Nexus Mutual Newsletter | 19 January 2023
This newsletter is brought to you by the Nexus Community team. Stay up-to-date on the latest news and updates from the Nexus Mutual community.
Nexus Mutual V2 Special Edition
With Nexus Mutual V2 set to launch in the first week of February, we will be highlighting the new features coming with V2.
This week, we will review tokenized cover!
Tokenized cover features
With tokenized cover, members can renew their existing cover, file partial claims, and transfer their cover to a non-member address. Cover NFTs allow for features that were previously unavailable.
Flexible Cover. The days of buying multiple covers to protect your entire deposit or renew your cover are coming to an end. When you buy a cover in V2, you will be able to update your cover to adjust your total cover amount and/or adjust the length of your cover. You can extend your cover before your protection is set to expire to ensure you have protection for as long as you need it.
Multi-Event Protection. Your cover can protect you against multiple loss events now that partial claims can be filed. If you suffer a loss less than your total covered amount, you can file a claim for the actual loss, receive a payout, and keep your cover for the remaining amount until your cover period ends.
Transferable Cover. With tokenized cover, you can decide with which address you would like to custody your cover. You will still need to file a claim with your whitelisted membership address, but you can hold your cover NFT in another address, if you’d like. Because cover is transferable, you can switch your membership address and transfer your active cover to the new address without waiting for your cover to expire. Enjoy greater optionality when self-custodying your cover!
Upcoming feature spotlights
In the next two issues of the newsletter, I will highlight the new staking features and the new claims assessment features.
Staking | 26 January issue of the newsletter
Claim assessment | 2 February issue of the newsletter
Be on the lookout for the next issues of the Nexus Mutual newsletter to prepare for V2!
Dune Dashboards → Tracking key metrics in V2
Claudio, Rei, and Guy, our Dune Wizard, have been building Dune dashboards that will track key KPIs and metrics across the V1 and V2 smart contracts. When Nexus Mutual V2 launches, the current Nexus Tracker won’t track the latest information, as it pulls data from the V1 contracts.
To solve that problem, the Marketing and proposed R&D team are building Dune dashboards to track metrics across capital pool holdings, membership rates, historical and active cover, historical claims, and NXM staking.
The teams working on the dashboards have made great progress. These dashboards will be under development for a brief while after V2 launches in early February. Look for further updates in future issues of the newsletter.
Preparing for upcoming Custody Cover claim events in February
If you held active Custody Cover for any of the custodians below at the time withdrawals were halted, you can begin preparing for claims filing, which starts on the following dates:
FTX International | Claims filing starts on Monday, 6 February 2023 at at 10:54pm UTC
BlockFi | Claims filing starts on Thursday, 9 February 2023 at 1:16am UTC
FTX US | Claims filing starts on Thursday, 9 February 2023 at 5:00pm UTC
Gemini Earn | Claims filing starts on Tuesday, 14 February 2023 at 1:32pm UTC
Verifying custodial account ownership ahead of claims filing
If you plan to file a Custody Cover claim in February, you will need to verify that you own the account associated with your upcoming claim.
The verification process will be conducted off-chain: you will send your uncensored account statements and any other supporting evidence (e.g., support emails with your name, withdrawal requests confirmed by email, etc.) or, if you’re filing a claim for FTX International or FTX US and need to confirm proof of loss evidence, the correspondence you receive from Kroll to claims@nexusmutual.io.
This information will not be made public and will be used only to compare that the owner of the custodial account is the same individual/entity that is KYC’d as a Nexus Mutual member.
Once this has been completed, the Account Ownership Verified column in the Google Sheet that tracks claims for each event will be updated to a Yes for verified accounts.
You can verify ownership of your custodial account at any time ahead of claims filing in February. See the announcement for full details.
Proof of loss
Members who file Custody Cover claims must provide off-chain proof of loss, so claims assessors can verify the loss amount for each claim.
Examples of Custody Cover proof of loss include: custodial account statements and/or transaction history; screenshots of account balances; emails noting requests for withdrawals; and other evidence that verifies your current custodial account holdings.
FTX claims: verifying loss amounts ahead of claims filing on 6 February 2023
Because the FTX websites went offline shortly after withdrawals were halted, some members were not able to download and/or document their proof of loss. This is required for a successful claim.
If you did not previously download your account statements or take screenshots of your account balance, you can contact Kroll Restructuring Administration LLC through their Contact Us page. You can also call the Kroll hotline to inquire about the status of your request, as well.
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 full details.
Next week, I will share more information on how to prepare for FTX claims filing. This will give members roughly two weeks to prepare ahead of claims filing.
Governance Highlight
The Q1 & Q2 2023 DAO team funding proposal
The funding for the existing DAO teams is coming to an end for this current six-month period.
The newest funding proposal is live on the forum, which includes a detailed breakdown of purpose, priorities, ongoing responsibilities, team members, and six-month budget request.
The proposal consists of two posts:
Q1 & Q2 2023 | DAO Teams Budget Request Proposal. A high-level overview of each team, their purpose, how they align with the DAO values and mission, and the proposed team leads.
Q1 & Q2 2023 | Proposed Teams, Priorities, and 6-month Budget Breakdown. A deep dive into each team’s priorities, proposed team, and budget request. In addition, existing teams have provided a review of their Q3 & Q4 performance.
You can review, comment, and discuss this proposal from 16–26 January. Anyone who wants to discuss this proposal on Discord can comment in the Q1 & Q2 2023 | DAO Team Funding Proposal discussion in the dao-forum section.
If no substantial comments are received, this funding proposal will transition to a Snapshot vote, which will open on 27 January and will close on 3 February.
The proposed DAO teams look forward to your review and comments!
The Last Week in Review | 9–15 January 2023
In the last week, the mutual sold $40.4m USD worth of cover and earned $162k USD in fees, as outlined below.
Active Cover as of 16 January 2023
Total active cover stands at $185m | 119,897.02 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 our next bi-weekly community call on Tuesday (24 January) at 9am EST / 2pm UTC in the Nexus Mutual Discord!
Over the next two weeks, we will highlight the following V2 features:
Staking | 26 January issue of the newsletter
Claim assessment | 2 February issue of the newsletter
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.