Bondly Finance is excited to announce our latest partnership with Bridge Mutual, a decentralized, discretionary insurance platform that provides coverage for stablecoins, centralized exchanges, and smart contracts.
Creating Bridge Mutual NFTs Based on Insurance
A NFT, or non-fungible token is a cryptographic asset that is completely unique and cannot be interchanged with other similar tokens. Unlike cryptocurrencies such as BTC or ETH where tokens are uniform and can be regularly interchanged, the uniqueness of each NFT does not allow for fungible exchange. The ideas behind non-fungible tokens are still relatively new in the blockchain space, and many users that are aware of their existence think of NFTs as digital, unique art or collectibles, but NFTs can be much more.
As our partner, users can join the Bridge Mutual Insurance ecosystem by purchasing BMI tokens and staking BMI in Bridge coverage pools. Funds within the coverage pools are automatically invested on-chain in other platforms, such as Compound and Aave to generate yields for users. Quotes are generated on-chain by an actuarial formula; users may connect their Web 3 wallet (Metamask and others) to pay for the coverage after receiving the quote. Part of the premiums paid by users buying coverage is split among users providing that coverage as a profit-sharing incentive. Bondly will help BMI with the creation of high-quality non-fungible tokens representing a variety of assets. This is a huge step in the right direction as the use case for NFTs within insurance is vast.
With famous graphic artist Beeple recently breaking the NFT price record with his almost $800,000 art collection sale, NFTs have been highlighted in the blockchain space recently. What many users don’t know is that an insurance based NFT is one of the top five highest priced NFTs, worth 350 ETH or approximately $230,000 at ETH’s current price. This NFT is a 5,000 ETH coverage policy against smart contract errors on Curve Finance, a decentralized exchange liquidity pool on Ethereum.
With the continued growth of the DeFi space, having insurance to protect against potential downside risk on these new platforms is going to be very important for risk-averse users. We will also explore the concept of insurance coverage NFTs, allowing users to submit unique claims based on their insurance and recover funds lost by malicious or insecure parties. Bridge Mutual is going to be a crucial partner for Bondly moving forward regarding the issuance of unique utility NFTs; we are looking forward to helping the DeFi space grow and become more secure together.
About Bondly
Bondly is an interoperable, transparent, and portable swap protocol designed to revolutionize traditional escrow methods and make everyone into their own digital marketplace. Our family of trust-enabling DeFi products is designed to be a part of everyday buying and selling activities, giving peace of mind for swap or online purchases. Our product BondProtect is a DeFi enabled eCommerce gateway specializing in integrating into your favorite online marketplaces very simply and easily with no integration fees, just staking tokens.
Website | Whitepaper | Telegram | Medium | Twitter | LinkedIn | Twitch | Uniswap
About Bridge Mutual
Bridge Mutual is a decentralized, discretionary p2p/p2b insurance platform that provides coverage for stablecoins, centralized exchanges, and smart contracts. Its platform allows users to provide insurance coverage, decide on insurance payouts, as well as get compensated for taking part in the ecosystem. Having vastly oversubscribed in its private sale, Bridge Mutual’s token, $BMI, is primed to have an explosive TGE on January 30th, 2021.
You can find more information on Bridge Mutual at:
