The Bright Risk Index is on track for full commercialization
We are ready to hit the next phase of BRI Roadmap
Hi Bright Ones,
We recently reached a TVL of $175K. With this accomplishment we are ready to hit the next phase of BRI Roadmap. In line with the BRI release schedule, we will now focus on the following milestones:
Security Audit
The audit is a crucial stage for further securing the Bright Risk Index. The BRI will be reviewed by Inspex, a strong and reputable audit partner, who have audited protocols like Alpaca Finance, Wault Swap’s and Killswitch. Inspex’s review of the BRI smart contracts is set to complete end of March.
Read more about the Inspex partnership or check out the other dapps they’ve audited: https://app.inspex.co/library
Bug-bounty with Immunefi
Unfortunately we have delayed our plans for launching a bug bounty with Immunefi. We still foresee a bug bounty campaign with Immunifi in the near future as we still believe it will be a valuable contribution to ensuring BRI security.
Reason for delaying is that for a bug bounty the smart contract code should be fully open-source, and we feel that at this stage it is a bit too premature to make the BRI fully open source. We will do so once the index is commercially open to the public and TVL has reached a certain threshold. We will then launch the bug bounty with Immunify shortly as all preparations have been completed.
Kick of marketing campaign
Marketing efforts have been initiated to target a wider audience with the BRI proposition. We’ll continue to add strategic partnerships, like Armor.Fi, to leverage partner communities, which shown to have the most impact on building a strong and credible brand.
- Next Monday we’ll launch the Bright Risk Index on Product Hunt. It is a platform to share and discover new products and includes a comments system and a voting system similar to Hacker News or Reddit. Upvotes, comments and questions are very welcome.
- In May and April the Bright team will be attending a series of Events to meet industry leaders and further put the Decentralized Coverage industry in the spotlight. In the near future EthAmsterdam and Paris Blockchain are planned.
- Subsequently, paid campaigns are launched and other upcoming initiatives include, but are not limited to PR, AMA’s on Twitter Spaces, explainer videos, further growth on Reddit, Youtube and Discord and including BRI to the referral system.
- We decided to further explore the NFT program for users that buy and provide coverage and add exclusive perks for Bright NFT holders
- Due to the sustained success of the Loyalty Program we have decided to to extend the cashback promotion on insurance coverage products for BRIGHT stakers until end of June.
DAO Voting
As indicated we are looking to further strengthen the Bright tokenomics. To strengthen the BRIGHT ecosystem, The BRIGHT DAO Treasury will perform BRIGHT buybacks with a percentage of the BRI earnings. We have requested the DAO and thus the Bright holders to vote on the percentage of the % BRI earnings used for buy-backs of this methodology. We have decided to focus on the BRIGHT buybacks instead of the previously indicated BRI booster as this will benefit all Bright token holders instead of a select few.
New Release
We are thrilled to share that last week another update of the BRI was released. The update contained a mix of both technical and interface features. On the technical side, the entry and withdrawal pool were added boosting liquidity for the BRI. Meaning that people can now withdraw their BRI against funds deposited in the deposit pool. Additionally, we updated the APY calculations for the BRI to also show a 30-day historic APY, as well as the “live” APY.
As the APY of the BRI is based on the rewards we earn by “acting as an insurer”, the live APY can fluctuate a bit as the rewards we earn are affected by the demand and supply of the DeFi insurance covers that we have underwritten. Hence our decision to show a 30-day average APY as it reflects the performance of the BRI more accurately and is a better indicator for future performance. Furthermore, we added a BRI fair value projection graph based on the 30-day historic APY to show investors how value can accumulate in the BRI.
Finally: we have adjusted our annualised APY estimate for the BRI to 15–25%. Transparency and creating trust are important, and we want to set realistic estimates which we are sure we can deliver. We love to under-promise and over-deliver.
To learn more about the updates, read the updated BRI litepaper.
Or Invest today up to $30k: https://app.brightunion.io/provide_cover
We are ready to hit the next TVL milestone of $300K and are more than happy to hear your feedback as always. Feel free to reach out with suggestions or improvements.
About Bright Union
Bright Union is the world-leading multi-chain decentralized finance cover marketplace. Our mission is to safeguard your digital assets from hacks, smart contract failures, and rug pulls by empowering the crypto community to cover one another in a decentralized and permissionless manner.
Bright Union provides the most comprehensive range of crypto insurance on the market at competitive prices. Furthermore, Bright Union developed the Bright Risk Index, the easiest, safest, and most diversified way to act as an “insurer” in the DeFi cover industry while earning attractive returns. Be bright and take advantage of DeFi’s exponential growth.
Join the Union
Be Bright and #JointheUnion. Receive announcements by joining the community.
🌍 Check out the website.
🤝 Discuss Bright by joining Telegram or Discord
🗞️ Get the latest news on Twitter @Bright_Union.
📺 Watch tutorials on Youtube
