Bridge Mutual Announces Kylin Network Partnership
Reliable off-chain data is an integral part of the success of any decentralized platform. With this in mind, Bridge Mutual is happy to announce a new partnership with Kylin Network, bringing decentralized and verifiable data from Kylin’s oracles. This new partnership enables accurate, up-to-date pricing on USDT, USDC, DAI, and other stablecoins integral to the functionality of the Bridge Mutual decentralized risk coverage platform.
One of the staples of Bridge’s discretionary risk coverage service is the option to protect against stablecoin instability. On top of covering exchanges and smart contracts from hacks and vulnerabilities, Bridge offers quasi-insurance coverage for stablecoin devaluation, an event that can significantly harm a user’s savings. Following this collaboration with Kylin, users can make claims against stablecoin value loss using accurate pricing information supplied by the oracle. For example, if there is an exploitation against USDC, dropping the price down to $0.90 per token, any user who took out coverage prior to the incident would be able to submit their claim and instantly receive the full value dictated in the policy.