Nexus Mutual Newsletter | 10 August 2022
This newsletter is brought to you by the Nexus Communications team. Stay up-to-date on the latest news and updates from the Nexus Mutual community.
Weekly Highlights
Hodlnaut halted withdrawals on 8 August
On 8 August at 10:09am UTC, Hodlnaut announced that withdrawals were paused until further notice. Section 1.2 of the Custody Cover wording states that the cover protects against instances where “...withdrawals are prevented for a continuous period of 90 days or more where withdrawals were first halted during the Cover Period.”
With Custody Cover, members can start filing claims if withdrawals remain halted for a continuous period of more than 90 days. Members who held active Hodlnaut Custody Cover when the Hodlnaut announcement was first made will be able to file claims starting 7 November 2022.
For more information on Custody Cover, please review the Nexus Docs and the Custody Cover Wording.
Celsius halted withdrawals (as of 13 June)
We’d like to take this opportunity to remind all members affected from the Celsius’ announcement on 13 June 2022 at 3:10am UTC that withdrawals were being halted until further notice: members who held an active Celsius Custody Cover when the Celsius announcement was first made will be able to file claims starting 12 September 2022.
Bancor V3 claim filed—Claim 120 open for Claims Assessors to review
A Bancor V3 Protocol Cover claim has been filed for 20 ETH. Members can review Claim 120 in the Nexus Mutual dApp and discuss this claim in the Claims Discussions channel on Discord.
The member who filed this claim provided proof of loss and cited economic design failure in their claim submission. Claims Assessors can refer to the Protocol Cover wording to inform their discussion regarding the Bancor V3 claim.
To learn more about the Claims Assessment process, you can review the entry in the Nexus Mutual docs.
Community Call on 9 August
Nexus Mutual Discord, Community Calls Voice Channel
This week’s Community Call started with Lee / BraveNewDeFi summarizing the most recent market happenings with Holdnaut, and he provided an overview of active cover for Hodlnaut and the 90-day period that needs to pass before claims can be filed.
He also reviewed Claim 120, which has been filed for Bancor V3. In addition to the incident details underlined within the claim, members can refer to this tweet by the Bancor team to further understand the incident.
Members can learn more about the Claims Assessment voting process by reviewing the Nexus Mutual docs.
Lee followed up with the core team update, as Hugh is on vacation and was unable to attend the call this week. The engineering team tested and had the the Enzyme integration audited, so Proposal 172 was put on-chain for voting on Monday. If Proposal 172 is approved, the mutual will allocate 15,348 ETH into Maven 11’s wETH lending pool on Maple Finance via the Enzyme integration. In addition, V2 developments are ongoing; mainly with testing and UI work. Interviews to expand the engineering team are also ongoing. For V2, the team is also working with technical writers to prepare the developer documentation. Nexus Communications is working on an overhaul of the Nexus Mutual website, creating user-facing Nexus V2 documentation, and a video series highlighting the features and benefits included in Nexus V2.
If you couldn’t join us on the call this week, you can listen to this week’s community call recording on the Nexus Mutual YouTube channel.
Governance Proposals
The following Snapshot proposals passed last week:
There is one active on-chain vote and one temperature check on Snapshot this week. Both are outlined below.
Proposal 172: Capital Pool Investment into Maple Finance via Enzyme
There is an active on-chain vote, which proposes an allocation of 15,348 ETH into Maven 11’s wETH lending pool on Maple Finance via the mutual’s audited Enzyme integration.
This proposal will be open for voting until Thursday, 11 August 2022 at 12pm EST / 4pm UTC.
You can vote on Proposal 172 in the Nexus dApp, and you can review the forum proposal that was originally posted on 4 May 2022.
Be sure to review and vote!
To learn more about the on-chain voting process, you can read the Governance entry in the Nexus Mutual docs.
Temperature Check: Should we grant a 3rd party the ability to sell our PoW ETH on a CEX post-merge?
Gauthier has posted a temperature check on Snapshot regarding the discussion about the ETH PoW fork, ETH assets on the forked chain, and the proposal to have a plan prepared to capture value after the merge happens.
This temperature check will be open for voting until Friday, 12 August 2022, at 4pm EST / 8pm UTC.
This vote is only to gauge community sentiment about pursuing this plan of action, as outlined on the forum.
Process
Signaling Vote (this vote)
Discussion around a finalized plan on the forum
Formal on-chain governance for approval and execution after the merge
The Last Week in Review | 1–7 August 2022
In the last week, the mutual sold $22.9m USD worth of cover and earned $57k USD in premiums, as outlined below.
Active Cover as of 8 August 2022
Total active cover stands at $244.5m USD with active coverage by cover type as follows.
You can review total active cover and active cover by platform on the Nexus Tracker platform.
Up Next
Join us on next week’s Mutant Meetup call in Discord at 9am EST / 1pm UTC to stay up-to-date on all things Nexus Mutual.
Don’t forget to follow the Nexus Mutual Twitter account for regular updates and communication from the mutual. You can follow the Nexus Mutual Bot Twitter account to stay up to date on cover buys as they happen.
Have a great rest of the week 🐢
Resources
Nexus Mutual is fully transparent. You can verify the information within this newsletter and learn more about the mutual through the resources below.