Decentralized finance has taken the world by storm and created a swathe of value-adding opportunities that were not available under the legacy financial infrastructure. Now, there are a variety of platforms that produce yields for their users, with YOP offering a one-stop shop that aggregates DeFi yield protocols to generate the best possible results for its users.
The issue still remains the funds must be held and handled on smart contracts, which are susceptible to hacks and exploits. Bridge Mutual and YOP have finalized a partnership to add a layer of protection to the YOP platform. Through this collaboration, Bridge Mutual will provide YOP platform users the option to purchase discretionary insurance-like coverage. This will be available to purchase directly from the YOP application, making coverage easily accessible for all.
Bringing Risk Coverage to DeFi
YOP Finance uses decentralized finances to create a two-pronged system, yPlatform and yProtocol. Both use various smart contracts to function, offering users access to simplified yield markets, offering the best possible APY a user can hope to achieve. YOP’s soon to be launched mobile application will allow users to store their funds and deposit them in yield generating pools that work autonomously. With the integration of Bridge Mutual, users will be able to purchase risk coverage in case there are any hacks or vulnerabilities that affect tokens staked within the network. With the ability to acquire risk coverage right in the application, this partnership creates the best and simplest way to optimize their cash flow in a protected way.
Through YOP, users get dynamic portfolio management with automated impermanent loss protection, aggregation, and access to reward protocols. With hundreds of millions of dollars stolen in 2020 from exploitations amongst smart contracts and their underlying code, Bridge Mutual can provide another level of assurance to platform users. Now, users can rest easy knowing they can optimize their yields without the potential of having funds stolen.
When asked about the latest partnership, Atif Yaqub, YOP Founder, stated, “Bridge Mutual is well positioned to become a significant decentralized coverage provider. We are pleased to integrate this innovative protocol and improve our customer’s experience in the YOP platform. We are also excited to explore opportunities to extend our yield optimization protocol to support Bridge Mutual pools. We believe this will be a fruitful partnership further stemming from the Polkstarter family of projects”. With the introduction of risk coverage and the possibility of hosted BMI pools in the future, this partnership is sure to be very beneficial for all stakeholders involved.
“YOP is significantly further in development than many of its potential competitors, and their team is full of visionaries always looking to stay a few steps ahead of the industry’s demands. We’re proud to have Bridge Mutual’s coverage network integrated directly into their application; we believe that together our two platforms will see record-breaking real-world use.” — Mike Miglio, CEO of Bridge Mutual.
About YOP Finance
YOP is a Yield Optimization Platform and Protocol: an all-in-one app that makes it easy for users of any level to access DeFi yield markets. YOP provides token custody, market insights, and custom parameters all in one single app, bringing DeFi to the masses through a leading platform and protocol. For more information, please visit https://yop.finance.
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. Bridge Mutual’s token, $BMI, witnessed an explosive TGE on January 30, 2021 and aims to take and hold of the throne of risk coverage platforms on the market.
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