Nexus Mutual Newsletter | 28 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 $193,341,563 | 139,848 ETH. Nexus Mutual is now available in the Safe dApp! Our weekly community calls have resumed. There are two important Snapshot proposals open for voting. Read on for a summary of both proposals and more.
Highlights
Nexus Mutual in the Safe dApp
Nexus Mutual is now available in the Safe dApp!
Whether you’re an institution, DAO, or individual, from the Safe dApp, you can:
Secure the assets in your multi-sig with Safe Protocol Cover
Protect your assets against smart contract and technical risk with Protocol Cover
Community Call on 27 September
Nexus Mutual Discord, Community Calls Voice Channel
On this week’s Mutant Meetup Call, BraveNewDeFi went over the highlights. Hugh was not able to join us this week due to some technical difficulties.
The Nexus Mutual Team had an on-site event in London last week, where team members had the chance to work together. Some of the focus points in the discussions were team priorities for Nexus v2 launch and aligning the team on objectives and goals for the next quarter.
The engineering team continues to work on the remaining components for Nexus v2, which includes the staking module and the v2 frontend interface. The engineering team has hired and onboarded two new contributors, and the team is looking to hire one more Solidity developer in the near future.
The Tokenomics Working Group, led by Rei, is continuing to progress toward a model that can presented on the forum. Following a first round of feedback from team members and the community, the group is now looking to refine some of the mechanisms. Make sure to peek into the #tokenomics-revamp channel on the Nexus Mutual Discord to learn more. Anyone interested in reviewing the current model can contact Rei on Discord for more information.
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.
Governance Proposals
Buyback $wNXM with $LDO and $GAL
Following members’ previous discussions on using Nexus Treasury funds to buyback wNXM below book value, Vincent Weisser transitioned this proposal to a Snapshot vote.
After a lengthy open comment and review period, the choices presented on Snapshot are:
Yes, buyback $wnxm
No
This proposal was opened for voting on Tuesday, September 27, 2022 and it will be closed for voting on Sunday, October 2, 2022.
Snapshot vote
Forum proposal
Should we give BootNode a grant to begin development on the ERC-4626 compliant covered vault project?
Leo Lower had previously posted more on the second phase 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.
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
After an open comment and review period, the choices presented on Snapshot are:
Approve grant request
Do not approve grant request
This vote transitioned to Snapshot on Monday, 26 September and it will be closed for voting on Saturday, October 1, 2022.
Snapshot vote
Forum proposal
ETH PoW Update | Planning execution
Now that members voted to sell the mutual’s ETHW assets in the Proposal 180: Sell the mutual’s ETH PoW Assets governance vote, the team is planning the execution of the sale. As the mutual will be selling a large amount of ETHW, the following points need attention:
Spot price, liquidity both factors
Lack of support for ETH PoW, greater difficulty in execution
Mitigating potential replay attacks
Once a plan has been finalized, we’ll make an announcement across the mutual’s social channels.
You can verify the mutual’s ETHW holdings on the PoW chain by reviewing the capital pool contract.
The Last Week in Review | 19-25 September 2022
In the last week, the mutual sold $9.6m USD worth of cover and earned $21k USD in premiums, as outlined below.
Active Cover as of 26 September 2022
Total active cover stands at $193m | 139,461.72 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 next week’s Mutant Meetup call in Discord 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.