Bridge Crypto: Overview BMI Tocken
Bridge Mutual is a permission-less, decentralized, and DAO-managed discretionary risk coverage platform that provides coverage for smart contracts, stablecoins, centralized exchanges, and other services. The platform allows users to purchase coverage for their funds, provide coverage in exchange for profits and yield, vote on policy claims and their payouts, and receive compensation for assessing claims fairly.
Bridge Mutual allows any person to create and provide liquidity for coverage pools for any smart contract, exchange, or listed service at any time in exchange for a yield. Other users can then purchase a coverage policy to “insure” themselves against hacks, rug pulls, or other exploits that result in a permanent loss of funds.
Coverage for stablecoins, a different product within the platform, protects against any loss of value caused by an event that de-pegs a stablecoin from its pair, usually one U.S. dollar. Bridge Mutual will consist of thousands of coverage pools that represent coverage for every platform, exchange, and stablecoin asset in the industry.
Some aspects of the Bridge Mutual business model have been altered or delayed to speed up development time. Accordingly, there are features in v1.0 that will be improved or changed in v2.0 and beyond. As we release newer versions of the platform, we will update this technical whitepaper.
The various components of the model are marked as numbers and explained below.
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Advantages
Yields and profit
Staking BMI does 3 things: generates staking rewards, allows you to vote on claims and earn through claims assessment, and entitles you to yield that comes from on-chain investing of all pooled funds.
Cross-chain Compatible
Our plan is to work on as many chains as possible to make sure that each of you finds the services you are interested in. Bridge is built primarily on Ethereum but the upcoming versions shall utilize the environments of Solana then Binance Smart Chain, Polkadot and many others to enhance platform’s performance and expand the value proposition.
Governance
Bridge is a true decentralized, user-governed ecosystem. BMI tokens can be used to vote and improve Bridge so that it can remain secure, competitive and transparent.
No KYC
Our platform can be used by anyone, anywhere.
We are:
Decentralized
Bridge is a true decentralized, user-governed ecosystem. BMI tokens can be used to vote and improve Bridge so that it can remain secure, competitive and transparent.
Transparent
Blockchain-based, transparent code. Both claims assessment and investment of funds are on-chain and audit-able by the public.
Fair
All claims go through a 2-phase voting process that is enforced with rewards and punishments, ensuring a thorough process for every claim.
Disruptive
Bridge will revolutionize traditional insurance, which is unfair and litigious due to its lack of transparency and misalignment of incentives.
Efficient
Bridge is more efficient than traditional insurance companies, and does not require branch offices, claims specialists, or agents to work.
Evolving
Bridge Mutual’s roadmap includes cross-chain features, oracle & NFTs coverage, transitioning towards DAO and much more.
A specially dedicated pool where users can deposit their funds for leveraging and get exposed to a high-reward / high-risk yield farming scenario. Leverage portfolio acts as a leveraged coverage provider and offers a much higher APY than regular coverage provision. Users participating in leveraged portfolios get rewards in stablecoins, BMI tokens, and Shield mining tokens. Due to the high-reward nature, leveraged portfolios are naturally fit for packaged investment products.
The value proposition for users:
Exposure to riskier high-reward pools with attractive APYs.
Opportunity to utilize new yield farming strategies for even higher APYs.
Bridge Mutual’s Reinsurance Pool (RP) incorporates protocol-owned funds. The interest is earned from 3 factors: DeFi Yield Generator, Protocol Fee, and Reward Pool. The reinsurance pool acts as an internal coverage provider, which may significantly de-risk the protocol at no additional expense for regular Coverage Providers. With Bridge Mutual’s Reinsurance Pool, The Protocol Fee will be 20 percent, a portion of the Premium paid by Policyholders. As for the Reward Pool, a part of the 80% premium will be allocated to reward Coverage providers.
The value proposition for users:
Increased supply of much cheaper coverage on selected pools.
Improved operations and increased capital efficiency directly translate to overall Bridge Mutual’s value.
The BMI-platform-owned pool that manages and distributes funds both internally and externally. It is responsible for coverage liquidity withdrawals, policy payouts, as well as for investing in 3rd party DeFi protocols to generate protocol-owned yield. Its “liquidity cushion” is rebalanced daily to always guarantee continuous operations and payouts.
The value proposition for users:
Externally oriented liquidity pool capable of interacting with the entire world of DeFi (yield farming).
Idle funds are utilized to generate yield, which can be potentially re-distributed to BMI holders.
Shield Mining allows users (and projects) to provide X tokens to Project X Coverage Pool in order to increase the pool’s APY and therefore attract more coverage liquidity. Coverage providers will therefore receive rewards in BMI, USDT, and the project X token.
The value proposition for users:
Developers and community members can promote their project coverage pool by depositing project X tokens and attracting liquidity with an increased APY.
Exposure to multi-token rewards.
The BMI widget is an easy-to-implement tool that allows BMI affiliates (individuals and projects) to directly sell coverage policies and raise coverage liquidity through their own channels, all in exchange for a commission. The commission is 5-15% of the premium paid by the policy holders
The value proposition for users:
Earning as a BMI affiliate with no up-front investment
Personal branding benefits
A mobile version of the Bridge Mutual Dapp, fit for browsing and interacting from a mobile screen. Designs and the entire user interface (UI) have been adjusted and prepared for a smaller touch screen.
The value proposition for users:
Access to all Bridge Mutual functionalities anytime and everywhere from your mobile.
Monitoring of your coverage portfolio will now be easier and faster.