Advanced DeFi Products On Elrond Network To Access Sophisticated Strategies For Risk Coverage Via Bridge Mutual
We have started a collaboration with Bridge Mutual, a decentralized risk coverage platform for platforms, protocols, and soon stablecoins. Our collaboration will enable users to insure against hacks, exploits, rogue project teams, and other events with a negative impact on users in our network.
Bridge Mutual offers decentralized and permission-less coverage for DeFi products deployed on multiple blockchains by connecting people who want to buy insurance with those who are looking to provide coverage and earn in the process of doing so.
Anyone can create a coverage pool for any project simply by inputting the contract address of a project’s token on the Bridge Mutual app. Once a pool is created, users can start providing and purchasing coverage from it; all smart contracts and pools in that protocol are covered.
In addition, all projects deployed on Elrond will be able to create strong incentives for the community to supply coverage funds to back their protocol by contributing their own tokens to the Bridge Mutual platform, which are then distributed to coverage providers over time; this process is called “Shield Mining”.
“The rapid innovation cycles happening in the DeFi space are about to transform how market actors engage with insurance, both on the demand and supply side. Products such as those offered by Bridge Mutual can have a positive impact on the dynamics of the Elrond Network DeFi ecosystem.” said Beniamin Mincu, Elrond Network CEO.
“The Bridge Mutual products can offer Elrond users the opportunity of having access to coverage products for all of their favorite protocols. Permission-less coverage has important implications for the security of deployed capital and materially bolsters the strength and reliability of protocols on the Elrond Network” said Mike Miglio, Bridge Mutual Founder.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Bridge Mutual
Bridge Mutual is a decentralized, discretionary risk coverage platform that provides coverage for stablecoins, centralized exchanges, and smart contracts. Its platform allows users to provide coverage, decide on policy payouts, as well as share profit and get compensated for adjudicating claims. Bridge Mutual’s token, $BMI, witnessed an explosive TGE on January 30, 2021 and aims to take and hold the throne of risk coverage platforms on the market.
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