Nexus Mutual Newsletter | 15 December 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.
Highlights
Next Steps: Withdrawing funds from M11 Credit’s wETH lending pool on Maple Finance v2
When Maple Finance migrated to v2, the mutual's previous withdrawal that was initiated last week has been reset and a new withdrawal request has been initatied, which would allow members to withdraw any available capital during the withdrawal window from Wednesday, 21 December, to Friday, 23 December.
There are two important decisions for members to discuss:
Should the mutual continue to withdraw funds from the Maple/Maven 11 wETH pool with the aim to fully withdraw funds as they become available?
On the basis of a decision to fully withdraw, should the mutual delegate the process of withdrawing to the Nexus Investment team for execution, or should the muttual return to Snapshot votes for each individual decision?
Due to the constrained timeline, a Snapshot signalling vote willl take place next week, so members can signal their support for the best way forward while the withdrawal window is open between 21–23 December.
You can participate in this discussion:
On the Nexus Mutual governance forum—Next Steps: Withdrawing funds from M11 Credit’s wETH lending pool on Maple Finance v2
Independent Review of Nexus Tokenomics, Premiums, and Capital Pool Management
Member Ronan McGovern has posted a proposal on the Nexus Mutual governance forum to gauge members’ interest in a concise independent review of capital pool management, pricing, and tokenomics.
For each category, Ronan has posed a select few questions he could explore if members signalled support for him to conduct an independent review:
Capital pool management. Why is there such a mismatch between claims (75% DAI, 25% ETH) and protocol assets (mostly ETH denominated)? This seems to make Nexus a leveraged ETH bet.
Pricing. Why is there a floor of 2.6%? This seems to price out coverage of safer assets?
This proposal is open for review and discussion. You can review Ronan’s proposal and provide him with any feedback over the next week.
You can participate in this discussion:
New DAO forum channel in the Nexus Mutual Discord
To enable a more organized discussion related to all matters relevant to the Nexus Mutual DAO’s decision-making, we have introduced the new DAO forum channel in the Discord server. Members can now choose one of the following tags to post their message into:
Claims
Risk
Governance
Investments
Staking
Members discuss and make decisions critical to the mutual and many of those discussions happen in the Nexus Mutual Discord server. Discussions, such as those centering around claim events and protocol and DAO governance have taken place in dedicated Discord channels.
With the DAO forum channel, we hope that discussions will be easier to start, find, and engage in. If you have any questions or comments on this new channel, don’t hesitate to leave your feedback in the communications-general channel in the Nexus Mutual Discord.
FTX, BlockFi, and Gemini Earn Reminders
As a reminder: 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 Earnstarting 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.
If any updates on the status of these custodians changes, we will provide updates in the newsletter and across our social channels.
Nexus Mutual Community Call Schedule Reminder
We have been hosting our community calls on a bi-weekly basis for the last month.
The last Nexus Mutual community call of 2022 will take place on Tuesday (20 December) at 9am EST / 2pm UTC.
Please note that all Nexus Mutual teams will be on holiday break between 23 December to 2 January and community calls will be on hiatus until after the break.
The Last Week in Review | 5–11 December 2022
In the last week, the mutual sold $9.6m USD worth of cover and earned $22.6k USD in fees, as outlined below.
Active Cover as of 12 December 2022
Total active cover stands at $151m | 120,723.83 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
Join us on Tuesday (20 December) for our next community call at 9am EST / 2pm 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 weekend everyone 🐢
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.