Kylin Network is excited to announce our partnership with Bridge Mutual to provide decentralized and validated data via oracles. Through this partnership, Kylin’s oracles will communicate with Bridge to provide the current price of USDT, USDC, DAI, and other stablecoins.
Last year alone, an estimated $200 million USD in digital assets were lost in attacks on major services. Bridge Mutual mitigates the risk of loss of funds resulting from unaudited smart contracts, exchange hacks, and other digital asset vulnerabilities with a marketplace for investors to provide and purchase coverage.
Part of Bridge Mutual’s offering protects against events where value can be lost in the stablecoin market. If the oracles say that the price of USDT has been under $0.95 for multiple days, for example, then everyone who has purchased USDT coverage on Bridge Mutual can make a claim and be paid out instantly.
Bridge Mutual tracks the price of stablecoins across multiple exchanges. If the average price of a stablecoin drops beneath a predefined price point for a designated time period, users who were covered before the price drop can submit a claim using the Bridge Mutual app and instantly receive the full value of the policy they purchased. This leaves no potential for human manipulation that could result in a valid claim being denied.
All non-stablecoin claims undergo a comprehensive multi-phase voting process with short and predictable turnaround times regardless of the size of the claim. Bridge Mutual maintains robust compliance protocols and partnerships with auditing firms to provide not only audits for potential platformed projects, but also to continuously audit its own code for vulnerabilities.
Mike Miglio, Bridge Mutual CEO:
“Offering discretionary coverage for stablecoins requires examining all possibilities in which investors risk losing funds, and oracle misinformation is one of these. I look forward to working closely with Kylin Network to address this while expanding Bridge Mutual’s comprehensive digital asset discretionary coverage offering.”
Dylan Dewdney, Kylin Network CEO:
“We are extremely pleased to be working together with Bridge Mutual to help drive more robust oracle solutions, and thus better outcomes, for their core product: stablecoin coverage. In addition, we are super excited to be innovating on an entirely new types of coverage as well!”
We also plan to collaborate to create ‘Oracle Misinformation Coverage.’ While many projects rely on oracles to provide trusted data, there are instances where oracles can be manipulated or compromised. Projects could suffer potentially significant damages if their smart contracts rely on inaccurate data. Bridge Mutual’s ‘Oracle Misinformation Coverage’ would be a new type of insurance product that covers damages in the event that misinformation from an oracle causes financial damage.
About Kylin Network
Kylin Network aims to build a cross-chain platform powering the data economy on Polkadot. It will be the data infrastructure for the future DeFi and Web 3.0 powered by Polkadot. Kylin Network aims to provide valid, reliable, secure, cost-effective, and easily-coordinated data sources and data analytics. It is the Kylin team’s bold vision that we have the capacity and potential to build the infrastructural data validation layer of Polkadot and by virtue, potentially the entire cross-chain blockchain universe!
Contact Kylin Network
- Telegram: https://t.me/KylinOfficial
- Twitter: https://twitter.com/Kylin_Network
- Discord: https://discord.gg/PwYCssr
- Medium: https://kylinnetwork.medium.com/
- Linkedin: https://www.linkedin.com/company/kylinnetwork
- Official website: https://kylin.network/
About Bridge Mutual
Bridge Mutual is a decentralized, p2p/p2b 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.