Since our last newsletter, we've seen a major protocol upgrade, three claims filing announcements, FTX claim payments, and increased activity on the governance forum.
In this week's issue of The Hedge, we'll update you on everything that's happened in the past week.
Let's dive in.
Nexus Mutual V2 staged rollout
Stage 1 of the Nexus Mutual rollout was completed on Monday (6 Feb), which enabled partial claims functionality ahead of FTX, BlockFi, and Gemini Earn claims filing.
For the Stage 1 rollout, The Engineering team upgraded the Token Controller, Claims, ClaimsReward, and Quotation contracts. Members previously approved Proposal 181, which granted the Advisory Board the power to complete the V2 upgrade in stages.
To date, partial claims functionality has reduced FTX claim liabilities by more than $1.72m!
Stages 2 & 3 of the V2 rollout
The last two stages will be completed after a reasonable window for claims filing passes. When the smart contracts are upgraded, the protocol and user interface will be offline while the V2 upgrades are implemented. The Engineering team wants to ensure members have adequate time to file claims for FTX, BlockFi, and Gemini Earn. Claims filing can resume after the V2 upgrade is completed, as well.
The remaining protocol upgrades will be implemented in Stage 2. The cover, pricing and capacity, staking and staking pools, and claims assessment modules will be upgraded at that time. After the smart contracts are upgraded, the Engineering team will then update the UI, which will take place in Stage 3.
We'll share announcements ahead of Stage 2 to let members know when the upgrade will take place. Keep an eye out for further updates!
FTX, BlockFi Claims Filing Open
On Monday (6 Feb), FTX International claims filing began. Today, BlockFi and FTX US claims can now be filed. We've made regular announcements on Twitter, Discord, and Lenster to keep members up to date on claims filing and claims that are open for assessment.
Read last week's issue of The Hedge for claims filing guides.
Filed Claims Status
To date, 17 FTX International claims have been filed for a total of nearly $4.8m 🛡️
Members have approved and paid $707,851 across 10 FTX International claims 💸
There are seven claims with votes to approve, which will be paid out over the next several days. These seven claims total $4,091,393.
You can take part in the claims discussions in Discord and review claims in the Nexus Mutual user interface.
Richard Chen's Nexus Mutual Dune Dashboard
Richard Chen, the Merlin of Nexus Mutual, has created the Nexus Mutual Dune Dashboard, which tracks all of the core KPIs for the mutual. This Dune Dashboard will replace the Nexus Tracker, which will be deprecated.
Active cover, annualized premiums, cumulative premiums earned, cumulative claims paid, capital pool holdings, and more. Thank you to Richard for providing members with greater insight into the mutual's performance.
Gemini Earn Claims Filing
On Tuesday (14 Feb) at 1:32pm UTC, Gemini Earn claims filing can begin.
If you plan on filing a claim, please be sure to verify ownership of your Gemini Earn account ahead of filing your claim. See last week's issue of The Hedge for a review on how to prepare for claims filing.
You can also review the Gemini Earn claims guide and join us in Discord if you need support.
Governance forum discussions
Lately, members have been quite active on the forum! There are several important discussions happening now.
Tokenomics Proposal: Replacing the Bonding Curve. Rei's proposal has been widely discussed over the last two weeks. Next week, Rei will post a signaling vote on Snapshot to gauge members' sentiment on how to move forward. Per Rei's latest post on the forum:
For completeness, I believe we should have the 4 following options:
Do nothing, everything is fine
Tokenomics Group proposal
Bonding Curve+ proposal
Back to drawing board
The natural deadline to have something concluded is for when engineers start work on this after v2 is fully rolled out, so suggest we aim to go to Snapshot next Wednesday.
Look out for an announcement on the signaling vote next week.
WNXM buyback discussion. This proposal has been discussed over the last two months, and Dopeee's proposed a potential strategy using the Nexus Mutual Enzyme vault. Once there is broad consensus on the direction, this can transition to a formal protocol improvement proposal.
The Investment team members have several request for comment (RFC) discussions posted on the forum. You can find a link to each discussion below:
It's always great to see members discussing the future direction of the mutual on the forum. Review, comment, and get involved!
Community Call on 7 February
Nexus Mutual Discord, Community Calls Voice Channel
On this week’s community call, I reviewed the community highlights and Hugh shared the Foundation update for the week:
The Engineering team is focused on executing all the other stages of the Nexus Mutual V2 upgrade. They are currently finalizing testing and fine-turing the V2 UI.
All teams are heads down, working hard to get ready for the V2 launch. Anything that isn’t related to the launch is being deprioritized in the short-term.
Hugh also noted that:
There is significant interest from potential staking pool managers, so it’s likely that the team will be busy in the months following the launch of V2!
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. Going forward, we’ll also post the community call on LensTube.
The Last Week in Review | 30 January - 5 February 2023
In the last week, the mutual sold $16.3m USD worth of cover and earned $42.5k USD in fees, as outlined below.
Active Cover as of 6 February 2023
Total active cover stands at $182.3m | 111,313.25 ETH with active coverage by cover type as follows.
You can review total active cover and active cover by cover product on the Nexus Mutual Dune Dashboard.
Up Next
Don’t forget to follow the Nexus Mutual Twitter account and Nexus Mutual Lens 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 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.