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DeFi Risk Coverage Application Bridge Mutual reveals its next version 2 update: leveraged portfolios, reinsurance pools, Shield Mining and plans to lead DeFi insurance.
Bridge Mutual V1 was successfully launched on July 9, 2021 with support from Tether and Bitfinex.
Bridge Mutual is a decentralized p2p / p2b discretionary risk coverage protocol that allows users to purchase and provide cover against exploits and stack draws, decide on policy payments, earn a return as a subscriber and to be compensated to rule on the claims. It is DeFi’s most decentralized and privacy-focused coverage protocol.
Bridge Mutual is now ready to launch version 2 with a massive list of upgrades and new features. The huge platform update is expected to roll out in mid-November. Check out the IMC Q4 2021 roadmap and list of upcoming V2 features here.
The protocol can provide coverage for any other existing Ethereum-based protocol, as any user can create any pool at any time by simply adding a new pool through the interface.
Currently, there are large pools of coverage for some of DeFi’s biggest projects, such as SushiSwap, Compound, Aave, Bancor, BarnBridge, Cream and many more. Bridge Mutual’s platform was verified to be functional on August 4, 2021, when a user purchased a $ 50,000 hedge policy to hedge his LP position during the Popsicle Finance hack. The BMI community approved the valid claim, resulting in a refund of USDT 49,982 to the affected user by Bridge Mutual’s Popsicle Finance pool out of the policy’s $ 50,000 maximum. Notable events that followed included the collaboration and liquidity transition to SushiSwap and the launch of Bridge Mutual development on Solana.
Bridge Mutual is completely unauthorized, which means that no one can prevent the filing of a complaint or unfairly influence / control the outcome of a complaint on the protocol. The platform uses game theory concepts and economic incentives to encourage honest votes, fair payments, and a fair process. To learn more about this, read the Bridge Mutual white paper here.
Presentation of Bridge Mutual V2: new features, revenue generation, future DAO
The launch of Bridge Mutual V2 introduces new features like Leverage Portfolios, Reinsurance Pool, Capital Pool, Shield Mining and many more. Bridge Mutual’s reinsurance pool will enable an increased supply of cheaper covers on selected pools with improved additional operations and increased capital efficiency. In addition, Bridge Mutual V2 will also introduce Leverage Portfolios, a specially dedicated pool where users can deposit their funds to take advantage of high return / high risk farming scenarios. The leveraged portfolio will bring greater exposure to riskier high yielding pools with attractive APYs, allowing users to utilize new yield farming strategies.
Bridge Mutual will begin to generate income by investing unused cash in low-risk return-generating DeFi projects. This will further support the vault and allow the future DAO to interact with the world of DeFi, optimize the platform itself and buy out IMCs from the market. Bridge Mutual will also amplify the growth of the platform by introducing its affiliate widget, a mobile-friendly version and user interface improvements.
Bridge Mutual Plans to lead DeFi insurance
As the DeFi industry grows with multiple protocols using complex code layers, Bridge Mutual seeks to fill the gap in products focused on security and risk coverage in the DeFi space. With more and more hacks in the industry, Bridge Mutual plans to bring confidence and security to DeFi. Its new V2 features will begin to incorporate more advanced hedging options to give users confidence in their crypto investments and activities.
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