Welcome to The Hedge!
In this edition, we will delve into the latest NMPIPs, which are schedule to transition to on-chain votes next Wednesday (12 July). We provide a simple summary of these NMPIPs for members and provide an overview of the ongoing discussions happening on the governance forum.
Let's dive in.
Members signaled support to stake with Rocket Pool and Kiln
During the past week, there were several non-binding signaling votes on Snapshot, where the DAO Investment Committee requested members' votes on three different investment RFCs posted on the forum.
Avantgarde Signaling Vote
Members showed support for staking 6,624 ETH with Kiln through their Enzyme integration.
Rocket Pool Signaling Vote
Additionally, members expressed support for staking 14,400 ETH with Rocket Pool.
Morpho Signaling Vote
However, members did not signal support for allocating 4,848 ETH from the Nexus Capital Pool to Morpho.
These signaling votes gave proposers the feedback necessary to post the following NMPIPs.
Capital Pool Investment NMPIPs: schedule for on-chain votes next week
Based on the support as shown in the signaling votes above, the Avantgarde and Rocket Pool RFCs have been transitioned to NMPIPs, which are open for review from Wednesday (5 July) until the end of the day on Tuesday (11 July).
On Wednesday (12 July), these proposals will transition to on-chain votes. We summarize the NMPIPs below.
NMPIP: Allocate 14,400 ETH to Rocket Pool Protocol rETH
Uisce.eth has transitioned their RFC to a formal NMPIP, which proposes allocating 14,400 ETH—10% of the Capital Pool—to trade into rETH using the CowSwap integration within the mutual’s capital pool.
Specification
Pending a successful vote, the proposal would exchange 14,400 ETH for rETH in order to generate an investment return for the mutual based on ETH staking rewards net of Rocket Pool fees.
At the current rETH price of Ξ1.0764, the 14,400 ETH would be equivalent to 13,377 rETH. However, in 14 days, rETH should increase in value by approximately another 0.15%, at which point we expect to trade the 14,400 ETH for 13,357 rETH.
NMPIP: Restart the Enzyme vault and stake 6,624 WETH through Kiln
Moss has used the feedback provided during the RFC phase and the results of the Snapshot signaling vote to revise and put forth a formal NMPIP, which proposes allocating 6,624 WETH from the Nexus Mutual Enzyme vault to stake through Kiln and accrue staking rewards to the capital pool.
Specification
Because WETH is already in the Nexus Mutual Enzyme vault from the previous investment allocation, no engineering support from the team is required. Pending a successful vote, the Avantgarde team would:
Implement vault settings reconfiguration (as detailed in the NMPIP); and
Allocate 6,624 WETH to Kiln
NMPIP: Updating Protocol Cover wording
In past issues of the The Hedge, we’ve summarized the proposed changes to the current Protocol Cover wording. This NMPIP has been on the forum since 21 June and will transition to an on-chain vote on Wednesday (12 July).
Be sure to review the NMPIP and share any comments ahead of the on-chain vote!
The Latest in Nexus Mutual Governance
We are excited to share the latest developments in the Nexus Mutual governance forum. Your feedback and engagement throughout this process are highly valued.
Introducing the Ecosystem category on the Nexus Mutual Forum
The DAO Community team has introduced the Ecosystem category on the forum to share timely information regarding new partnership and integration announcements. Additionally, it provides a dedicated space for teams seeking partnership proposals to present their ideas and gather feedback directly from the community.
DAO Team Funding Request
NMDP: Q3 & Q4 2023 | DAO Teams Budget Request Proposal: The Q3 and Q4 2023 DAO teams funding request has transitioned into a formal Nexus Mutual DAO Proposal (NMDP).
The funding request for Q3 and Q4 2023 by the DAO teams has become a formal Nexus Mutual DAO Proposal (NMDP) titled "NMDP: Q3 & Q4 2023 | DAO Teams Budget Request Proposal.”
The NMDP is ready for final review and comments from 25 June until 9 July.
This NMDP will transition to a formal Snapshot vote on Monday (10 July) and will close on Saturday (16 July)
The Last Week in Review | 26 June–2 July 2023
In the last week, the mutual sold $512k USD worth of cover and earned $3k USD in fees, as outlined below.
The weighted average expiry period is 58 days.
Active Cover as of 6 July 2023
Total active cover stands at $X51.1m 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 (11 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.