This proposal is expected to appear on Snapshot for voting on Sunday 28 August 2021 at 12:00 pm UTC
- Proposal to whitelist BMI.
- Proposed co-investment of 500,000 BNT.
- Bridge Mutual is a permissionless risk coverage protocol that rewards coverage providers with BMI tokens. Anyone can provide hack/exploit coverage to Bancor.
- The Bridge Mutual community is planning to introduce token buybacks after the DAO is launched.
- Bridge provides Coverage for Bancor LPs, therefore building a relationship with Bancor is crucial.
- The protocol has been audited and has an open bounty.
- The CEO of the project is a known figure.
BMI token address: 0x725c263e32c72ddc3a19bea12c5a0479a81ee688
The vesting schedule can be found here: BMI Token Metrics
Bridge Mutual is a platform that allows any person to create “insurance” pools for any smart contract, exchange, or service at any time. Other users can then purchase a coverage policy to “insure” themselves against hacks, rugpools, or exploits that result in a permanent loss of funds.
Bridge is fully permissionless, anyone can create a Coverage Pool for any protocol. The mission of Bridge is to become a fully DAO governed protocol in the near future.
Currently, BMI is utilizing a fair launch approach, distributing tokens to liquidity providers over the next 2-3 years.
The BMI token can be used to vote on the outcomes of claims; the more tokens you have, the more influence you have on whether, and how much, the protocol will pay out to successful claimants. Voting power is also influenced by the protocol’s reputation system, everyone earns or loses reputation on the same scale.
In the near future, Bridge Mutual plans relinquish full control to its DAO structure where the BMI token will be used to vote on network changes and upgrades.
After the DAO is introduced, one of the main network upgrades that the community has been very vocal about is the token buyback and redistribution/burn of tokens (subject to community discussion).
Twitter - https://twitter.com/Bridge_Mutual (41K followers)
Medium - https://bridgemutual.medium.com/
Discord - discord.gg/bmi
Telegram - Telegram: Contact @bridge_mutual (27K active users)
Bridge has been audited two times by reputable auditors:
- Consensys (link unavailable)
Bridge also has an open bounty:
Bridge Mutual community is planning to implement buybacks immediate after the DAO launches, this process can be handled on Bancor network.
Moreover, Bridge Mutual currently provides coverage against protocol hacks and exploits on Bancor, there is currently over $1M in available coverage for Bancor Network, and over $30M in coverage across all covered protocols.
Users who are confident that Bancor is a safe protocol can earn up to 100% APY in BMI tokens in exchange for insuring Bancor Network.