Nexus Mutual - Cover Sales, Operation Wartortle and Protected Yield Opportunities
Happy New Year, Nexus Mutants 🐢
This year, members can look forward to the proposed next phase of Operation Wartortle, the launch of Nexus V2, and the listing on in-demand protocols to give members more options when protecting their productive crypto assets in DeFi, CeFi, and everything in between.
Operation Wartortle AMAs
The Operation Wartortle Next Steps: Draft Execution Proposal is live on the forum and available for members to review. Since this proposed next step would change the underlying legal structure and begin the process of transitioning to a stateless DAO, we want to ensure all members have an opportunity to review the proposal and have ample time to ask questions or comment on the next step in the process.
Time will be reserved on Mutant Meetup calls in coming weeks for questions or comments, and we will also be hosting Operation Wartortle AMAs on Discord Stages every Thursday in January at 10am EST (3pm UTC).
Our first AMA was held on Thursday (13 Jan) and the next AMA will be held on Thursday (20 Jan) on Discord Stages. We’ll share an announcement with the stages link on Monday (17 Jan). The schedule for our AMAs is above. We hope that members will take the time to read the forum post and ask any questions they may have, as this is a big step for Nexus Mutual. We look forward to hearing our community’s questions and comments!
Cover Sales (1–9 Jan)
Open Position: Community Support Manager
Calling all Nexus Mutants! Nexus Mutual is the global market leader of decentralised insurance, building an on-chain market for risks in both DeFi and CeFi. We're looking for a Community Support Manager to help us answer questions, moderate and engage with our community on Discord, Telegram, Twitter and Reddit.
Responsibilities
Answer community questions on all platforms using pre-defined answers written in collaboration with our Core Team whenever possible.
Keep our community engaged with weekly team updates, advice on when support will be available.
Disseminate and respond to questions about our regular newsletter.
Direct users to helpful, trustworthy resources from Nexus and the wider ecosystem.
Provide feedback to the Core Team and Mutant Marketing Lead on the most frequently asked questions, common issues and themes.
Report user feedback to the Core Team and identify product improvements based on user feedback.
The ideal candidate
Fluent in English.
Excellent written communication skills.
Interested in crypto (has a wallet, has used DApps, understands what a DAO is).
Understands the DeFi landscape, including the bigger protocols such as Yearn, Curve, Convex, etc.
Member of Nexus Mutual, with a good understanding of the product.
Has used a hardware & software wallet.
Experience working with Discord bots.
Experience working in a remote-first team.
What we expect
15-20 hours per week with a flexible schedule, to be determined depending on time zone.
Excellent communication.
Commitment to remote-first working environment.
What you’ll get
Payment in crypto (NXM, wNXM, USDC, ETH).
Generous holiday allowance.
If you are excited about Nexus Mutual and you think you would be a good fit to join our growing team please [schedule a chat with Kayleigh: https://calendly.com/nexus-mutual-/30min
Yield Token Cover
In the last week, we saw increased demand for Convex mimCrv Yield Token Cover policies with one massive $10m cover buy!
This member covered their Convex mimCrv interest-bearing tokens w/ full-stack protection, so they can earn 17.83% vAPR on their crypto w/o worrying that a de-peg event will result in a major loss.
Let's talk about how Yield Token Cover works.
Yield Token Cover protects members against de-peg events, which can be caused by an exploit, oracle failure, economic design failure, etc., or a de-peg of the underlying tokens.
In the case of Convex mimCrv, a MIM, USDC, or USDT de-peg event would be covered.
You can think of Yield Token Cover as a bundled product that protects against risk in multiple smart contract systems + underlying de-peg events.
Any event that results in a de-peg of the interest-bearing token by 10%+ is covered.
The mutual defines a de-peg event as any case where the interest-bearing token trades at a 10% or greater discount to face value.
When the market value differs from the face value (expected value, or what the tokens should be worth) by 10% or more for 4+ hrs, a de-peg occurs.
The interest-bearing token can de-peg if: One of the underlying smart contracts is exploited and the tokens are now under-collateralised (i.e., you can't withdraw the full amount); or
The underlying tokens de-peg
Yield Token Cover (YTC) is the ideal cover product for DeFi users who want affordable, comprehensive coverage in one bundled product w/ de-peg protection.
Users can review our YTC products in the dApp: https://app.nexusmutual.io/cover
Learn more in our docs: https://nexusmutual.gitbook.io/docs/users/types-of-cover/full-stack-coverage-with-yield-token-cover
Protected Yield Opportunity: mStable
BraveNewDeFi shared a Tweet highlight the yield opportunities on stablecoins in mStable Save. Each week, BraveNewDeFi shares opportunities for members to use the power of Nexus coverage to earn in DeFi while protecting your assets against smart contract and technical risk.
Mutant Meetup
If you couldn’t join us on this week’s call, the recording is now available for review: https://www.loom.com/share/6d806ab5b1514a02924763a4c1d19820
Join us on Tuesday (18 Jan) at 10am EST (3pm UTC) for our next Mutant Meetup call. Every Tuesday, we share updates and provide members with a forum to discuss all things Nexus Mutual. Any new or protective members can join and ask questions to learn more about the mutual.