New BMI Staking — List of Versions, Migration, and Claiming Rewards

Recently, we have shared with You that Bridge Mutual V1 is going live on the 29th of June 2021. The launch of the platform will be celebrated with a Coverage Mining Event, during which 6,000,000 of BMI tokens will be distributed as rewards to the participants.

Before that happens, we wanted to provide you with a full manual of BMI staking — past, present and future. All this information will also be featured in our GitBook (available on the bridgemutual.io) and you can always ask on our official telegram channel for help.

We’re also introducing version numbering (V1, V2, V3…) to our staking to avoid any confusion.

Important — current staking (V2) will stop being supported on the 29th of June. Stakers will be provided with an option to migrate to new staking (V3), with a new, much bigger pool of rewards. Read the details below to learn more.

Staking Versions

Staking V1 [ old staking ] — this staking was launched on February 10th using the Ferrum Network technology and is no longer supported — if you stake your tokens here, you’ll receive no rewards. We recommend you withdraw your tokens from V1 staking and stake them in the V3 (see post below). You can still access staking V1 and claim your rewards on the Bridge Mutual website. (V1 already ended. It was a 2-months fixed term staking.)

Staking V2 [current staking ] — this staking was launched on the 31st of March and has been live since that time. Staking V2 was being run inside the native Bridge Mutual platform and included both the BMI staking and the ETH/BMI LP tokens staking.

This staking will stop being supported on the day of the main-net launch and the start of the Coverage Liquidity Mining.

“Stop being supported” means that stakers will no longer receive rewards for staking within this contract, but will be of course free to claim their rewards so far and safely retrieve their tokens.

Staking V2 users will also be able to migrate their tokens directly into staking V3 directly from the app. If they prefer, they can also do it manually — unstake their current V2 positions, and stake tokens again within the V3 staking.

Staking V3 [new staking] — New staking that launches on the 29th of June 2021, alongside the main platform and the Coverage Mining Event.

It’ll be marked as the default “staking” for all the new users, and will remain the main staking contract for the platform.

Staking V3 shall provide stakers with 3 options to get rewards:

Users shall be able to stake their BMI tokens to receive stkBMI (to receive rewards) and then stake stkBMI to receive vBMI to vote and get even more rewards (the effects of these two staking procedures combine). You can read about it in our whitepaper.
Similar to Staking V2, users will also be able to stake their ETH/BMI LP tokens, which represent depositing liquidity to the BMI Uniswap V2 pool.
On the 29th of June, Bridge Mutual kickstarts its Coverage Mining Event, which allows users to provide DAI as coverage liquidity to their favorite project. This entitles them to Premiums that come from selling coverage policies. In exchange for their DAI, users get bmiDAIx deposit tokens which they can stake (where x stands for the name of the project, like for example SushiSwap — bmiDAISushi). Coverage Mining Event dedicates 6 million of BMI as rewards to bmiDAIx stakers to kickstart the creation of the Coverage Pools.

You can learn more about the Coverage Mining Event and all the rewards here.

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.