Fourth Quarter (Q4) 2023 Insights, Presented by the DAO Community Team
Recently, we published the Q4 2023 Insights report on the governance forum. This report offers a comprehensive summary of our achievements in Q4, drawing on data and analyses from the Nexus Mutual DAO Dune dashboards.
Within the report, readers will find detailed information on cover sales, revenue generated from cover fees, earnings from investments, highlights from the Mutual’s expansion into covering real-world risk, and a retrospective of the tokenomics project, among other topics.
We are thrilled to spotlight developments introduced in the past quarter and to celebrate the advancements made by the members of the Mutual up to date!
Recent listings
We’ve added several new Protocol Cover listings in the Nexus Mutual UI. Now, you can protect yourself against technical and economics risks on a wider variety of protocols with comprehensive cover from Nexus Mutual 🛡️
Pendle. Pendle is a permissionless yield-trading protocol where users can execute various yield-management strategies. Pendle has been popular within the LRT for the high yields on YT trading.
Maverick Protocol. Maverick Protocol offers a new infrastructure for decentralised finance, built to facilitate the most liquid markets for traders, liquidity providers, DAO treasuries, and developers, powered by a revolutionary Automated Market Maker (AMM).
Aerodrome. Aerodrome Finance is a next-generation AMM designed to serve as Base's central liquidity hub, combining a powerful liquidity incentive engine, vote-lock governance model, and friendly user experience. Aerodrome inherits the latest features from Velodrome V2.
GMX v2. GMX is a decentralised spot and perpetual exchange that supports low swap fees and low price impact trades.
dHEDGE. dHEDGE is a decentralised non-custodial asset management protocol built on Optimism and Polygon. dHEDGE facilitates censorship-resistant and non-custodial connections between individuals seeking to allocate funds to asset managers.
From Concept to Cooperative: The Nexus Mutual Journey
As the Nexus Mutual DAO teams have secured funding for the next six months, we wanted to reflect on the Mutual’s journey—from our inception to the pivotal milestones that have shaped the DAO.
It all started in 2016, when Hugh Karp started brainstorming a novel approach to insurance using blockchain technology. By 2018, he had rallied a team to create a safety net tailored for the Ethereum community. Our current R&D team lead Rei was among the first cohort of members.
Launching Nexus Mutual
In May 2019, Nexus Mutual deployed on Ethereum mainnet. The team launched the Mutual as a digital cooperative—a blockchain-based organisation with a legal framework that provides a community-driven alternative to insurance.
Embracing Decentralisation: Operation Wartortle
In 2021, a community fund (now called the “DAO Treasury”) was established to empower members to contribute to the protocol's evolution. BraveNewDeFi, who joined the team in 2021, spearheaded the creation of a comprehensive framework to coordinate community efforts. After community input, this effort led to the formation of the first DAO team focused on community engagement. Rei outlined the steps to form a new team, initially called the Investment Hub, which was later renamed the Investment Committee. The Investment Committee works to propose investment allocations and optimise returns on Capital Pool assets.
Later in 2021, Nexus Mutual members proposed a strategic plan to further decentralise the Mutual with the codename “Operation Wartortle.” The proposal advocated for the Mutual to move away from the UK legal entity to enhance decentralisation and increase accessibility within the Mutual.
In 2022, Sem and Dan joined the DAO Community team as part-time Community Support Managers to provide assistance to Mutual members. In 2023, Sem became a full-time member of the Community team.
Also in 2022, Claudio joined to lead the DAO Marketing team, where he integrated marketing functions within the Mutual’s framework. Although Dan and Claudio have since pursued other opportunities, Nexus Mutual is gearing up to welcome new contributors to the DAO.
Progressive Decentralisation and Future Horizons
Looking ahead to 2024, the Nexus Mutual DAO remains unwavering in its mission to utilise blockchain technology to empower underserved communities with shared risk solutions. Recently, Nexus Mutual members approved the NMDP for the DAO teams’ funding for the next side months.
With our focus on progressive decentralisation, the Mutual is poised to explore new partnerships and onboard more community members to further cement our status as DeFi’s premier risk marketplace.
NMDP: Add oSnap to the Nexus Mutual Snapshot space
In January, the UMA team shared a proposal on the Nexus Mutual governance forum, where they advocated for the adoption of oSnap within our DAO governance process. The aim is to automate transaction execution for votes that members approve, which would eliminate the need for individual multisig signers to handle execution. This proposed change is intended to streamline our DAO governance execution.
Throughout the Request for Comment (RFC) phase, discussions centered around setting parameters and enhancing security measures. In February, the RFC transitioned to a formal Nexus Mutual DAO Proposal (NMDP), set to remain open for comment until 20 February. After the 20th, the proposal will move to a DAO Snapshot vote.
We invite all community members to review the details and engage in the discussion on the Nexus Mutual governance forum 👇
Community Communications Survey
We're currently reviewing our communication strategies within the Nexus Mutual DAO and would love your input!
👉 Please take a moment to fill out this short form to share your thoughts and suggestions!
Resources
You can find the February updates from the Nexus Mutual community below:
Nexus Mutual is fully transparent. You can verify the information within this newsletter and learn more about the mutual through the resources below:
Thanks for reading!
We look forward to seeing you at our next Community Call on the Nexus Mutual Discord on 20 February (Tuesday) at 1pm UTC!