Bridge Mutual Community,
In running our final tests in preparation for the launch of Bridge Mutual V2, we discovered a potentially critical exploit today. The exploit can be fixed, but we require more time to rewrite the code and run more tests.
In order to protect the interests of all BMI holders, Coverage Providers, Policy Holders, and all the affiliated Partner Protocols, the team has no choice but to postpone the launch of Bridge Mutual V2. As you all know, Bridge Mutual V2 has many new components. Most of these components are finished and passed our testing and bug bounties, which means we have more resources available to focus on patching the exploit and polishing the protocol.
Our internal deadline to finish coding and begin testing is December 1st, and our new expected launch date, of which we are very confident, is December 6th.
The goal of Bridge Mutual V2 is to deliver something that will significantly advance and potentially revolutionize the world of decentralized insurance — a permissionless platform with a multitude of coverage pools amplified by tall and wide leverage (Leveraged Portfolios), allowing users and other protocols to participate in an extremely capital efficient environment of high-yield insurance products (Reinsurance Pool), while also simultaneously benefiting from a transparent and secure collective investment machine (The Capital Pool). All this is powered by the BMI token, which will soon be multi-chain.
You can learn more about Bridge Mutual V2: The Great Reinforcement features and value proposition here.
The ambitious complexity and sophistication of the idea described above make upfront development time estimations prone to miscalculation, as some challenges cannot be foreseen before the actual development starts. It’s a common phenomenon in the startup world and crypto startups are no exception — we cannot know what might go wrong until we build it and start testing.
During the final tests of the Bridge Mutual V2 protocol, the team recognized a potentially dangerous scenario and faced an obvious choice of either releasing a sub-optimal product prone to exploitation, or postponing the launch to fix the exploit. We are sorry this situation occurred, and we take full responsibility for the delay.
We would like to again thank everyone who supports us and motivates us to do our best — the BMI community, partners, other protocols, and affiliates — we’re building this tool for the world and we are genuinely doing everything we can to make it amazing.
All in all, the team’s enthusiasm and vision have nothing but increased — we are constantly receiving positive validation and feedback from important crypto stakeholders (such as investment funds or top global protocols) and are confident that we are at the forefront of great value discoveries.
Decentralized coverage will become the standard, as will the transparent, blockchain-based insurance investment products.
We also want to take a moment to shed some light on the human aspect of this project and all individual team members. Our team has been working tirelessly, 7 days a week, 12+ hours a day to complete V2. Despite all of these hardships, our morale is still very high- thanks to the recent support from the community; we appreciate each and every one of you.
The extra time will be used efficiently — we will add new design items, create more visual assets and expand our marketing campaign plans. In the grand scheme of things, we are confident the results of our work will justify the extra wait. Once again, thank you for your support and patience.
Long live the Bridge Mutual order and its knights!
Bridge Mutual Team
PS: Our V1 platform is still fully operational and is continuously providing opportunities to earn high yield (several hundred % APY) as well as the ability to buy coverage for your crypto portfolio. We invite you to get familiar with V1 before V2 launches and become a Bridge Mutual insider while it’s still early.
About Bridge Mutual
Bridge Mutual is a decentralized, p2p/p2b discretionary risk coverage platform covering 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.
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