What is Bridge Protection?
If you’ve been a regular bridgoor, you must’ve experienced instances where your assets were stuck indefinitely or situations of receiving intermediary tokens instead of the ones you were promised, additionally unfortunate and rare instances of bridges getting hacked.
Situations like this leave the users confused with nowhere to go, adding to user anxiety. Bridge Protection on Bungee is an attempt at solving all these problems & making bridging reliable, for everyone.
Bridge Protection on Bungee tags along with your transaction and protects your assets from delays, intermediary tokens & bridge hacks. Toggling it on guarantees that you will receive your funds within 30 mins, Making your bridging experience more reliable and less stressful.
Currently Bridge Protection is supported for USDC to USDC transfers made through Multichain & Hop on Polygon, Arbitrum & Optimism. In beta you can protect funds up to 1000 USDC. This limit is temporary & will be raised as this feature rolls out to everyone.
The solution for all bridging errors ~ Bridge Protection
- Delays: Bridging times are very volatile. Some transactions go through quickly & some take hours or even days. Using Bridge Protection you are guaranteed your funds within 30 mins. irrespective of delays of the underlying bridge.
2. Intermediary tokens: When an underlying bridge runs out of liquidity they resort to giving users intermediary tokens like anyUSDC, hUSDC. Users then again have to exchange intermediary tokens for the desired tokens. This leaves users confused and makes the whole bridging experience complex.
with, Bridge Protection enabled you will always get the tokens you were quoted.
3. Bridge hacks: Even in the worst cases of bridge hacks we have you covered, with Bungee Bridge Protection your inflight funds are always protected & delivered within 30 mins.
How is the Fee calculated?
To be able to protect your transactions against bridge delays, liquidity issues, bridge hacks we charge 0.1% of transaction amount for Hop Routes & 0.2% for Multichain routes as a protection fee.
How does Bridge Protection work in the backend?
Bungee Bridge Protection is the result of a partnership between Socket and RiskHarbour. The entire experience is on-chain & automated with no human intervention needed.
With Bridge Protection enabled users are assured to receive their funds within 30 mins. Always.
If you are have any queries or issues regarding the transaction please refer to the FAQs or you can always raise a ticket here: socketdottech.zendesk.com
Alternatively you can hop on to the Socket discord server for any support queries.
FAQs
- What Bridges and chains are supported right now?
Bungee Bridge Protection currently supports Multichain & Hop Routes for USDC to USDC transfers. Supported chains are Arbitrum, Polygon and Optimism. We will soon expand this list aggressively - What if I don’t get my funds even after 30 mins?
Bridge Protection is completely on-chain & automatic no forms, KYC or middleman to worry about, you will instantly be transferred your bridged amount as soon as the clock hits 30 mins. - How do I access this feature?
Bungee Bridge Protection is currently in beta and available to an exclusive set of + will expand quickly to full public as it stabilises. It will soon be rolled out to the public. Keep an eye on Bungee Socials & join the Discord server to be notified once it’s live for everyone. - What is the Maximum amount I can protect?
Users can protect up to 1000 USDC per transaction while in Beta. These limits will be increased progressively throughout beta and onto the main launch. - What assets do these underwriting pools contain?
With respect to Bungee Bridge Protection, the underwriting pool contains USDC tokens on Polygon, Arbitrum and Optimism chain. - What assets are covered by Bungee Bridge Protection?
Currently Bungee Bridge Protection supports USDC to USDC transfers made through Multichain & Hop on Polygon, Arbitrum & Optimism. - What if the Liquidity pool runs out of liquidity on some chain?Underwriting pools are refilled automatically, as bridging transactions complete. Bungee UI will also clearly show available amounts that can be protected based on the underwriting pool size.
- In cases where the route estimates 30+ minutes, When will I get my funds?
Bungee Bridge Protection guarantees funds within 30 mins, irrespective of the estimated bridging time; user funds are always delivered within 30 mins. - What do I do If my funds haven’t arrived?
The resolution process is automatic and on-chain, no requirement to fill any forms. If you still are facing any issue feel free to open a ticket here: https://socketdottech.zendesk.com/hc/en-us - What happens if the underlying bridge gets compromised?
In the scenarios where the underlying bridge gets hacked or is compromised, Bridge Protection steps in & covers for the missing funds by sending quoted funds from the underwriting pool to the user. - When can users rely on underlying bridge-security in happy-case?
Once this is out of beta and we understand user behaviour, funds would be bridged to user specific smart-wallets to make this fully non-custodial and users can be as secure as underlying-bridge in happy case and only need BP in worst case.
About RiskHarbor
RiskHarbor is the world’s leading risk management marketplace for digital assets that pioneered a completely automated, transparent, and impartial invariant detection mechanism to secure users against digital asset risks, hacks, and attacks.
Join our Discord community and help secure the broader crypto ecosystem with us!
