Letter from the Founders
To the Bright Union community
Quiet markets conditions are for building — this is the attitude amongst developers and an opinion, which Kiril Ivanov, co-founder of Bright Union, holds. These past few months, Bright Union has been re-strategizing with Outlier Ventures, New Order DAO and leading web3 companies.
Initially when Bright Union was launched, the plan was for it to be a DeFi coverage aggregator. Over the past year, we have developed on multiple fronts and strategically refocused. Bright Union will be the 1-inch for Web3; we foresee a future where all insurance solutions in DeFi, NFTs, Metaverse and more are being powered by the Bright Risk Index and Bright plug-in.
Bright Union has re-strategized and alongside these developments, planned a new token value flow and go-to-market strategy. In the meantime, the development team has an aggressive risk partner integration plan which will double the number of partners over the next months. Bright Union is strengthening its fundamentals to prepare for when the market takes a positive turn.
Token Value Flow
With this in mind, a new token value flow has been designed which aligns with the strategic direction of the products of Bright Union. This value flow will bring only advantages to both existing token holders and future token holders.
The details we can share at the moment are as follows:
1. This new token utility will bring all products under a single umbrella. The focus of the organization will be shifted onto the Bright Risk Index. The value flow will take a large amount of inspiration from Curve’s VE Token model, which incentivizes long-term liquidity provisioning in relation to the BRI.
2. We will introduce a tranching concept into the BRI; taking inspiration from the Barnbridge model. There will be one higher risk-higher reward tranche and one lower risk-lower reward tranche. The risk-averse tranche will have many similarities to re-insurance.
The design is just the first step in the process. After this, the upgrades of the token utility will be incorporated, tested and trialled. In total, this process will take months not weeks. We appreciate the patience of all investors and stakeholders in the meantime.
Go to Market Strategy
Alongside the Outlier Ventures partnership network, Bright Union will focus its efforts over the next few months on a B2B strategy.
Discussions with institutional liquidity providers to invest in the Bright Risk Index have started. This increase in TVL will increase confidence for retail investors. Alongside the revised token value flow, this will be a powerful combination.
The Bright SDK (or insurance plug-in) is one of the most underutilized tool within DeFi. In just three lines of code, any protocol can offer their users with insurance in an effortless manner. Through the OV network, the Bright SDK will be integrated into some 3rd party apps, wallets and exchanges. Discussions with multiple platforms are underway already.
In order to retain our top spot as the platform with the most insurance products available (currently 240+), we are continuing our aggressive integration plan over the next month.
Ease Finance, and their innovative UnInsurance products, were the first in line, quickly followed by Unslashed. Following on from these will be Tidal, Solace and even more.
As per our previous article on the impact of the UST de-peg claim payout on the Bright Risk Index, we plan on further integrating with multiple other risk platforms to diversify this investment strategy even more.