Nexus Mutual Newsletter | 9 May 2022
Rari Fuse market claims, Investment Hub capital allocation proposal, community events, Nexus @ Permissionless and more!
We hope you had a good weekend, Nexus Mutants!
This week, we have several important announcements to share with the community. Start your week off right with the latest from Nexus Mutual.
Rari Capital Fuse Market Exploit | Paid Claims
In last week’s newsletter, we announced the Rari Fuse market exploit and provided an overview of the claims process. Because Nexus Mutual is a discretionary mutual, members participate in the Claims Assessment process and review the validity of claims submitted after a loss event occurs.
Members reviewed the information available in the days after the exploit, while Rari Capital Protocol Cover holders waited for the 3-day cool-down period to pass before submitted claims. Claims Assessors discussed the event and determined the Rari Capital Fuse market exploit was covered under sections 1.1 of the Protocol Cover wording.
There is a Google Sheet that contains Rari Capital active cover policies where information has been included about claims members voted to accept, deny, or claims that were not filed.
To date, two (2) claims have been filed and voted on by Claims Assessors. As stated above, Claims Assessors had determined this was a covered event. Once it has been determined that an event is covered, Claims Assessors review the validity of claims to determine:
Did the Cover Holder have a cover policy that was active at the time of the exploit?
Did the Cover Holder provide Proof of Loss?
Did the Cover Holder lose 20% or more of the covered amount?
Claims Assessors reviewed and approved Claims 110 and 111. The claims included proof of loss, which showed the affected addresses where the Cover Holders suffered a loss of 20% or greater. You can review the transaction related to this claim in the Google Sheet and the Nexus Mutual dApp in the Claims section.
Trusted by thousands of traders and institutions; leading on-chain alternative to insurance
Nexus Mutual was created to give people a way to hedge against the unique risks in on-chain markets. When loss events occur, it’s a stark reminder that the coverage Nexus Mutual provides is one of the only ways users can protect themselves against smart contract and technical failure.
By distributing risk and empowering members, the mutual gives individuals, institutions, and DAOs exposure to high yields and minimized exposure to risk.
To date, members of the mutual have paid out 1446.43 ETH + 262,760 DAI to cover holders who suffered a loss due to past exploits.
Learn more about the mutual’s track record for paying out claims.
Proposal: Allocate Capital to Maple Finance
Jack (a.k.a., Dopeee) shared a post on behalf of the Investment Hub this week, which outlines a proprosal to allocate 10% of the capital pool value to lending wETH with the Maven11 pool on Maple Finance.
Within this post, Jack reviews the rationale for allocating to Maple Finance, the potential risk and reward, how lending on Maple works, and the technical requirements for an integration with Enzyme Finance, which would allow the mutual to manage the capital allocated to Maple Finance.
Members can review the proposal on the Nexus Mutual community forum.
Community Events
Throughout this week, the mutual will be hosting or participating in several community events. The full schedule is included below.
Mutant Meetup Call (10 May 2022)
During this week’s Mutant Meetup call, we will review the Rari Fuse market claim payments and the details released in the Rari Hack Report. In addition, we’ll review our regular weekly updates and hear Hugh’s core team update.
I’ll be reviewing the Mutant Marketing Third Operational Quarter Report, which will be posted on the forum later today (9 May).
Join us in the Nexus Discord in the Community Calls Voice Channel on Tuesday (10 May) at 10am EST / 2pm UTC.
Bancor V3 Launch Party on Twitter Spaces
The Bancor community will be hosting a Twitter Spaces event to celebrate the launch of Bancor V3, which is expected to happen later this week!
I will be joining the Bancor community on Wednesday (11 May) at 8pm EST / 12am UTC to talk about the mutual’s experience using Bancor to earn yield on wNXM from the Community Fund, as well as our ongoing partnership with the Bancor community.
Set yourself a reminder for the event: https://twitter.com/i/spaces/1eaJbNVprnXJX
Bancor 3 Launch Event Agenda
8:05–8:15 — Opening Remarks — Bancor contributors
8:15–8:30 — Designing Bancor 3 for Mainstream DeFi — with ****Sruly Lipszyc, Bancor Design
8:35–8:55 — Automation in DeFi: How Bancor Takes Automated Liquidity to the Next Level — with Chainlink & Bancor contributors
9:00–9:05 — Bancor Wheel of Fortune Giveaway
9:05–9:25 — Driving Healthy DeFi Liquidity — with DeFi Dad, AMP, Nexus, WOO Network & Bancor contributors
9:25–9:50 — Open Q&A
Gelt Finance: the Next Wave in DeFi Adoption Twitter Spaces
Gelt Finance: the Next Wave in DeFi Adoption Twitter Spaces
On Thursday (12 May) at 11am EST / 3pm UTC, I will be joining the Gelt Finance and mStable teams on Twitter Spaces to talk about the challenges of onboarding people into DeFi and the technical barriers that prevent more people from using DeFi protocols.
In this talk, we're going to discuss how Gelt Finance changes that.
Gelt's CEO Jeremiah Smith will be discussing mainstream DeFi adoption with 0xloth of mStable, and BraveNewDeFi of Nexus Mutual, moderated by Burgess Powell of Gelt.
We'll cover:
Making DeFi user-friendly while maintaining its core values
Generating non-speculative high-yields
Identifying and covering risks
... and much more.
RSVP to attend our Twitter Spaces. We can't wait to see you there!
Last Week in Cover Buys (2–8 May 2022)
Nexus Mutual @ Permissionless
In one week, I and other members of the Nexus Mutual team will be heading to Palm Beach to attend Permissionless, one of the largest Metaverse and DeFi event in history, designed to celebrate the new era we’re entering into.
I’ll be working with the Bancor team on co-marketing efforts and handing out Nexus Mutual <> Bancor t-shirts and other Nexus Mutual merch at the Bancor booth. If you’ll be attending Permissionless, stop by the Bancor booth and say hello!
We’ll be meeting with some of the protocols we’ve developed partnerships with in the last year, such as Bancor, Notional Finance, Index Coop, Liquity, and others. Keep an eye on the Nexus Mutual Twitter account, as we’ll be making some announcements related to Permissionless later this week.
If you’ll be attending Permissionless and want to meet with me, BraveNewDeFi, or Jack (aka Dopeee), reach out:
BraveDeFi on Twitter
BraveNewDeFi#0027 on Discord
BraveNewDeFi on Telegram
If you are attending Permissionless and want to know more about syndicates and Nexus V2, review the information below and contact me.
Interested in learning more about syndicates?
Recently, I have shared an Overview of Nexus V2 and all of the functionality and features V2 will bring to the mutual.
One of the core improvements to the mutual: the syndicate network—a variety of subDAOs that manage capitial, determine staking allocation/weight, and set pricing for cover products. Those who run syndicates earn management fees.
Protocols and platfroms that provide frontend integrations that allow users to buy cover at the point of sale can earn commissions on every cover purchased through a direct integration.
Are you a member with risk expertise that would like to learn more about the different types of syndicates? Would you like to hear more about commissions and frontend integrations?
If so, you can fill out the Nexus V2 Syndicates Google Form and I (BraveNewDeFi) will be in touch!
Weekly Close
In the next week, we’ll be hosting or presenting during:
Our Mutant Meetup call on Tuesday (10 May) at 10am EST / 2pm UTC on Discord in the Community Calls Voice channel.
Bancor V3 Launch Party Twitter Spaces event on Wednesday (11 May) at 8pm EST / 12am UTC.
Gelt Finance: the next wave of DeFi adoption Twitter Spaces event on Thursday (12 May) at 11am EST / 3pm 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 weekend and week ahead 🐢