Welcome to The Hedge!
In this edition, we share an update about the outcomes of the investment NMPIPs, product NMPIP, and DAO team funding votes conducted last week.
Let's dive in.
Members voted to pass NMPIPs #196, #197, #198 and NMDP #1 last week
Last week was a busy time for Nexus Mutual members. Several important decisions were made collectively that will have a long-term impact on investments from the mutual's capital pool, Protocol Cover, and the supporting DAO teams. Below is a summary of the voting process and references to previous discussions.
If you’d like to learn more about the governance process at Nexus Mutual, make sure to take a look at the NMPIP governance process and the NMDP governance process sections at the docs.
NMPIP #196 - Restart Enzyme vault & start staking through Kiln (6,624 WETH): Passed ✅
Members unanimously voted to allocate 6624 WETH from the Nexus Mutual Enzyme vault to be staked through Kiln, generating additional staked ETH rewards for the mutual.
🗳️ NMPIP 196: Stake 6624 WETH from the Nexus Mutual Enzyme vault through Kiln
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
Execution Update
NMPIP #197: Allocate 14,400 ETH to Rocket Pool Protocol rETH: Passed ✅
Members unanimously voted to stake 14,400 ETH from the Nexus Mutual capital pool with Rocket Pool. rETH will be added to the capital pool in the upcoming week.
🗳️ NMPIP 197: Stake 14,400 ETH from the capital pool in Rocket Pool (rETH)
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
Execution Update
The swap from ETH to rETH will happen in the next few days. Look for an update on the Nexus Mutual governance forum when it’s been completed.
NMPIP #198: Update Protocol Cover wording: Passed ✅
Members unanimously voted to upgrade Protocol Cover wording from version 1.0 to version 2.0.
🗳️ NMPIP 198: Update Protocol Cover wording to v2.0
To gain further insight into the discussions to date, you can review:
💬 The NMPIP on the Nexus Mutual governance forum
Execution Update
This proposal was executed after the 24-hour cool-down period passed. Any Protocol Cover purchased after block 17713371 will be subject to the protections in Protocol Cover wording v2.0.
Any Protocol Cover purchased before block 17713371 will be subject to the protections in Protocol Cover wording v1.0.
NMDP #1: Q3 & Q4 2023 | DAO Team Budget Request ($263,550): Passed ✅
The DAO team leads had presented their proposed teams, current priorities as well as the breakdown of each team's budget for the next six months in the NMDP #1: Q3 & Q4 2023 | DAO Teams Budget Request Proposal. Members unanimously voted to approve the Q3 & Q4 2023 DAO team budget request.
🗳️ [NMDP #1]: Q3 & Q4 2023 | DAO Team Budget Request ($263,550)
The Latest in Nexus Mutual Governance
Below are the summarized next steps of the community discussions on the Nexus Mutual governance forum.
NMPIP 205: 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
This NMPIP has been transitioned to an on-chain vote, which is open for voting and review until Saturday (22 July). If approved, this proposal would give the Advisory Board the authority to deal with any matters related to Holdnaut, FTX, BlockFi, Euler Finance, and any future claims and pursue reimbursement where possible.
100 NXM is allocated for voting incentives
Any members who participate in the vote will receive a proportional share of the 100 NXM voting incentive: this is based on the number of members who vote, not the total NXM used to vote.
Tokenomics
Rei shared the most recent update on new tokenomics progress in his July 14th update on the forum.
The Ratcheting AMM (RAMM) Education post and timelines for the parameter discussions will be posted on the governance forum early next week.
The Last Week in Review | 10–16 July 2023
We’re moving our weekly analysis to the Nexus Mutual governance forum in the Updates category. If you look under the Weekly Analysis subcategory, you can find our weekly reports on Cover Sold, Active Cover by Type, and Active Cover by Staking Pool.
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.
Nexus Mutual’s community is most active on Discord. You may reach our team with any questions through LinkedIn and Discord.