Nexus Mutual Newsletter | 22 December 2022
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Year in Review | 2022
This will be the last newsletter sent out in 2022. Before we turn the page on 2022, I wanted to provide a brief summary of all that our members have accomplished in the last year.
In 2022, members purchased more than 1500 covers to protect assets worth 958m DAI and 186k ETH.
Membership has grown by 12% in the last year.
Members affected by the Rari Fuse, Perpetual Protocol, and Hodlnaut halted withdrawal loss events were able to file claims and receive claim payouts worth 5.78m DAI and 248 ETH.
Claims paid by members now total more than $9.34m.
Between the buybacks completed in January and October, Nexus Mutual has bought back 500k+ wNXM in 2022.
2022 Highlights
February 2022 | Members vote to approve Operation Wartortle—Nexus Mutual begins the process to transition to a stateless DAO
May 2022 | Rari Fuse, Perpetual Protocol claims are paid
July 2022 | ETH Staking Cover launches with StakeWise buying protection for their vaildator network
October 2022 | Nexus Mutual partners with Sherlock to launch Excess Cover
November 2022
Hodlnaut Custody Cover claims are paid out, the first on-chain payouts for a centralized custodial loss
Nexus Mutual partners with Liquid Collective to protect their validator network
When we return from the holiday break, I will be able to share details on the Nexus Mutual V2 launch.
We have much to look forward to in 2023—the year of Nexus Mutual V2 and revamped NXM tokenomics!
Highlights
Withdrawing funds from M11 Credit’s wETH lending pool on Maple Finance v2
Over the last week, members discussed how to proceed with mutual’s deposit of capital pool assets in the wETH lending pool on Maple Finance. Two key decisions were discussed:
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 mutual return to Snapshot votes for each individual decision?
These two questions were put to a signaling vote on Snapshot, which was open for voting from 19–21 December. The following options were presented in the Snapshot signaling vote:
Option #1: Do not withdraw
Option #2: Withdraw and delegate withdrawal process to DAO investment team
Option #3: Withdraw and return to Snapshot votes for each individual decision
When the vote closed, members had voted with 244K NXM (99.93%) to signal support for Option #2: Withdraw and delegate withdrawal process to DAO investment team.
M11 Credit wETH pool: updates and status reports
With members signaling support for the DAO investment team to manage the withdrawal and exit from the M11 Credit wETH pool, I wanted to provide members with a thread on the governance forum where I will share regular updates from M11 Credit and Maple Finance as they become available.
The DAO investment team will post status updates, reports about the withdrawal process in this forum thread, as well. The situation remains fluid and as information has been shared on Twitter, Medium, Discord, and other channels. Keeping all updates in one place will allow members to stay up to date and allow the DAO investment team to keep everyone apprised of the withdrawal process.
You can check the M11 Credit wETH pool: updates and status reports forum thread for regular updates and reports going forward.
In this post, I have collected the updates from M11 Credit and Maple Finance to date, as well as any related forum posts on the situation.
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 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.
Further updates on the claims process will be provided in mid-January for anyone who held active cover at the time withdrawals were halted for the above custodians.
Holiday schedule
The Foundation and DAO teams will be on break from 23 December until 2 January. During this time, the teams will rest and recharge to come back and ramp up building and prepare for Nexus Mutual V2.
If you tag Nexus Mutual on Twitter or ask a question on Discord, there may be a delayed response, as the DAO communications team will have limited availability during this time.
Community Call on 20 December
Nexus Mutual Discord, Community Calls Voice Channel
On this week’s community call, I reviewed the community highlights and Hugh shared the latest progress updates with the Nexus Foundation.
The Nexus Mutual V2 is complete and the final code is in audit. The engineering team has addressed minor findings of the latest audit. Anyone can review the V2 Contracts, which can be found on the Nexus Mutual GitHub.
There are a few major threads the team will focus on with regards to the v2 roll-out.
Migrating NXM stakes and cover will be an big item on the agenda in January 2023.
The V2 UI will be closely reviewed after rollout to allow for fast updates following user feedback.
The DAO marketing and communications teams will work to create awareness and educate prospective and existing members about the features, capabilities in V2. There’s already a lot of interest from market participants, especially those interested in launching syndicates.
Hugh believes we’re in a good place with the work so far closing the year.
There has been an increase in interest in ETH Staking Cover, and Hugh shared the progress on product development for Directors & Officers (D&O) cover that would offer legal liability protection for DAOs.
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 | 12–18 December 2022
In the last week, the mutual sold $12.9m USD worth of cover and earned $87.9k USD in fees, as outlined below.
Given there won’t be a newsletter over the holidays, you can view the cover buys to date for this week.
Active Cover as of 19 December 2022
Total active cover stands at $142.7m | 120,290.55 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.
Happy holidays, 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.