Nexus Mutual Newsletter | 23 May 2022
Claim 113: 5,000,000 DAI Payout | Largest Successful Claim Payment to Date
On 18 May, members of the mutual paid out 5,000,000 DAI—the largest single claim in the mutual’s history—after reviewing and approving Claim 113. To date, members of the mutual have paid out 1446.43 ETH + 5,262,760 DAI to cover holders who have suffered a loss of funds due to hacks. That’s more than $8.2m in successful claims paid.
With $8.2m+ in claims paid, the mutual has paid out more than anyone else that underwrites risk on-chain. Despite what competitors may say, no protocol or company has paid more in claims for smart contract/technical failure. Anyone can review and verify past claim payouts on-chain.
Members' track record of paying out legitimate claims can be found via the Pool contract, the Nexus dApp, Nexus Tracker, and in the documentation.
The mutual's ability to underwrite 7-8 figure cover buys gives more people a way to hedge against the uncertain risks present in on-chain markets. Our membership is made up of people classified along a wide range: from retail to those managing institutional funds.
In the past, we’ve seen members who have shared the value of protecting their productive crypto assets with Protocol Cover and what their claim payout meant to them:
But it's not just retail users who are seeking protection for their productive crypto assets—it's also well-known institutions hedging against smart contract/technical risk in DeFi when large amounts of capital are deployed on-chain.
In February, CelsiusX purchased a Protocol Cover policy to protect 18,335 ETH in Enzyme v3—the largest single policy sold, which was valued at nearly $48m at the time the policy was purchased!
Members of the mutual collectively protect 181,430 ETH ($364.38m+) in productive crypto assets. Our membership is helping onboard the next wave of institutional capital on-chain.
Nexus Mutual @ Permissionless
This week, I joined the Bancor team to Permissionless to talk about Bancor v3 and Nexus Mutual. During the conference, I gave away more than 120 Nexus Mutual <> Bancor collab t-shirts to attendees, as well as Nexus stickers.
Jack and I both met with other teams and talked about the work we’re both doing within the Investment Hub and Mutant Marketing, respectively. I shared the latest details on Nexus V2 with other companies and protocols focused on risk analysis. I’ll have quite a few people to follow up about regarding potential syndicates and integrations this week!
Throughout the week, Nexus Mutual co-hosted two happy hour events—one on Tuesday with Hartmann Capital and Enzyme and one on Wednesday with Liquity. Jack and I were routinely busy talking to various attendees who were inquiring about Nexus Mutual.
And throughout the week, other teams shared their enthusiasm for the work we’re doing within the mutual. Our t-shirts were one of the most sought after items at the Bancor v3 booth as well! Mark Richardson shared with me that our shirt was his favorite of any conference he’s attended. Members can see that Mark even wore his Nexus <> Bancor collab shirt on the mainstage during his keynote address!
PlannerDAO <> Nexus Update
PlannerDAO’s Steve Larsen shared an update on the progress they have made with the Financial Advisor DeFi Toolkit this week. The work to establish the toolkit has been completed, and the PlannerDAO working group presented the toolkit at this year’s Crossroads conference in Kansas City.
The next step will be to create the software, which will allow financial advisors to manage client assets in DeFi and cover those assets on Nexus Mutual directly.
In August 2021, PlannerDAO requested a grant from the Community Fund to begin the process of creating the DeFi toolkit, which PlannerDAO members could use to help clients manage funds directly on-chain.
Members can read the update on the Nexus Mutual community forum: PlannerDAO <> Nexus Update
Gelt Finance AMA | Twitter Spaces
On Wednesday (25 May), I will join Jeremiah and Burgess of Gelt Finance as well as Theo from mStable for a roundtable discussion on how to earn yield and minimize risk in a bear market. We’ll be talking about how mStable and Nexus Mutual power Gelt’s platform.
Join us on Wednesday at 1pm EST / 5pm UTC:
New Listings—Bancor v3, Vector, and Babylon Finance
In the last week, the mutual has listed three new Protocol Cover products that are now available for members to review, stake NXM against as Risk Assessors, and buy cover where capacity is available.
Babylon Finance
Protocol Cover for Babylon Finance is now available for members to purchase. Babylon recently passed BIP-19: Babylon Shield—a proposal to purchase 25 ETH in Protocol Cover for the protocol and establish on long-term agreement to offer Babylon users access to Nexus Mutual coverage.
Bancor v3
The long-awaited Bancor v3 is live! Members have been asking “wen Bancor v3 listing?” And we listened! Protocol Cover is available for deposits in Bancor v3.
Vector Finance
Vector allows users to deposit stablecoins and LP tokens to earn boosted yield from the Platypus and Trader Joe platforms, without having to stake their PTP/JOE and worry about accruing vePTP/veJOE. We need more Risk Assessors to review Vector and stake NXM if they believe Vector Finance is a trustworthy protocol with bug-free code.
Learn more about Vector Finance
Learn more about Risk Assessment
Week in Cover Sales
Weekly Close
In the next week, we’ll be hosting or presenting during:
Our Mutant Meetup call on Tuesday (24 May) at 10am EST / 2pm UTC on Discord in the Community Calls Voice channel.
Gelt Finance: How to Win in a Bear Market with DeFi Twitter Spaces event on Wednesday (25 May) at 1pm EST / 5pm UTC.
You can follow the Nexus Mutual Twitter account for regular updates and communication from the mutual, and you can follow the Nexus Mutual Bot Twitter account to stay up to date on cover buys as they happen.
Have a great week ahead 🐢