Nexus Mutual Newsletter | 21 September 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.
Week in Summary
The mutual’s total active cover stands at $189,145,205 | 140,574 ETH. The first Celsius Custody Cover claim has been filed—members can stake NXM, discuss and review, and assess this claim. Read on for more details and updates!
Highlights
First Celsius Custody Cover Claim Filed
The first Celsius Custody Cover claim has been filed. Members can now stake NXM and assess Claim 122 on the Nexus Mutual dApp. You may find members discussing this claim in the ⚖claims-discussions channel on Discord.
If you also held an active Celsius Custody Cover when the custodian first announced withdrawals were halted, you can now file your claim. You may refer to the following Google Doc for information about active Celsius Custody Covers as of 13 June 2022 at 2:10am UTC.
👉 We created a guide for the Celsius claim event, so you can prepare for claims filing—whether you hold cover and are planning on filing a claim or if you’re planning to participate as a Claims Assessor.
👉 You can review the mutual’s claims history in the Nexus Mutual documentation to learn about how previous claim events were handled by members.
👉 If you haven’t already, you may review the claims assessment section in the documentation to learn more about claims filing.
No Community Call this week
Please note that the Mutant Meetups are on hiatus this week. Our next community call will take place on Tuesday, 27 September.
Governance Proposals
ETH PoW | Proposal 180 accepted: Sell the mutual’s ETH PoW assets
In the last week, members voted on Proposal 180:
Approve sale of ETH PoW w/ funds used to buyback wNXM, send to Nexus Treasury
Do not approve sale of ETH PoW
This vote passed, and members have granted a trusted third party the ability to custody the ETH PoW funds and sell on a CEX that supports ETH PoW so long as the assets are worth at least $1m USD. Any funds that result from the sale of ETH PoW will be returned to the Nexus Treasury and used for a subsequent buy back of wNXM.
Community Grant Proposal: Nexus Covered Vaults (Development Phase)
Leo Lower has posted phase two of the grant proposal to develop an ERC-4626 compliant vault that would enable a vault to purchase Nexus Mutual coverage on behalf of all users. You can read the first proposal for more information: Proposal: Nexus Covered Vaults (Discovery Phase)
For the next phase of this grant, Leo has outlined the deliverables, timeline, and requested budget:
Deliverables: Open Source repository with all the code, scripts and documentation needed for deployment and configuration of new Nexus Covered Vaults; AND test code.
Timeline: This project should take between 8 and 11 weeks of work.
Budget request: 50,000 USDC paid in two installments; AND 1450 wNXM upon completion of this phase
The full details of the proposed phase two for this project and the timeline for the next phase can be found in the latest forum post: Nexus Covered Vaults (Development Phase)
This vote will transition to Snapshot on Monday, 26 September. Be sure to review, comment, and share any feedback you may have!
The Last Week in Review | 12-18 September 2022
In the last week, the mutual sold $13.1m USD worth of cover and earned $67k USD in premiums, as outlined below.
Active Cover as of 19 September 2022
Total active cover stands at $184m | 140,067.47 ETH 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
Please note that the Mutant Meetups are on hiatus this. Our next community call will take place on Tuesday, 27 September.
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.
Nexus Mutual’s community is most active on Discord. You may reach our team with any questions through LinkedIn and Discord.