Nexus Mutual Newsletter | 26 October 2022
This newsletter is brought to you by BraveNewDeFi and Sem Turan on the Nexus Communications team. Stay up-to-date on the latest news and updates from the Nexus Mutual community.
Highlights
Nexus Mutual partners with Sherlock to protect $33m across DeFi protocols with Sherlock Excess Cover
We are happy to announce a new partnership with Sherlock—an industry leading auditing and smart contract coverage protocol that has pioneered the next generation of smart contract audits.
Introducing Sherlock Excess Cover—protection for 25% of Sherlock's underlying coverage. When Sherlock sells cover, 25% of their cover fees are used to buy Excess Cover from Nexus Mutual.
Our teams have collaborated to create first-in-class coverage that advances protection for Sherlock audited protocols. Read our announcement to learn more about our partnership with Sherlock.
We are always open to working with teams that have risk management expertise. That’s why we have been building Nexus V2–an on-chain risk marketplace where anyone who wants to build a risk management business or expand the reach of their risk management business can build on top of Nexus Mutual.
Anyone interested in building a risk management business on top of Nexus Mutual or working with our team to explore new products and possibilities can send an email to info@nexusmutual.io.
Hodlnaut claims filing update
If you held Hodlnaut Custody Cover when Hodlnaut first halted withdrawals on 8 August, you’ll be able to file a claim in less than two weeks.
With Custody Cover, members can start filing claims if withdrawals remain halted for a continuous period of more than 90 days. The 90-day period will end on 7 November, and Members who held active Hodlnaut Custody Cover when the Hodlnaut announcement was first made will be able to file claims.
As part of their claim filing, members are requested to upload off-chain proof-of-loss, examples for which include:
Most recent account statement w/ personal info censored
Screenshots of account balance
For more information on Custody Cover, please review the Nexus Mutual docs and the Custody Cover Wording.
Update on the Nexus Mutual community call schedule
We will be hosting our community calls on a bi-weekly basis starting on Tuesday, 8 November. Members can keep an eye out for an upcoming survey, which we’ll use to better understand interested members’ availability on certains days and times for the community call.
Here is the schedule for the Nexus Mutual community call for the rest of 2022:
8 November @ 9am EST / 1pm UTC
22 November @ 9am EST / 1pm UTC
6 December @ 9am EST / 1pm UTC
20 December @ 9am EST / 1pm UTC
We’ll include the community call survey in next week’s newsletter.
Community Highlights
Community call on 25 October
Nexus Mutual Discord, Community Calls Voice Channel
On this week’s community call, BraveNewDeFi reviewed the community highlights and governance proposals. Afterwards, Hugh shared his weekly team update, which is summarized below.
Nexus v2 work is progressing well with all engineering resources focused on building the remaining UI and working through the staking module. Another engineer will join the team in the next few weeks.
Hugh underlined the importance of the new Sherlock partnership for both parties—with Sherlock’s expertise in risk assessment and the mutual’s capital pool, the collaboration is a great use case example for what’s coming with the syndicate networks in Nexus v2.
Rei has shared his recent work in the #tokenomics-revamp channel on Discord for the updated tokneomics model for the mutual. The tokenomics working group, led by Rei, is looking forward to any interested members’ review and comments.
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.
Active Snapshot votes and updates
Snapshot vote: Should members renew dedaub's smart contract monitoring service agreement?
This proposal started a discussion to determine if the mutual should continue our existing service agreement with dedaub, adjust the terms, or end the smart contract monitoring service. Since this forum proposal has been live, members have shared their thougths and commented on the proposal.
After receiving feedback and comments from the community, this proposal was transitioned to a Snapshot vote with the following choices:
Option A: Renew w/ existing terms–contract dedaub to monitor 20 protocols for $20,000/mo paid in wNXM, with the agreement coming up for review in October 2023.
Option B: Renew w/ alternative terms–contract dedaub to monitor 10 protocols for 750 wNXM/mo (regardless of price), with the agreement coming up for review in October 2023.
Option C: Do not renew
This proposal was opening for voting on Monday (24 October) at 10am EST / 2pm UTC and voting will close on Saturday (29 October) at 10am EST / 2pm UTC.
Be sure to review and vote on this Snapshot proposal!
Snapshot vote: Should members continue funding the Immunefi matching bug bounty program?
This proposal started a discussion to determine if the mutual should continue our existing Immunefi bug bounty matching program or if it should be ended. Since this forum proposal has been live, members have shared their thougths and commented on the proposal.
After receiving feedback and comments from the community, this proposal was transitioned to a Snapshot vote with the following choices:
Option A: Continue with existing program. Matching bug bounties for critical vulnerabilities with $550k in funding allocated for this program.
Option B: Discontinue funding for the program. End the matching program and deallocate the existing $550k in funding.
This proposal was opening for voting on Monday (24 October) at 10am EST / 2pm UTC and voting will close on Saturday (29 October) at 10am EST / 2pm UTC.
Be sure to review and vote on this Snapshot proposal!
Snapshot vote passed: Allocate $SAFE to buyback $wNXM
This Snapshot vote has closed, and members voted 79.84% in favor of using the SAFE assets–that will be available once the SAFE token contract is unpaused–to buyback wNXM below book value.
Per Vincent’s proposal, members have signalled that they would like the SAFE in the Nexus Treasury to be used to buyback wNXM according to the following conditions:
If SAFE is worth above $0.70, propose to sell 50% for wNXM
If SAFE is worth above $1.00, propose to sell the other 50% for wNXM
Once the SAFE token contract is unpaused, this discussion and buyback can resume. You can review this Snapshot vote for more information.
The Last Week in Review | 17-23 October 2022
In the last week, the mutual sold $15.3m USD worth of cover and earned $38.5k USD in fees, as outlined below.
Active Cover as of 23 October 2022
Total active cover stands at $191m | 147,953.01 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
Join us on Tuesday, 8 November, for our next community call at 9am EST / 1pm 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 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.