Drops DAO Partners with Bridge Mutual to Provide NFT Asset Insurance
Drops DAO strives to be one of the most secure and robust NFT loans platforms today. Our Chainlink integration leverages their oracles to deliver the most robust pricing information to loan contracts; leading auditing firm Peckshield has also audited us.
We’re now taking things a step further to improve our platform’s security with our new partner, Bridge Mutual Insurance, a decentralized insurance marketplace that offers coverage for smart contracts, stablecoins, and CEXs (centralized exchanges) for digital asset protection.
Through this collaboration, Drops users will be able to receive insurance coverage on their collateralized NFTs deposited in our lending pools.
When it comes to DeFi, safety and security are critical given the number of hacks and exploits across the space. At Drops, we want users to benefit from our NFT lending pools with loans and yield and feel confident with the option to protect their NFT assets on our protocol.
Through its platform and interface, Bridge Mutual will now provide Drops DAO users with the ability to receive insurance coverage for all collateralized NFTs within our lending pools, including any NFT collections we’ll be introducing in the future.
Bridge Mutual will offer coverage for any protocol hack or exploit on the frontend or backend
Darius Kozlovskis, Founder & CEO of Drops, said:
“Partnering with Bridge Mutual is a must for Drops DAO, as it will help bring peace of mind to many of our community members looking for added protection on their NFTs. Insurance is a fundamental piece of the DeFi industry and will help bring more trust to our platform.”
In order to kickstart this partnership, Drops DAO will bootstrap liquidity within the Bridge Mutual pools to allow our users to begin purchasing coverage. In addition, users who help provide coverage via USDT to the Drops protocol will be able to earn APY as passive income.
Mike Miglio, CEO of Bridge Mutual, said:
“Adding Drops DAO to our list of insured protocols is an important milestone for Bridge Mutual. We’re impressed with their exciting and strong community of NFT enthusiasts and hope that this partnership will bring more traction and adoption to both platforms.”
Another feature that Bridge Mutual offers is shield mining, which is a new tool Drops will leverage to incentivize more users to provide coverage. Users can submit tokens specific to the pool that are then distributed to all coverage providers. The pool’s APY will increase and attract more coverage liquidity, giving coverage providers multi-token rewards in BMI (Bridge Mutual’s native token), USDT, and DOP.
A Step Forward
Insurance is an absolutely key step to solidifying our NFT loans offering and our platform’s security. With Bridge Mutual as a close partner, we’re looking to unlock a new swarm of users and community members and onboard them to Drops.
We believe that security should be Drops DAO’s strongest asset in the NFT lending space. We’re doubling down on this to achieve the highest security standards on the market. Drops is currently discussing with institutional borrowers and blue-chip NFT collections to make their portfolios more productive.
Look out for many more updates ahead!
About Drops DAO
Drops DAO provides loans for NFT and DeFi assets, supplying them with much-needed utility.
The protocol uses lending pools that enable any type of NFT asset to be used as collateral — from collectibles and metaverse items to financial NFTs. Users can leverage their idle NFTs and DeFi tokens to obtain loans and earn extra yield.
About Bridge Mutual
Bridge Mutual is a fully decentralized and P2P/P2B discretionary risk coverage platform covering smart contracts, stablecoins, and centralized exchanges. Their platform allows users to provide coverage, decide on policy payouts, share profit, and get compensated for adjudicating claims.