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Decentralized Insurance Platform for BridgeMutual

BridgeMutual, a decentralized insurance platform, has redefined the landscape of risk coverage for crypto assets and protocols. Since its inception, the platform has evolved into a comprehensive proof-of-concept for the v3 multi-chain platform with enhanced security models.

Our dedicated tech team has played a crucial role in shaping and enhancing numerous features for the initial version of the platform. These efforts have firmly established BridgeMutual’s prominence within the crypto insurance sector.

Furthermore, IdeaSoft, as an integral part of the development team, played a pivotal role in the comprehensive implementation of Protocol v3, known as the next version of the original BridgeMutual platform, showcasing a commitment to technological excellence and innovation in the dynamic field of decentralized finance.

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Client BridgeMutual

Services Blockchain development UI/UX design Front-end Discovery Phase Product Owner

Technologies Solidity Angular Node.js Rust (Solana)

Link bridgemutual.io

Project Description

Project Overview

The IdeaSoft team played an active role in developing fundamental features for the initial BridgeMutual platform as well as worked on covering aspects such as capital pool, leveraged portfolio, and voting process refactoring for the protocol v2. Solidity developers implemented key features like smart contract refactoring for additional features and multichain support, contributing to the robustness of BridgeMutual’s contract infrastructure. Simultaneously, the UI/UX design team played a vital role in visually shaping the platform.

Furthermore, the IdeaSoft team actively engaged in business analysis, defining the product feature list, and contributing to protocol feature development and branding for the new v3. Protocol v3 is the predecessor of the Bridge Mutual platform and is firstly originated as a v2 with an enhanced concept of decentralized insurance.

Protocol v3 serves as a highly scalable infrastructure for decentralized insurance, serving as a marketplace that connects policy purchasers seeking protection with coverage providers aiming for returns through policy underwriting. This innovative solution povides insurace for crypto assests sefeguarding against smart contract exploits, front-end application attacks and stablecoin depegs. Users also have the flexibility to design custom policies with unique protections and engage with underwriters.

Furthermore, IdeaSoft provided a dedicated Product Ownter for the team and set up the overall project management during the whole time of BridgeMutual products development. Business Analysts and Product teams delivered requirements for the v3 application, effectively managing the implementation of staking, token claiming, voting with platform native NFTs, and rewards pool creation. This unified approach underscores the team’s commitment to innovation and excellence in the decentralized insurance space.

Target Audience

The primary target audience for BridgeMutual comprises crypto holders, investors, and protocols seeking reliable risk coverage solutions.

Additionally, the target audience for BridgeMutual extends to DeFi users seeking additional reward opportunities, such as yield generation and staking rewards, facilitated by the innovative functionalities embedded within the platform. This user base is characterized by a tech-savvy and discerning approach, experienced with the advanced features and financial instruments offered by the projects.

Business Needs

The crypto ecosystem demands innovative solutions to address the inherent risks associated with asset management. Bridge Mutual emerged to fulfill the pressing business need for a decentralized, self-sustainable risk coverage platform.

Discovery Phase: Conduct a comprehensive analysis of the existing solution and prepare a market analysis of competitors to understand market dynamics. Researching and identifying new features to enhance platform capabilities.
V2 protocol development: Designing and developing an advanced DeFi security interface; introduce such features as: leveraged portfolio, multi-chain support, stablecoin integration, voting process (DAO) refactoring.
V3 protocol development: Evolving the existing BridgeMutual platform with an enhanced version. Introduce critical elements and refactor existing code to align with new requirements. Establish a rewards pool for user incentivization, enable voting through NFT and extend current BridgeMutual tokenomics with new feature (compounding pool).

Implemented Solution

BridgeMutual v2 features:
– multi-chain support & new chains integration (Ethereum, Solana, Polygon, BNB Chain)
– intial smart contract optimization & refactoring & new features extention (stablecoin support, shield mining, token approval process and permits enhancement)
– wormhole bridge integration
– wallet connect integration
– BMI Widget integration
– capital pool, reinsurance pool, leveraged portfolio smart contracts development and deploy
– voting process (DAO) refactoring

BridgeMutual v3 features:
– coverage staking mechanism ( implementation for native token, LP token and compounding pool)
– personalized insurance
– claiming & voting facilitated through NFTs
– v3 token vesting mechanism design & development
– reward pool for user incentivization
– web development (3D cube animation)

Challenges

Developing advanced financial models demanded a deep understanding of risk dynamics, necessitating the design of intricate systems for asset bridging. These systems were pivotal in ensuring a comprehensive approach to risk management, requiring meticulous attention to detail and a nuanced understanding of financial instruments.
Secondly, transition to a new version brought a unique set of challenges, particularly in terms of data importation. Migrating seamlessly while preserving the integrity of financial information demanded a delicate balance between precision and efficiency. The team had to address compatibility issues and ensure a smooth transition without compromising data accuracy.
Moreover, integrating multi-chain support introduced additional layers of complexity. The development team had to navigate the intricacies of network integration, optimizing communication protocols and ensuring seamless connectivity. This process involved overcoming compatibility challenges, aligning different network architectures, and implementing robust translation mechanisms.

Delivery Time

2 years

Team Size

10 team members

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