Nexus Mutual Newsletter | 3 November 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
Cover Buys of the Week
Sherlock has increased their Excess Cover by 500,000 DAI. Through our partnership, Nexus Mutual takes on 25% of Sherlock’s underlying risk. This allows Sherlock to underwrite more coverage and our members to earn more cover fees.
Nested has increased their total covered amount from 1,050,000 DAI to 1,550,000 DAI—a month-over-month increase of 47.62%! Nested has purchased Protocol Cover to protect their entire TVL since July.
Gearbox Protocol Now Listed on Nexus Mutual
Gearbox Protocol has partnered with Nexus Mutual to give their users access to Protocol Cover.
Together, our communities are celebrating the launch of Gearbox V2, while giving everyone access to passive yields, composable leverage, and comprehensive protection. Now, anyone can participate in Gearbox’s leverage market, secure their deposit with Protocol Cover, and enjoy peace of mind.
We’ve seen significant demand for Gearbox Protocol Cover already, with more than $2.44m worth of cover sold to date!
There’s currently $2.6m in open capacity for Gearbox Protocol for those who want to protect their deposits.
To learn more about our partnership with Gearbox Protocol, read our recent accouncement.
How Hodlnaut Custody Cover holders can prepare for claims filing
If you held Hodlnaut Custody Cover when Hodlnaut first halted withdrawals on 8 August, you’ll be able to file a claim on Monday, 7 November.
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 Hodlnaut claims filing, you can read the following guide: How Hodlnaut Custody Cover holders can prepare for claims filing
Governance Highlights
Members voted not to renew the Dedaub smart contract monitoring service
This Snapshot vote has closed, and members voted 100% to not renew dedaub’s smart contract monitoring service.
Per the forum proposal, members have signalled that they would like to discontinue this service and reduce treasury spending. Now that members have voted not to renew this service, treasury spending will be reduced by $20,000 per month ($240,000 on an annual basis).
You can review the voting results on Snapshot and the original proposal on the Nexus Mutual community forum.
Members voted to discontinue Immunefi matching bug bounty program
This Snapshot vote has closed, and members voted 96.79% to discontinue the Immunefi matching bug bounty program.
Per the forum proposal, members have signalled that they would like to discontinue this program and reduce treasury spending. Now that members have voted to discontinue this partnership, treasury spending will be reduced by $550,000, which was previously allocated to this program.
You can review the voting results on Snapshot and the original proposal on the Nexus Mutual community forum.
The Last Week in Review | 24-30 October 2022
In the last week, the mutual sold $4.7m USD worth of cover and earned $13.2k USD in fees, as outlined below.
Active Cover as of 31 October 2022
Total active cover stands at $183.9m | 113,412.06 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 🐢