Introduction to Bridge Mutual — POP!’s Newest Candy Farm
Dear POP! Town,
POP! is a project designed to empower and connect our diverse and ever-increasing ecosystem. As such, with the release of our latest milestone — Candy Farms, we’ve decided to provide a brief introduction to the various projects that have eagerly launched on POP! This will help our community learn about these unique and interesting projects.
Our next upcoming Candy Farm release is for Bridge Mutual, and therefore, this article will provide a brief overview of the project.
A Decentralized Insurance Protocol
Bridge Mutual provides a decentralized, scalable and comprehensive system of smart contracts to insure smart contracts, stablecoins, centralized exchanges, and other crypto and DeFi products.
Bridge offers the following
1. 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
5. Team of dedicated and experienced insurance experts, lawyers, programmers, and financial experts.
Users may join their ecosystem by purchasing BMI tokens and staking the tokens in the suitable yield aggregator coverage pools. Funds within the coverage pools are then simultaneously invested on-chain on other platforms such as Curve and Aave.
Users seeking coverage can use their platform to quickly generate a quote and purchase coverage for a wide variety of smart contracts, stablecoins or exchanges. They generate quotes on-chain through an actuarial formula, and users may connect their web 3 compatible wallet (Metamask and others) to pay for the coverage after receiving the quote. Then they use part of the premiums paid by users buying coverage to split it 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. They 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.
Bridge Mutual’s model and the platform is live and can be found on their website, where you can take full advantage of their protocol.
We would like to welcome Bridge Mutual into our growing ecosystem of partners, and we’re excited to see the performance of their Candy Farm! Stay tuned for the release announcement.
…and as always, keep it Poppin’
POP! is a platform that allows 2 projects to objectively display mutual trust and commitment to each other, by locking their respective tokens together and creating a trustless Mutual Liquidity Pool (MLP). In addition, it grants POP! users the opportunity to provide single-sided liquidity, in the form of their favourite token, by matching them with another POP! user and adding their joint liquidity into the MLP.
Powered by Faculty Group, POP! aims to set a new golden standard with regards to partnerships, and how they are perceived in the digital asset ecosystem.