FAQ

What is Bridge Mutual?

Bridge Mutual is a permissionless, decentralized, and DAO-managed discretionary risk coverage platform that provides coverage for stablecoins, centralized exchanges, smart contracts, 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.

Why was Bridge Mutual Built?

As cryptocurrency becomes mainstream, individuals and institutions need assurances that their investment of value into this new technology is protected. โ€ Smart contracts are susceptible to hacks and exploits, exchanges are vulnerable to attacks and security breaches, and stablecoins can de-peg or crash. In order to increase the adoption of cryptocurrencies on an institutional scale, confidence in these systems must be increased.
Bridge solves this problem in a way that is economically viable long-term, transparent, profitable, decentralized, and scalable. โ€ In addition, Bridge has the potential to be disruptive to the traditional insurance industry. Todayโ€™s mainstream insurance model hasnโ€™t taken advantage of new technology and is ripe for disruption. Instead of continuing with the litigious, opaque, adversarial, and bloated model of traditional insurance, Bridge intends to revolutionize insurance by replacing it with a discretionary coverage process that is fair, transparent, and efficient using blockchain technology to better align the incentives of both sides of a claim.

What kind of coverage can be purchased on Bridge?

Bridge is designed to provide three types of coverage: Smart contract coverage, exchange coverage, and stablecoin coverage (although not all of them will be available from day one). Bridge is the first platform to provide stablecoin coverage that protects users from price crashes. โ€ Our team is always thinking of ways to widen the variety of coverage products and will continue to innovate. Behind the scenes, we are also looking at ways of introducing more traditional coverage to the blockchain.

How do users make a claim?

You can read more on this on our page dedicated to this subject.

How are claims handled?

You can read more on this on our page dedicated to this subject.

Who is allowed to use Bridge?

Anyone and everyone. Bridge is not blacklisting any countries from its platform.

Does Bridge collect Passports or Government IDs?

No. Bridge is non-custodial. The Bridge team does not have access to, or control over, any of its userโ€™s funds or the fund pools that are used to provide coverage to policy holders. A portion of the money within Bridgeโ€™s coverage pools is reinvested to produce a yield, however, this money is invested automatically on-chain and never under the direct control of the Bridge team. For these reasons and more, we are of the opinion that the Bridge team is not required to collect Know Your Customer information from those that wish to use its decentralized platform.

Why should I provide coverage?

By providing coverage for an asset, the user is putting their BMI at stake, meaning they can lose some or all of the BMI they have locked in the platform in the event that a coverable claim is submitted and approved. In exchange for this risk, the user receives rewards. You can read more on this on our page dedicated to this subject.

How can I join the Bridge community?

Talk to us on Telegram (t.me/bridge_mutual) and follow us on Twitter (twitter.com/bridge_mutual).

How do I start earning BMI?

There are several ways to do that:
    1.
    Providing coverage in stablecoins to coverage pools.
    2.
    Staking your current BMI.
    3.
    Providing liquidity to the BMI/ETH pair on UniSwap V2 and staking your LP tokens.
    4.
    Voting on coverage claims.
What wallet can I use to interact with Bridge Mutual?
Currently, we support Metamask.
Where can I find information on the BMI token supply and price?
How many Coverage Pools are there on the Bridge Mutual Platform?
Since anyone can create a coverage pool for any platform, this number is constantly changing. Head over to the Bridge Mutual app and see what is currently available.

Does Bridge Network or anyone control my funds?

No, you have full control over the capital provided to the network at any point in time. Nobody on the Bridge team has the ability to control your funds. There is a delay before you can withdraw your funds; this is to ensure that there is enough coverage in the pool to cover all of the outstanding policies.

Is there a lockup period or withdrawal delay for BMI rewarded to me?

No. BMI earned through staking as a reward is unlocked by default.

Are Bridge Mutual smart contracts audited?

Our smart contracts are being audited by Consensys Diligence and Zokyo. Audits will be released prior to the v1.0 launch.

How is the BMI token price determined?

Supply and demand; there is no token price equation or price control.

Will the BMI token be listed on exchanges?

Yes. Uniswap and other exchanges.
What is the ratio between BMI tokens and the stkBMI tokens?
The ratio depends on the BMI staking pool size. The ratio is continously decreasing, meaning the stkBMI tokens gain in "price" - they are worth more and more BMI tokens. The ratio decreases as BMI rewards are added to the pool. When new users come and stake, the ratio doesn't change because new users receive their own STKBMI, which offsets their staked BMI. When users withdraw their BMI from the pool, the ratio remains constant, as they also need to deposit thir STKBMI in order to do so. What is the ratio between the stkBMI tokens and the vBMI tokens? It's 1:1. Within the staking part of the Dashboard section, what does "maturity" stand for? Maturity is just an end date of native BMI staking lockup period (90 days), that started on the day of the launch - 9th of July 2021. It's a one time lockup period, designed to mitigate the inflation after the Coverage Mining Event and is NOT individual - 90 days start and end on the same day for everyone. It is a UTC timestamp (seconds passed since 1970 year). Basically the unlock will happen simultaneously for everyone regardless of time zone. The unlock is scheduled for 7th of October 2021. I have a problem with the Bridge Mutual app - who do I contact? First, try asking a question on our official Discord server - you can find dedicated channel for various topis there, as well as a support channel. You should also try asking the community itself - there is a chance someone faced a similar issue and it has already been resolved.
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Last modified 1mo ago
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