Welcome to The Hedge!
In this edition, we will share an announcement about a new ETH Slashing Cover partnership and delve into the two Capital Pool investment NMPIPs, the NMPIP about updating Protocol Cover, and NMDP #1, which are all open for voting. Make sure to review and vote!
Let's dive in.
Announcing the Figment ETH Slashing Cover Partnership
We’re proud to announce that Nexus Mutual has partnered with Figment, the world’s leading staking infrastructure provider, to offer Figment users a new ETH Slashing Cover product designed to provide customers with comprehensive on-chain protection against validator double-sign slashing risks.
ETH Slashing Cover from Nexus Mutual will give Figment customers the ability to hedge against double-sign slashing events for up to 1 ETH per validator. Combining Figment’s off-the-shelf coverage with Nexus Mutual's ETH Slashing Cover will allow Figment customers to reach up to 100% coverage.
For more information, see our recent announcement and news coverage in The Block about our partnership with Figment.
NMPIP 196: Restart Enzyme vault & start staking through Kiln (6,624 WETH)
This NMPIP has progressed to an on-chain proposal that is now now ready for members to vote on! To gain further insight into the discussions to date, you can review:
💬 The NMPIP on the Nexus Mutual governance forum
💻 Moss’ presentation on the latest Nexus Mutual community call
You can review and vote on this NMPIP until Saturday (15 July)
🗳️ NMPIP 196: Stake 6624 WETH from the Nexus Mutual Enzyme vault through Kiln
💸 Members who participate in this vote will earn a proportional share of 100 NXM offered as an incentive to offset gas costs
NMPIP 197: Allocate 14,400 ETH to Rocket Pool Protocol rETH
This NMPIP has progressed to an on-chain proposal that is now now ready for members to vote on! To gain further insight into the discussions to date, you can review:
💬 The NMPIP on the Nexus Mutual governance forum
💻 Maverick’s presentation on the latest Nexus Mutual community call
You can review and vote on this NMPIP until Saturday (15 July)
🗳️ NMPIP 197: Stake 14,400 ETH from the capital pool in Rocket Pool (rETH)
💸 Members who participate in this vote will earn a proportional share of 100 NXM offered as an incentive to offset gas costs
NMPIP 198: Update Protocol Cover wording
This NMPIP has progressed to an on-chain proposal that is now now ready for members to vote on! To gain further insight into the discussions to date, you can review:
💬 The NMPIP on the Nexus Mutual governance forum
You can review and vote on this NMPIP until Saturday (15 July)
🗳️ NMPIP 198: Update Protocol Cover wording to v2.0
💸 Members who participate in this vote will earn a proportional share of 100 NXM offered as an incentive to offset gas costs
If this NMPIP receives members’ approval, the wording upgrade will ensure that the revised wording is implemented for any future Protocol Cover sales.
NMDP-1: Q3 & Q4 2023 | DAO Team Budget Request ($263,550)
During the past two quarters, the existing DAO teams including Communication, Marketing, Operations, R&D, and Investment Committee have been actively addressing member priorities as outlined in the Q1 & Q2 2023 forum post.
As the six-month funding period concludes, the DAO team leads have presented the proposed teams, their current priorities, and the breakdown of each team's budget for the next six months in the NMDP #1: Q3 & Q4 2023 | DAO Teams Budget Request Proposal.
You can review and vote on this NMPIP until Sunday (16 July)
🗳️ [NMDP #1]: Q3 & Q4 2023 | DAO Team Budget Request ($263,550)
An update from the Nexus Foundation Team
From the Community Call on 11 July in the Nexus Mutual Discord, Community Calls Voice Channel
Hugh began by providing Tokenomics updates and mentioned that the team is currently addressing edge cases while remaining open to identifying areas that may require further refinement. Project members are also considering the possibility and effectiveness of an independent economic audit.
The Engineering teams recently resolved the connection issue with WalletConnect that arose due to the WalletConnect’s V2 update. Additionally, an ongoing UX design sprint aims to initiate discussions on designing an improved member experience while purchasing cover.
The Business Development team has successfully facilitated numerous long-term discussions regarding ETH staking cover, resulting in the recent Chorus One and Figment partnerships, as well as promising future developments.
If you couldn’t join us on this week’s community call, you can listen to the recording on the Nexus Mutual YouTube channel.
The Latest in Nexus Mutual Governance
In addition to the NMPIPs and NMDP on-chain votes, there are a few further updates from the Nexus Mutual governance forum community:
Staking pools
The Ease team shared their monthly risk ratings for June with a slight delay.
Tokenomics
On behalf of Rei, Hugh shared the most recent update on new tokenomics progress in the July update on the forum.
Nexus Mutual Protocol Improvement Proposal
An NMPIP has been posted, which is requesting members grant the Advisory Board the authority to deal with any matters related to Holdnaut, FTX, BlockFi, and Euler Finance claims and pursue reimbursement where possible.
Members can review NMPIP: Grant Advisory Board (as the Foundation Council) Authority to Deal with Any Matters Relating to Holdnaut, FTX, BlockFi, Gemini, and Euler Finance Claims, and Any Future Reimbursement Claims until Tuesday (18 July), afterwhich time this NMPIP will be transitioned to an on-chain full-member vote.
The Last Week in Review | 3–9 July 2023
In the last week, the mutual sold $183k USD worth of cover and earned $1.5k USD in fees, as outlined below.
The weighted average expiry period is 57 days.
Active Cover as of 13 July 2023
Total active cover stands at $53.5m with active coverage by cover type and by staking pool as follows.
For more detailed information about active cover, see the DAO-created Covers dashboard on Dune.
Up Next
Don’t forget to follow the Nexus Mutual Twitter account and Nexus Mutual Lens account for regular updates and announcements from the mutual.
Join us for our next community call on Tuesday (25 July) in the Nexus Mutual Discord! We’ll share the latest updates and provide an open forum for members.
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.