Welcome to the eleventh issue of The Hedge.
With the Euler Finance claim event, Nexus Mutual’s total claims paid has reached $17,892,780.45. Those members who were waiting for proof of loss information from Kroll can now verify their account ownership and proceed to file their FTX claims—we outline the information necessary and how to get started. We’ve shared an update on reimbursements for FTX and Euler Finance in this week’s issue, as well.
Let’s dive in.
Updates on Payouts, Notes from Euler Finance Claims Filing
On 13 March, Euler Finance was exploited for a loss of $197M. At the time of the attack, there was ~$5.2m in cover that was active at the time the loss occurred.
Claims Filed to Date
📊 Anyone can see an overview of the Euler Finance filed claims in the Euler Finance Claims Tracker. You can also review the Claims section in the Nexus Mutual Dune Dashboard, created by Richard Chen.
🛡️ Nine claims have been filed, approved, and redeemed for a total of $2,395,888.68.
🛡️ The mutual also paid $1,007,321.00 to Sherlock as part of their Excess Cover, where Nexus Mutual covers 25% of Sherlock Protocol’s underwriting risk.
ℹ️ After a claim is approved in Nexus Mutual V2, members are able to claim their payout in the Nexus Mutual UI by pressing the redeem button.
For more information about Euler Finance claims, see the entry in the Nexus Mutual documentation.
Euler Finance Reimbursement
The Euler Foundation announced that the attacker returned the vast majority of the exploited funds and the Euler community will work on a reimbursement plan.
Members who filed a Euler Finance claim and received a payout agreed to the following terms:
By making a successful claim and receiving a payout (i.e., reimbursement) from Nexus Mutual, you agree to send your eToken and dToken balances to the Nexus Mutual DAO Treasury (0x586b9b2F8010b284A0197f392156f1A7Eb5e86e9) on Ethereum mainnet. In doing so, you give rights to any potential reimbursements from Euler Finance—including any reimbursement tokens that the Euler team may decide to distribute in the future—to Nexus Mutual once your claim has been approved.
The Community team is in the process of working with members who redeemed their claim payment for Euler Finance and the Euler Finance community, so any future reimbursement can be returned to the capital pool.
Forwarding Kroll’s Responses for FTX Claims Filing
Kroll Restructing, the firm handling the FTX bankruptcy, has sent official emails confirming FTX users’ loss amounts at the time withdrawals were halted.
Any members who were waiting on proof of loss information from Kroll can now complete the account verification process. Once those members verify their account ownership, they can proceed to file their claim.
You'll need to verify your account by sending an email to the claims@nexusmutual.io with the following:
Full name
Membership address
Cover ID
Unique Customer code
Copy of Kroll email
This information will only be used to verify your account ownership and will not be shared publicly.
Once your account has been verified, you will be able to file a claim in the Nexus Mutual UI.
For more information on FTX claim payments to date, see the entry in the Nexus Mutual documentation.
FTX Bankruptcy and Reimbursement
Members who filed a claim and received a payout agreed to the following terms:
By making a successful claim and receiving a payout (i.e., reimbursement) from Nexus Mutual, you agree to give rights to any future reimbursements from the FTX bankruptcy proceedings — including any future reimbursement tokens distributed as part of the FTX bankruptcy settlement — to Nexus Mutual, per the recoveries provision in Section 3 in the Custody Cover wording: https://nexusmutual.io/pages/CustodyCoverWordingv1.0.pdf.
The Community team is in the process of working with members who received claim payouts to transfer the bankruptcy claims to the mutual, so any future reimbursement can be returned to the capital pool.
Capital Pool and Ownership Dune Dashboard is Live!
The R&D and Marketing teams have published the first community-created Dune Dashboard on the Nexus Mutual Dune Dashboard account. The Capital Pool and Ownership dashboard provides data related to the capital pool, holdings, MCR, NXM stats, and membership metrics.
The R&D and Marketing team will add additional dashboards in the coming weeks that provide greater insight into covers, claims, and staking. We’ll share announcements as the other Dune Dashboards are published on the Nexus Mutual Dune account.
Changes to the Nexus Mutual V2 UI
With the new user interface (UI) live, the team is keen to receive feedback from the community.
Within the last weeks, the engineering team has updated the UI to allow anyone to create their own Staking Pool. Any member of Nexus Mutual can now launch their own pool and become a staking pool manager, as highlighted in the below section. Further UI improvements were made in accordance with the community’s feedback.
What do you think about the new UI? 💭
Let us know on Discord in the User Interface Feedback channel in the DAO Forum!
Governance forum discussions
Members continue to actively discuss several proposals. You can review and get involved in the following active discussions on the governance forum.
Members are continuing to discuss Tokenomics Design Details, with further discussion about the potential impacts on capital efficiency.
Moss from Avantgarde Treasury proposed to restart the Enzyme vault with a diversified ETH staking strategy. They have requested feedback and comments from members.
Chris from the Ease Protocol team has elaborated on their claim filing experience recently and shared the Ease team’s feedback for the Claims Assessment process.
Jeremiah, one of the co-founders at OpenCover, requested feedback on the Blue Chip Protocol Staking Pool they have launched in partnership with DeFiSafety.
Review, comment, and get involved in the Nexus Mutual governance process!
The Last Week in Review | 27 March - 2 April 2023
In the last week, the mutual sold $1.6m USD worth of cover and earned $2.3k USD in fees, as outlined below.
The R&D and Marketing teams are still working on the various Nexus Mutual V2 Dune Dashboards that will track a variety of the mutual’s KPIs.
Last week, the Capital Pool and Ownership dashboard on Dune Analytics was launched. Once further Dune Dashboards are completed, the Community team will resume with our active coverage by cover type analysis in the weekly issues of The Hedge.
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.
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 Dune Dashboard, created by Richard Chen
The analytics dashboards that work with Nexus Mutual V2 haven’t been finalized yet. For a limited time, members are not able to track cover buys in real-time. We apologize for any inconvenience.
Nexus Mutual’s community is most active on Discord. You may reach our team with any questions through LinkedIn and Discord.