NEW BMI STAKING — LIST OF VERSIONS, MIGRATION, AND CLAIMING REWARDS
Recently, we have shared that Bridge Mutual V1 is going live on the 29th of June 2021. The launch of the platform will be celebrated with a Coverage Mining Event, during which 6,000,000 of BMI tokens will be distributed as rewards to the participants.
Before that happens, we wanted to provide you with a full manual of BMI staking — past, present, and future. All of this information will also be featured in our GitBook (available on bridgemutual.io) and you can always reach out for help in our official telegram channel.
We’re also introducing version numbering (V1, V2, V3…) to our staking to avoid any confusion.
Important — current staking (V2) will stop being supported on the 29th of June. Stakers will be provided with an option to migrate to new staking (V3), with a new, much bigger pool of rewards. Read the details below to learn more.
Staking V1 [ old staking ] — this staking was launched on February 10th using the Ferrum Network technology and is no longer supported — if you stake your tokens here, you’ll receive no rewards. We recommend you withdraw your tokens from V1 staking and stake them in the V3 (see post below) that will launch on the 29th of June. You can still access staking V1 and claim your rewards through the Bridge Mutual website.
Staking V2 [current staking] — this staking was launched on the 31st of March and has been live since that time. Staking V2 was being run inside the native Bridge Mutual platform and included both the BMI staking and the ETH/BMI LP token staking.
This staking will stop being supported on the day of the main-net launch and the start of the Coverage Liquidity Mining (29.06.2021).
“Stop being supported” means that stakers will no longer receive rewards for staking within this contract, but will be of course free to claim their rewards so far and safely retrieve their tokens.
Staking V2 users will also be able to migrate their tokens directly into staking V3 directly from the app. If they prefer, they can also do it manually — unstake their current V2 positions, and stake tokens again within the V3 staking.
Staking V3 [new staking] — New staking that launches on the 29th of June 2021, alongside the main platform and the Coverage Mining Event.
It’ll be marked as the default “staking” for all the new users, and will remain the main staking contract for the platform.
Staking V3 shall provide stakers with 3 options to get rewards:
1. Users will be able to stake their BMI tokens to receive stkBMI (to receive rewards) and then stake stkBMI to receive vBMI tokens that will allow them to vote and get even more rewards (the effects of these two staking procedures combine). You can read about it in details in our whitepaper.
2. Similar to Staking V2, users will also be able to stake their ETH/BMI LP tokens, which represent depositing liquidity to the BMI Uniswap V2 pool.
3. On the 29th of June, Bridge Mutual kickstarts its Coverage Mining Event, which allows users to provide DAI as coverage liquidity to their favorite project and earn “double time”: (1) from premiums that come from selling coverage policies to that project and (2) from staking their coverage pool tokens. In exchange for their DAI, users get bmiDAIx coverage pool tokens (deposit tokens) which they can stake (where x stands for the name of the project, like for example SushiSwap — bmiDAISushi). Coverage Mining Event dedicates 6 million of BMI as rewards to bmiDAIx stakers to kickstart the creation of the Coverage Pools — these 6 million will be distributed over 2 weeks!
Starting from the begging of the Coverage Mining Event on the 29th of June and the launch of Staking V3, staking rewards will be subject to inflation mitigation mechanisms — a standard solution within the industry. This is to incentivize and reward users to stay long-term with the protocol and to discourage those that are prioritizing damaging fast and easy gains. This also helps to mitigate the inflation shock caused by huge rewards distribution during the Coverage Mining Event. The goal here is to create a self-sustainable and community-managed protocol, with solid foundations to become a well-functioning DAO.
You can learn about the details of the inflation mitigation procedures on our GitBook.
For more information about the opportunity of Coverage Mining Event and all the rewards, visit here:
We invite everyone to participate in the Coverage Mining Event and form teams to compete for the special prizes — an extra 450k of BMI tokens and special — utility NFTs!
“Early adopters shall be rewarded.”
-The Bridge Mutual prophecy, author unknown.
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.