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. 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. In addition, Bridge has the potential to be disruptive to the traditional insurance industry. Today’s mainstream insurance model hasn’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 inheritably designed to provide any type of coverage. However, at its current stage, it offers smart contract coverage; stablecoin and custodian coverage will be added soon. Bridge is the first platform to be designed with scalability and infrastructure in mind. All the functionalities we've created, and the future ones we will create, are meant to function as building blocks from which one can build their perfect insurance. 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?
How are claims handled?
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 user’s funds or the fund pools that are used to provide coverage to policy holders. A portion of the money within Bridge’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.
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:
Providing coverage in stablecoins to coverage pools.
Staking your current BMI.
Providing liquidity to the BMI/ETH pair on Sushiswap and staking your LP tokens.
Voting on coverage claims.
What wallet can I use to interact with Bridge Mutual?
Currently, we support Metamask and Coinbase wallet.
Where can I find information on the BMI token supply and price?
You can find it on Coingecko.
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, Sushiswap 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. 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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