Make 54% ROI on Bridge Mutual by DefiDad
Before we get started, DeFi Dad disclosed as Head of Marketing and Portfolio Support at 4RC, that 4RC does hold a position in Bridge Mutual. This is not a recommendation or endorsement to buy BMI, but it is intended to disclose any bias he might have in talking about Bridge Mutual’s new liquidity mining program.
In the world of DeFi, we’re no stranger to countless risks that could lose our capital. I’ve written countless times about the dominance of Nexus Mutual in this space with up to $1B in active coverage in the spring. However with only about 1% of DeFi TVL covered, DeFi is still ripe for more protocols to emerge and help grow the pie with DeFi insurance.
Bridge Mutual just launched a new DeFi insurance offering, with a 2-week liquidity mining program to help distribute its native governance token, BMI.
Similar to Nexus Mutual, Bridge requires 2 different participants to offer coverage against DeFi exploits: those who buy cover vs those who provide cover. It’s a very simple model with some limitations (ie Bridge isn’t using leverage at this time to offer cover).
Here’s how the mutual works:
- For those who wish to provide cover, they must deposit USDT against a protocol.
- Every 1 USDT deposited provides 1 USDT of cover for 1 year.
- There is an 8 day waiting period to allow pending claims to fully resolve.
- For those who wish to buy cover, they can simply choose a timeframe of 1-52 weeks and how much cover in USDT at a premium of 2% APR (besides BarnBridge currently at 32.4% APR).
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