Updates to the Buy Cover Page in the Nexus Mutual UI
On April 8, the Nexus Mutual user interface underwent a significant update. This revamp, a collaborative effort between the Foundation Engineering team and Ultim Studio, introduced a new and improved layout for product browsing and cover purchasing.
Additionally, we are implementing new measures to improve user experience, including a cover expiration notification system that will be introduced in phases. Following the recent update, members whose coverages are approaching expiration will receive email alerts seven days prior to their cover expiring.
👉 To learn more about the update, visit the Nexus Mutual Blog. If you have any feedback or encounter any problems while using the new UI, please contact the DAO Community team on Discord or use the Contact Form on the Nexus Mutual website.
New: Bundled Protocol Cover
In March, the Mutual launched Bundled Protocol Cover. With Bundled Protocol Cover you can purchase 1 Cover NFT to protect against smart contract risk across multiple protocols.
In total, there are 16 different Bundled Protocol Covers listed on Nexus Mutual:
👉 If there’s a Bundled Protocol Cover listing you’d like to see added, reach out to us on Discord or send us a message through the Contact Form with your request for our Product & Risk Team to evaluate.
New Listings
This month, we added four (4) new Protocol Cover listings to Nexus Mutual to make sure our members stay safe wherever they are farming in DeFi:
Notional v3: With Notional v3, users can lend and borrow at fixed or variable rates as well as use Notional v3’s leverage vaults to farm yields.
Fraxlend: Fraxlend is a lending market, where users can borrow or lend $FRAX to take part in the Frax Finance ecosystem.
wstETH/USDC Market Morpho Blue: Morpho Blue is a permissionless lending market created to bring new levels of flexibility to decentralized lending. Users lending or borrowing in the wstETH/USDC market on Morpho Blue can buy Protocol Cover to protect their assets.
Arcadia: Arcadia is an AI-powered yield optimization protocol active in the Base ecosystem. On Arcadia, users can choose from different yield-earning strategies for their assets on Base and start earning yield with a one-click transaction.
Governance Updates
In the last two weeks, the Nexus Mutual governance forum has seen several important proposals come up for discussion. Here’s a quick overview of the current proposals in the Request for Comment phase.
[RFC]: Add USDC as an asset within the Capital Pool. BraveNewDeFi has proposed that members vote to whitelist USDC as an asset within the Capital Pool to allow the Mutual to sell USDC-denominated cover.
[RFC]: Fund, Launch the Nexus Mutual Grants & Accelerator Program. BraveNewDeFi and Dopeee are proposing that members vote to launch the Nexus Mutual Grants & Accelerator Program, which would provide clear calls to action to fund one-off projects and emerging risk businesses with the capital they need to build on top of Nexus Mutual. They have proposed an intial funding request of $3m for an 18-month period for this program. The goal of this initiative is to massively scale cover sales and fees.
[RFC]: Creating The Nexus Mutual Community Staking Pool. On behalf of the DAO teams, BraveNewDeFi has proposed that members vote to create the Nexus Mutual Community Staking Pool, where the 57,607 NXM can be staked and used to open Protocol Cover and Bundled Protocol Cover capacity. More capacity can help the Mutual achieve our current goal of scaling cover sales. This proposal is an update on the previous vote in 2022, where members voted to allocate NXM acquired after TM-12 to stake within the Mutual.
[RFC] Grant to help scale Layer 2 cover purchases via OpenCover. Jeremiah of OpenCover has requested a grant for 230 NXM to help OpenCover scale cover buys and offset L1 gas costs. To date, they’ve sold over 500 covers on L2 totaling $4,158,304 in protection which generated $27,799 in premiums for the mutual with a net increase in sales in the last 3 months. Their model is based on socializing gas costs across users by bundling purchases on L2 into a single aggregate cover on L1 and purchasing L1 cover at off-peak times to further minimize L1 gas costs.
Be sure to review all of these important proposals and share your feedback before they transition to the next stage in governance! Keep track of these proposals using the Governance Calendar on the Nexus Mutual DAO website.
First Quarter (Q1) 2024 Insights, Presented by the DAO Community Team
Recently, we published the Q1 2024 Insights Report on the governance forum. The report includes a summary of the Mutual’s achievements in Q1 drawing on analyses from the Nexus Mutual DAO Dune Dashboards.
In Q1 2024, the Mutual has seen significant growth across cover sold, cover fees earned, and DAO commissions. Readers can find more information about the Mutual’s growth and overall performance within the past quarter and learn more about our future plans to accelerate our growth in the Q1 Insights Report.
We are beyond excited to highlight the Mutual’s impressive growth and celebrate with our members!
DAO Website 2.0 is live!
The DAO Community team is thrilled to present the updated DAO website ✨
With the new content, our goal is to provide current and prospective members with key information about our protocol, DAO, and ecosystem. We cover how to become a member, how to get involved within the DAO, how to review the Mutual’s KPIs, and more. With this update, we are improving transparency within the DAO and providing members with more details about the current team members and active governance discussions.
The website is a work-in-progress. Over the next quarter, we'll add more pages focused on how to participate as a staking pool manager; how to integrate with the Mutual; and how to stay safe in DeFi. We’ll also be adding guides, videos, and more resources for members.
👉 If you have any feedback around the website or other types of content you’d like to see added to the site, please let us know on Discord!
From the Ecosystem: OpenCover Updates
OpenCover, a coverage platform built on top of Nexus Mutual, is broadening the availability of Protocol Cover on L2s such as Base, Arbitrum, and Optimism. With OpenCover, users have the option to purchase the same extensive Protocol Cover on these L2s, benefiting from reduced gas fees and bypassing the need for KYC.
OpenCover Selected to Join Lloyd’s of London’s Lab Cohort 12 Lloyd’s Lab is an InsurTech accelerator programme organized by Lloyds of London, one of the world’s leading insurance marketplaces for commercial, corporate and specialty risk solutions.
Through the program, OpenCover will receive support to develop and market new cover product ideas as part of the 12th cohort of program participants. This cohort focuses on building new products, data, models and processes, as well as on building resilience.
To learn more about the program and OpenCover’s participation, visit the Lloyd’s Lab website.
OpenCover expands to Polygon PoS
Last week, OpenCover announced they were launching on Polygon PoS. DeFi users can now buy Protocol Cover on Polygon through OpenCover. This is the fourth chain they’ve launched on and now, OpenCover is active on Arbitrum, Base, Optimism, and Polygon.
Thanks for reading, and see you around! 🐢
We look forward to seeing you at our next Community Call on 23 April on X. If you have any questions, reach out to us on the Nexus Mutual Discord.
Resources
You can find the latest updates from the Nexus Mutual community below:
Nexus Mutual is fully transparent. You can verify the information within this newsletter and learn more about the mutual through the resources below: