Nexus Mutual Newsletter | 4 February 2022
We hope all of our Nexus Mutants had a great week. In this week’s newsletter, we share details about Risk Assessment opportunities, a signalling vote for Operation TM-21 on Snapshot, Mutant Marketing’s 2022 Roadmap, several governance forum posts, events, and more!
Notice of General Meeting
Nexus Mutual Ltd. (“the Company”) is providing advance notice to members that a general meeting will be held on February 17th 12:00PM UTC to February 21th 12:00PM UTC, 2022, via Google Meet.
Meeting details and instructions are as follows:
Nexus Mutual Ltd General Meeting
17 – 21 February 2022
Google Meet joining info
Video call link: https://meet.google.com/kkv-ckzg-gcz
Or dial: (GB) +44 20 3957 0193
PIN: 630 596 060#
More phone numbers: https://tel.meet/kkv-ckzg-gcz?pin=4066000601856
This notice is given at least 14 days prior to the general meeting, in a manner allowed by the Company’s articles. Furthermore, the meeting will be held in a manner allowed by the Company’s articles.
Members can review the two documents linked below for the full details.
Notice of General Meeting: https://nexusmutual.io/pages/Nexus-Mutual-Notice-of-General-Meeting-17-Feb-2022.pdf
Special Resolution: https://nexusmutual.io/pages/Nexus-Mutual-Special-Resolution-17-Feb-2022.pdf
For more information, members can review the Notice of General Meeting: Operation Wartortle post on the Nexus Mutual forum.
Risk Assessment Opportunities
Anchor Protocol remains our most popular, in-demand Protocol Cover offering. Currently, there is no available capacity for Anchor Protocol, which means there’s an opportunity for more Risk Assessors to stake against Anchor to create available capacity and earn a share of premiums.
To give Risk Assessors an idea of the potential opportunities for staked NXM, we can review the Q4 APY by Project:
Included below is a breakdown of APY per project for Q4 2021:
A reminder: Risk Assessors can stake with up to 20x leverage. That means you can stake your NXM across 20 different projects and earn a portion of premiums. Be sure to read the Risk Assessment section in the documentation if you’ve never staked NXM as a Risk Assessor before.
Cover Buys (24–30 January)
Governance Forum
Proposal: Operation TM21
Nexus Mutant Muir posted a proposal on the forum that made a case for a second wNXM buyback using 8,000 ETH from the Capital Pool. Members have discussed this forum post in detail and there is a signalling vote live on Snapshot.
This signaling vote will allow our community to gauge members views on transferring an additional 8000 ETH from the Capital Pool to the Community Fund to buyback wNXM, and the vote will be used to determine if resources should be allocated to the smart contract work required to implement a formal on-chain governance vote.
Snapshot signalling vote: https://snapshot.org/#/community.nexusmutual.eth/proposal/0x131e3055c2e7336773effca5dd9cc00a8de14755727a379c550c74d1462914a0
Forum post: https://forum.nexusmutual.io/t/proposal-operation-tm21/759/31?u=bravenewdefi
Discord announcement: https://discord.com/channels/496296560624140298/689493836611059822/939163032309891112
Mutant Marketing: 2022 Roadmap
On Monday (31 Jan), I posted Mutant Marketing’s roadmap for the next two operational quarters and provided a review of our second operational quarter.
We are pleased to share our roadmap for the next two operational quarters and the progress we’ve made to date.
Mutant Marketing was established to accelerate the growth of cover sales and membership in the mutual. In the last two quarters, the Marketing Hub has improved community communication and relationships with listed protocols, while contributing to the growth in cover sold and premiums earned.
In the last quarter, Nexus Mutual sold $502.8m in cover and earned $2.83m in premiums based on historical numbers. Our membership has grown from 7,977 to 8,287 members, a 3.89% quarter over quarter. We’ll review sales, premiums earned, and other metrics further in this post. We have worked hard to deliver value to members of the mutual and below is our plan to contribute to growth across metrics.
In the post linked below, we outline the objective and supporting key results for the next two quarters in 2022; outline our proposed budget; and review our performance in the last quarter and budget expenses.
Forum post: https://forum.nexusmutual.io/t/mutant-marketing-2022-roadmap/771
This forum post will transition to a Snapshot vote on Monday (7 Feb).
Options for using wNXM from Operation TM-12
The Investment Hub provided an overview of the wNXM buyback, and they have proposed several different uses for the wNXM acquired through the buyback program. Members can review the proposed options, comment and discuss on the forum, and share any other potential uses for the wNXM as well.
Forum post: https://forum.nexusmutual.io/t/options-for-using-wnxm-from-operation-tm-12/765
Allocate up to 70,000 wNXM from the Community Fund to the wNXM Bancor pool
The Bancor team has presented the Nexus Mutant community with a proposal that would create capacity for additional wNXM in the Bancor wNXM/BNT pool. They presented the TL;DR for the proposal, which is quoted below:
Proposal seeking to allocate up to 70,000 wNXM from the Community Fund to the wNXM Bancor pool, assuming space is opened up in the pool. There is a proposal on the Bancor governance to increase the space to 10M BNT (~$25m of space for wNXM to be staked) gradually, 1M increment at a time.
Yields have been in the range of 2 - 15% over the last 2 weeks. Data on Liquidity Share, Turnover, and Trade Volume is presented.
Full impermanent loss protection provides a safe way for the Community Fund to earn additional yield on some of its idle assets.
Bancor’s contract safety, single-sided staking and some upcoming Bancor 3 phase 1 features are especially interesting for a fund deposit.
Members can review, discuss, and comment on the forum. The Bancor team will also join us on our Mutant Meetup call this Tuesday to talk about their proposal.
Proposal: MEV protected swaps
BootNode also has a post on the forum. Their team has presented a proposal to build an alternative/replacement for the current ETH / Token swap mechanism currently used in Nexus Mutual that will enable swapping arbitrary ERC20 pairs using Gnosis Protocol (CowSwap) to avoid sandwich attacks and other forms of MEV.
BootNode is a software engineering studio that specializes in decentralized infrastructure, protocols, applications, and ecosystems.
Founded by a team of engineers with an average of 10+ years of experience building and shipping highly available, highly-scalable software for many industries and 3+ years for the blockchain ecosystem in particular.
Our mission is to provide unique and scarce resources to organizations changing the future of humanity through decentralized technologies.
Our vision is to become an essential and critical partner that enables these organizations to fulfill their mission.
Members can review, discuss, and comment on the forum.
Forum post: https://forum.nexusmutual.io/t/proposal-mev-protected-swaps/781
Events Calendar
Bancor Twitter Spaces | Sunday (6 Feb)
BraveNewDeFi will join the Bancor community this Sunday (6 Feb) at 9pm EST / 2am UTC on Twitter Spaces to talk about Nexus, the Bancor forum proposal, and more.
Mutant Meetup Call | Tuesday (8 Feb)
On Tuesday, we’ll host our weekly community call in the Nexus Discord server at 10am EST / 3pm UTC. We’ll be joined by the mStable and Bancor teams this week.
mStable will join us to talk about their protocol, our Nexus Embassy partnership, and what they are working on in 2022.
The folks at Bancor will join to talk about their forum proposal, which proposes an allocation of 70,000 wNXM from the Community Fund into Bancor’s BNT/wNXM pool.
We’ll share our regular updates and review cover buys for the last week as well.
Don’t miss this week’s Mutant Meetup call!
Nexus Twitter Spaces | Monday (14 Feb)
On Valentine’s Day, we’ll host a Twitter Spaces event to talk with the mStable team at 10am EST / 3pm UTC. Both of our communities love onboarding more capital into DeFi; we’ll discuss how Nexus Mutual and mStable are helping more users safely access on-chain yield.
Since we launched our Nexus Embassy in the mStable Discord server, we have strengthened our relationship with the mStable community. We’re looking forward to talking with mStable on 14 February.
Mutant Meetup Recording
Members who couldn’t make it to this week’s Mutant Meetup call can review the recording here.
mStable AMA Recording
BraveNewDeFi and Nexus Community Ambassador Fungus joined the mStable community on Wednesday (2 Feb) for an AMA. Brave talked about Nexus Mutual, our mission, and how we protect users in DeFi, while Fungus spoke about the mStable Embassy and the success of the programme.
Members can listen to the AMA here.
Cover Buy of the Week: Notional Finance V2
Weekly Close
In this next week, we’ll be hosting:
Our Mutant Meetup call on Tuesday (4 February) at 10am EST / 3pm UTC on Discord in the Community Calls Voice channel.
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 weekend and week ahead 🐢