Bridge Mutual, a DeFi risk coverage application opens up the new year with a major upgrade to its platform. The new Bridge Mutual V2 brings in many competitive features enabling its users to indulge in higher APYs and cheaper coverage.
What is Bridge Mutual?
Bridge Mutual is a fully decentralized, p2p/p2b discretionary risk coverage platform covering smart contracts, stablecoins, centralized exchanges. The first version of Bridge Mutual was effectively released on the 9th of July 2021 with the endorsement of Tether and Bitfinex. Following its release, multiple top-tier coverage pools were whitelisted on its platform; Aave, Barnbridge, Bancor, 1inch, and many more. Shortly after, Bridge Mutual faced its first claim during the Popsicle Finance attack, which resulted in the affected user being paid back nearly in its entirety.
Introducing Bridge Mutual V2
Bridge Mutual released its second version of the platform on December 21, 2021, which is a massive upgrade with a list of rewarding features such as Leveraged Portfolios and Shield Mining. The new features will generate higher rewards, an increased supply of cheaper coverage, and improved capital efficiency.
In the past year, approximately $10B was lost due to cybercrimes in the DeFi space. Bridge Mutual helps users reduce these risks so that they are protected from abuse by malicious actors. Nonetheless, smart contracts are susceptible to hacks and exploits, exchanges are vulnerable to attacks and security breaches, and stablecoins can de-peg or crash. Bridge Mutual solves this problem in a way that is economically viable long-term, transparent, profitable, decentralized, and scalable.
Where is Bridge Mutual headed?
With the amount of high talent of the team, Bridge Mutual V2 will enable the platform to be one step closer to the Bridge Mutual DAO. With its V2 features such as Leveraged Portfolios, Reinsurance Pool, Shield Mining, users will be able to perform high-level coverage purchases and provision at their best advantage. Additionally, Bridge Mutual will start to generate revenue by investing idle liquidity in low-risk yield generators DeFi projects which will further support the Vault and allow the future DAO to interact with the world of DeFi. The necessary features such as the BMI widget and UI improvements being integrated now are essential for the growth of the platform. Additionally, Bridge Mutual is also strengthening a mobile version of its platform to ensure users are able to view their portfolio, purchase and provide coverage, and stake their BMI tokens directly from the touch of their fingertips.
Bridge Mutual to Keep DeFi Trustworthy and Safe
With the inevitable possibility of projects being hacked in the DeFi space, Bridge Mutual aims to step up to the plate to ensure the DeFi industry has a chance to avoid cyber threats that may result in devastating losses. As Bridge Mutual continues to grow, more features will be integrated into its system to benefit its users at the highest level. The new Bridge Mutual V2 brings advanced and upgraded features to life, enabling DeFi users to shield themselves from the uptrend of DeFi attacks.
About Bridge Mutual
Bridge Mutual, a decentralized coverage platform, is on a mission to become the #1 crypto-armorer of Decentralized Finance and equip everyone with protection against universal crypto threats. We are a fully decentralized, p2p/p2b discretionary risk coverage platform covering smart contracts, stablecoins, centralized exchanges. Our platform allows users to provide coverage, decide on policy payouts, share profit, and get compensated for adjudicating claims. Users can get protection and provide one in exchange for yield. We focus on great product design, pro-community business objectives, and synergy with other web3 innovations.
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The post DeFi Risk Coverage Protocol Bridge Mutual Introduces its V2 Upgrade with Cheaper Coverage and Higher APYs appeared first on CryptoSlate.
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