Elrond Network Has Collaborated With Bridge Mutual

Elrond Network has collaborated with Bridge Mutual To Access Sophisticated Strategies For Risk Coverage Via Bridge Mutual.

This 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”.

About Elrond

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.

➡️Source:
https://elrond.com/blog/elrond-risk-coverage-bridge-mutual/