and
5. a team of dedicated and experienced insurance experts, lawyers, programmers, and financial experts.
When released, users may join our ecosystem by purchasing BMI tokens and staking the tokens in our coverage pools. Funds within the coverage pools will be simultaneously invested on-chain in other platforms such as Curve and Aave.
Users seeking coverage can use our platform to quickly generate a quote and purchase coverage for a wide variety of smart contracts, stablecoins or exchanges. Quotes are generated on-chain through our actuarial formula, and users may connect their web 3 compatible wallet (Metamask and others) to pay for the coverage after receiving the quote. Part of the premiums paid by users buying coverage will be split among users providing that coverage as a profit-sharing incentive.
If a claimable event occurs and a user wishes to create a claim to collect on their coverage, they can easily do so on Bridge platform. Claims on stablecoins are settled instantly, while claims on smart contracts or exchanges are settled through a 3-step voting process within 6 weeks or so. We have implemented multiple incentives and punishments to ensure that every claim is adjudicated fairly, and that claimants have a fair opportunity to appeal their claim and have it voted on again by the most trusted users within the ecosystem.
The Bridge model and platform has been developing in secret for some time. We are confident that our platform will change the world of both crypto and insurance.
Get in Touch with Bridge Team & Community
If interested, you can follow Bridge Mutual’s developments & announcements, or even be actively involved in the community, by following or joining the channels listed below:
🔹 Website : www.bridgemutual.io
🔹 Medium: https://medium.com/@bridgemutual
🔹 TG Community : https://t.me/bridge_mutual
🔹 TG Announcements Channel : https://t.me/bridgemutual
🔹 Twitter : https://twitter.com/Bridge_Mutual