Coverage pools

Who can set up a Coverage Pool?

Anyone can set up a Coverage Pool easily on the app. Once the user has specified the network and smart contract address, they can create a new pool by depositing 1,000 USDT or more. All other users will be able to see the pool that has been created.
  • The user (anyone) is also allowed to provide tokens for Shield Mining. (V2)
    • The user can deposit any amount of X tokens to the Shield Mining pool.
    • The user can customize the duration over which the tokens will be distributed to Coverage Providers (minimum one month).
    • Tokens will be distributed linearly and proportionately to Coverage Providers.
  • Shield Mining tokens can be freely claimed anytime by Coverage Provider. There is no withdrawal delay.
  • Shield Mining pools can be filled or refilled by anyone whenever.
Although anyone can create a Coverage pool, not all coverage pools are eligible to receive BMI rewards for providing coverage to the pool. Only Whitelisted pools are eligible to receive BMI rewards. This is done in order to prevent exploits of the protocol. Currently whitelisting is done by the Bridge Mutual team and later on, it will be done by the Bridge Mutual DAO.
Whitelisted pools have a small blue icon with a tick mark next to their name.

Where can I set up a coverage pool?