Nexus Mutual Newsletter | 12 January 2023
This newsletter is brought to you by the DAO Community team. Stay up-to-date on the latest news and updates from the Nexus Mutual community.
Nexus Mutual V2 Timelines
The wait is nearly over—Nexus Mutual V2 is just around the corner. The upgraded version of the protocol brings improvements to the cover, staking, and claims experience.
The Nexus Mutual V2 rollout will begin in the first week of February!
Get ready for the premier on-chain risk marketplace 🙌
With the V2 protocol, Nexus Mutual can begin underwriting new kinds of risk, act as an infrastructure layer for risk experts, allow other protocols and projects to integrate native coverage into their user interface, and provide members with flexible cover that can be updated.
The Foundation and DAO teams are all focused on V2 this month. Look out for additional announcements throughout the month of January.
V2-related releases in January
The website and brand are evolving alongside the protocol.
The DAO marketing and community teams will launch Nexus Mutual’s updated branding, which includes a new logo, new colors and typography, and brand guidelines.
In addition, these teams will be launching the new nexusmutual.io website, where V2 is showcased. This website will serve as a portal to the Nexus Mutual user interface, information about V2, documentation, social channels, and more.
Nexus Mutual V2 | Special editions of the newsletter
Over the next several weeks, we’ll highlight the newest features in the newsletter ahead of the V2 rollout.
The schedule for the features we plan to review is as follows:
Tokenized cover | 19 January issue of the newsletter
Staking | 26 January issue of the newsletter
Claim assessment | 2 February issue of the newsletter
Don’t forget to be on the lookout for Nexus Mutual newsletter’s next issues to prepare for V2!
FTX claims: verifying loss amounts ahead of claims filing on 6 February 2023
Members who did not previously download their account statements or take screenshots of their account balance can contact Kroll Restructuring Administration LLC through their Contact Us page.
In your request, you should ask for:
Confirmation that you had an account with either FTX International or FTX US; and
A record of the value of the assets (or what assets were) held in your account when withdrawals were halted.
It’s recommended that you contract Kroll as soon as possible if you were affected but do not have any proof of loss documentation.
See the announcement for more details and resources.
Upcoming claim events in February: FTX, BlockFi, and Gemini Earn Reminders
If withdrawals are still halted for the following custodians once the 90-day period passes, then claims can be filed for halted withdrawals on:
FTX International starting on Monday, 6 February 2023 at at 10:54pm UTC
BlockFi starting on Thursday, 9 February 2023 at 1:16am UTC
FTX US starting on Thursday, 9 February 2023 at 5:00pm UTC
Gemini Earn starting on Tuesday, 14 February 2023 at1:32pm UTC
Only Gemini’s Earn program was impacted by halted withdrawals. The Gemini exchange is operating as usual per their recent announcement.
Two weeks ahead of each claim filing start date, we’ll be providing more specific information on how to prepare. Next week, we’ll share information on off-chain verification for members planning to file a custody cover claim.
Members discussing a potential wNXM buyback
Recently, Butter started a discussion about a wNXM buyback on the Nexus Mutual governance forum.
Members have been discussing the pros and cons of a potential buyback and how it would impact the Nexus Mutual V2 release and the tokenomics revamp project.
The different levels of the discussion may be summarized as follows:
Should a buyback be executed?
If so, how much capital allocated?
If so, how should execution be handled?
Does this impact the tokenomics revamp project?
The foremost requirements, as discussed within the community until now, may be listed as follows:
Engineering resources
Portion of the capital pool
Priority over other development tasks (i.e., V2 rollout, new tokenomics)
Management of execution
Members are welcome review and join the discussion here.
M11 Credit wETH pool: updates and status reports
Recently, members had signaled support for the DAO Investment Team to manage the withdrawal and exit from the M11 Credit wETH pool.
As of 23 December 2022, the DAO investment team shared that withdrawing funds at this time would incur a penalty of 51.56%. The investment team has indicated that remaining in the pool and continuing to develop a workout plan is the best course of action to secure the highest recovery possible from the pool. The team also shared that the expected recovery rate for Auros loans remain high.
The investment team is expecting more information in the next week. Once the have that information, the investment team will share an update in the forum thread.
Community Call on 10 January
Nexus Mutual Discord, Community Calls Voice Channel
On this week’s community call, I reviewed the community highlights and the Foundation update for the week since Hugh could not join. I read through Hugh’s notes, where he shared:
Preparations are being made for the V2 launch and everything is coming together nicely.
The engineering team is focused on the staking UI and migration this week, which includes migration for Armor, iTrust and Bright Union.
All teams are heads down, working hard to ready for the launch in early February. Anything that isn’t related to the launch is being deprioritized in the short-term.
More broadly, Hugh had noted that:
The directors and officers (D&O) coverage product is under development and will be a focus after V2 is launched.
Capital in traditional insurance markets is in short supply, and there’s been a significant interest in sourcing capital from crypto providers. The mutual is in a great position on this front.
This will be explored over time, and it’s a macro dynamic we’re well placed to execute on.
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.
The Last Week in Review | 2–8 January 2023
In the last week, the mutual sold $20.1m USD worth of cover and earned $70k USD in fees, as outlined below.
Active Cover as of 9 January 2023
Total active cover stands at $152.1m | 115,292.53 ETH with active coverage by cover type as follows.
You can review total active cover and active cover by cover product on the Nexus Tracker.
Up Next
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 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.
Nexus Mutual’s community is most active on Discord. You may reach our team with any questions through LinkedIn and Discord.