Nexus Mutual Newsletter | 12 February 2022
We hope all of our Nexus Mutants had a great week. In this week’s newsletter, we share updates on Operation Wartortle, goverance proposals on the forum, live Snapshot votes, Nexus Mutual at ETH Denver and much more.
Notice of General Meeting
Nexus Mutual Ltd. (“the Company”) is providing advance notice to members that a general meeting will be held on February 17th 12:00PM UTC to February 21th 12:00PM UTC, 2022, via Google Meet.
Meeting details and instructions are as follows:
Nexus Mutual Ltd General Meeting
17 – 21 February 2022
Google Meet joining info
Video call link: https://meet.google.com/kkv-ckzg-gcz
Or dial: (GB) +44 20 3957 0193
PIN: 630 596 060#
More phone numbers: https://tel.meet/kkv-ckzg-gcz?pin=4066000601856
This notice is given at least 14 days prior to the general meeting, in a manner allowed by the Company’s articles. Furthermore, the meeting will be held in a manner allowed by the Company’s articles.
Members can review the two documents linked below for the full details.
Notice of General Meeting: https://nexusmutual.io/pages/Nexus-Mutual-Notice-of-General-Meeting-17-Feb-2022.pdf
Special Resolution: https://nexusmutual.io/pages/Nexus-Mutual-Special-Resolution-17-Feb-2022.pdf
For more information, members can review the Notice of General Meeting: Operation Wartortle post on the Nexus Mutual forum.
Last Week in Cover Buys (31 Jan–6 Feb 2022)
Forum Proposals
There are several governance proposals live on the Nexus forum along with some community-driven discussion. Below is an overview of those proposals:
Mutant Marketing: 2022 Roadmap + 6-month Budget Request
Mutant Marketing’s 6-month budget and strategy proposal is detailed on the forum with a performance review over the last operational quarter. After the budget surplus from the previous two operational quarters is applied, Mutant Marketing is requesting 704 NXM and $233,980 to fund the next six (6) months of operations.
Members can review the forum proposal for more information—Mutant Marketing: 2022 Roadmap
Members can review the proposal and cast their vote on Snapshot—Approve Mutant Marketing's 6-month budget request?
This proposal has transitioned to a Snapshot vote, which will be open for voting until Monday (14 Feb) at 3:00pm EST / 8:00pm UTC.
Allocate up to 70,000 wNXM from the Community Fund to the wNXM Bancor pool
Bancor's Tiago Silva created a proposal to allocate up to 70,000 wNXM from the Community Fund and deposit wNXM into Bancor's single-sided wNXM pool. This would allow wNXM from the Community Fund to earn yield and deepen liquidity for wNXM in DeFi.
This proposal was posted on the forum on 2 Feb 2022—Allocate up to 70,000 wNXM from the Community Fund to the wNXM Bancor pool
Members can review the proposal and cast their vote on Snapshot—Should we allocate up to 70,000 wNXM from the Community Fund to the wNXM Bancor pool?
Members can vote on this proposal from Thursday (10 Feb) at 1:45pm EST / 6:45pm UTC to Thursday (17 Feb) at 1:45pm EST / 6:45pm UTC.
Bancor’s Mark Richardson joined us on this week’s Mutant Meetup call to discuss this proposal as well. Members can listen to this week’s Mutant Meetup recording to hear Mark’s analysis of Bancor’s proposal.
BraveNewDeFi also joined the Bancor community on a Twitter Spaces event on Sunday (6 Feb) to talk about Nexus, Bancor, and the proposal. Members can listen to the recording here:
Proposal: MEV protected swaps
The BootNode team has requested a grant of 16,800 USDC and 2,300 wNXM to build an alternative/replacement for the current ETH / Token swap mechanism currently used in Nexus Mutual that will enable swapping arbitrary ERC20 pairs using Gnosis Protocol (CowSwap) to avoid sandwich attacks and other forms of MEV.
MEV protected swaps could benefit the mutual in the following scenarios:
If the protocol needs to make a relatively large claim payment/s in DAI then material amounts of ETH need to be swapped for DAI, at the moment the protocol would conduct this via Uniswap V2 only which doesn’t make use of the wider DEX liquidity.
If the protocol wishes to swap assets for investments purposes, e.g. to sell stETH, then the same issues arise with the main difference being the time-sensitivity is likely much less than obtaining funds for claim payments.
Existing asset swaps are quite highly exposed to MEV, in particular, sandwich attacks.
This proposal was posted on the forum on 3 Feb 2022—Proposal: MEV protected swaps
Members can review the proposal and cast their vote on Snapshot—Should we give BootNode a grant to build MEV protected swaps for the mutual?
Members can vote on this proposal from Thursday (10 Feb) at 1:45pm EST / 6:45pm UTC to Thursday (17 Feb) at 1:45pm EST / 6:45pm UTC.
Exploring Nexus Tokenomics/Bonding Curve Redesign
Vincent started a discussion centered around an exploratory redesign of the Nexus tokenomics and bonding curve. The forum post outlines a way to get subject matter experts within DeFi to review, evaluate, and offer potential changes to NXM tokenomics and the bonding curve design.
Hugh commented and outlined the objectives he believes we should be aiming for:
Attract capital when the mutual needs it because it’s either under capitalised, eg due to claims, or to fuel cover growth.
Get excess capital back to members when it’s not required.
Avoid situations where the mutual can be arbed against.
This discussion is ongoing on the Nexus forum. If you have tokenomics expertise or ideas on how the mutual can redesign the existing tokenomics, jump on the forum on share your thoughts!
Members can review the forum post for more information—Exploring Nexus Tokenomics/Bonding Curve Redesign
Options for using wNXM from Operation TM-12
The Investment Hub has provided several options for how the wNXM purchased duing the buyback could be used to create more value for the mutual. Members can review, evalutate, and discuss the options outlined in the Options for using wNXM from Operation TM-12 forum post.
Valentine’s Day Twitter Spaces Event with mStable
On Monday (14 Feb), we will be joined on Twitter Spaces by the folks at mStable to talk about our partnership, the Nexus Embassy Programme, and how our two protocols are onboarding more risk averse users into DeFi.
We’ve also created a POAP to celebrate our partnership with mStable. We both love onboarding more capital on-chain, so we’ve got a Valentine’s treat for those who tune into our Spaces event: https://twitter.com/i/spaces/1OwGWzvwXRNKQ
Nexus Mutual: PlannerDAO’s first collaborative guest at The Crossroads Conference
We’re excited to announce that Nexus Mutual will be attending The Crossroads Conference in April 2022! Hugh Karp and I (BraveNewDeFi) will both be speaking at The Crossroads Conference.
PlannerDAO is a decentralized movement owned by financial planners. Their mission is to democratize access to wealth building strategies around the globe. They bring a diverse set of talents, skills, and experiences, which they use to promote economic sovereignty for all individuals. At present, PlannerDAO has more than 700 members. Of those members, more than 200 are Certified Digital Asset Advisors.
Members of the mutual previously approved a grant to help PlannerDAO build their Financial Advisor DeFi Toolkit. We look forward to working closely with the members of PlannerDAO, as they help onboard more capital into DeFi.
Members can learn more about PlannerDAO and the Crossroads conference by visting the following links:
Nexus Mutual at ETH Denver
Dopeee (Jack) and I ,BraveNewDeFi (Lee), will be heading to ETH Denver on 18 February. The two of us are excited to talk with DeFi big brains in Denver. If your team is interested in meeting with us, reach out to me, BraveNewDeFi, on Twitter.
We’re always happy to meet with fellow Nexus Mutants as well! Reach out if you’d like to meetup between 18-20 February.
Mutant Meetup Recording
Members who couldn’t make it to this week’s Mutant Meetup call can review the recording here.
Cover Buy of the Week: Gnosis Safe
Weekly Close
In this next week, we’ll be hosting:
A Twitter Spaces event with mStable on Monday (14 February) at 10am EST / 3pm UTC. Members can find the event reminder here.
Our Mutant Meetup call on Tuesday (15 February) at 10am EST / 3pm UTC on Discord in the Community Calls Voice channel.
You can follow the Nexus Mutual Twitter account for regular updates and communication from the mutual, and you can follow the Nexus Mutual Bot Twitter account to stay up to date on cover buys as they happen.
Have a great weekend and week ahead 🐢