February has been a big month for Nexus Mutual! We launched Crypto Cover and Depeg Cover, made a splash at ETH Denver (hope you grabbed some swag!), and slashed pricing for 10+ battle-tested Protocol Cover listings. We’re also launching the DeFi & Risk Learning Group, a new community-driven space—applications are still open if you’re looking for a great way to introduce friends & family to DeFi.
Now, let’s get into the highlights.
Calls to Action 🗳️
Purchase cover with lower pricing: 11 Protocol Covers in highlight
Our teams are always working to make covering your crypto easier. Recently, we’ve selected 11 battle-tested protocols where our underwriters confidently offer Protocol Cover at rates below 1%.
These 11 procotols are:
Sky Protocol: 0.81%
Curve: 0.69%
Inverse Finance sDOLA: 0.57%
Savings crvUSD (scrvUSD): 0.29%
1Inch: 0.22%
0x v3: 0.22%
Uniswap v3: 0.16%
Uniswap v2: 0.12%
Sky Savings Rate (sUSDS): 0.11%
DAI Savings Rate (sDAI): 0.11%
Safe: 0.11%
Join the DeFi & Risk Learning Group – Last Chance to Apply!
Do your friends and family always ask what you actually do in crypto? Are they financially savvy but never had a non-scammy way into DeFi? Now’s their chance!
Invite them (or join yourself!) in our DeFi & Risk Learning Group, a peer-to-peer network for exploring DeFi. Whether you're new to crypto or already deep in the space, this is a great way to expand your knowledge and connect with others who have different experiences navigating crypto.
The first cohort will be shaped around its participants—so express your interest early to stay updated on applications!
Governance Reading Group: New Book Announcement
The block has chosen its next book! Over the next month, we’ll be reading Collective Courage by Jessica Gordon Nembhard, which explores the African American tradition of cooperatives as a response to social, educational, and economic challenges.
Previously, we read Blockchain Governance by Primavera De Filippi, Wessel Reijers and Morshed Mannan. Now, we’re shifting from the latest in tech to lessons from cooperative history.
We meet online every two weeks to discuss two chapters. If you're a governance nerd who loves diving into better ways to cooperate online, now’s a great time to join us!
👉 Fill out this form to join us!
Recent Highlights 🔎
Crypto Cover—Protect Your Crypto, Seamlessly
DeFi can be complex, but securing your assets shouldn’t be. Nexus Mutual’s Cover makes it easy—just one click to protect your crypto across multiple protocols.
Three Plans, One Goal: Security
We’ve designed flexible cover options for all types of DeFi users:
Entry Cover – For those new to DeFi or taking a passive approach, covering 10+ major protocols.
Essential Cover – Expands protection to lending and borrowing across 40+ protocols.
Elite Cover – The most comprehensive plan, built for active traders and yield farmers, covering 70+ protocols.
All plans include industry-leading protection against smart contract hacks, with the flexibility to move funds between covered protocols—so you can participate in DeFi without compromise.
Depeg Cover—Stay Protected from Depegs
Stablecoins and liquid staking tokens are growing fast—but what happens if they lose their peg? With Depeg Cover from Nexus Mutual, you don’t have to worry.
How It Works
If a covered token drops below its peg for a set period (usually seven days) by a set percentage, you can file a claim to recover losses. Simple as that.
New Depeg Cover Listings
Now available on Nexus Mutual:
Ethena USDe
USDS
Level USD
Tether USDT0
Resolv USR
Treehouse ETH
Super OETH
WBTC
Ether.fi eBTC
We’re always reviewing more stablecoins, LSTs, and derivatives—let us know if there’s a token you’d like covered!
👉 Check out Depeg Covers on Nexus Mutual
Nexus Mutual at ETH Denver
Part of the Nexus Mutual Foundation and DAO Teams were in Denver last week! Hope you got a chance to meet us—if not, feel free to jump into our Discord or fill out the contact form anytime.
BraveNewDeFi nailed it with this recap:
We couldn’t agree more!
Governance Digest 📌
[RFC] - Stake Kiln ETH in Enzyme Vault on ether.fi: Rok, co-founder of ether.fi, has proposed moving 6,784 ETH from Kiln to ether.fi’s weETH via the Enzyme Vault. Nexus Mutual has already allocated 1,508 ETH to ether.fi. The proposal outlines an estimated 5.0% APR, broken down into Ethereum staking rewards, restaking incentives (paid in KING tokens), and seasonal rewards. It also details the rationale, risks, and expected outcomes. Feedback is requested before moving to a signaling vote.
Add payout for claim assessors. Zarathustra proposed a base yield for claim assessors, arguing they should be compensated for reviewing claims, even if denied. He suggested a 3-4% yield and warned that fraudulent claims may be designed to overwhelm assessors. He opposed a formula-based reward, citing exploitation risks, and instead suggested a fixed yield with periodic registration and participation requirements.
Tomasz (DAO R&D Team) shared the January Investment Committee Newsletter. In January, the Capital Pool decreased by 3.88% in ETH terms, while its ETH/NXM value rose from 0.02303 to 0.02317—an annualized 6.94% increase. This growth was driven by a 2.22% investment return and a 2.71% gain from RAMM. A total of 139.663 ETH was earned from the active staking investments, with a monthly APY of 2.29%.
NMDP 9: Add Karpatkey as DAO Treasury Multisig Signer: BraveNewDeFi (DAO Product & Risk Team) proposed adding Sisyphos (Karpatkey) as a Nexus Mutual DAO Treasury multisig signer, replacing Lasse Clausen. Karpatkey, onboarded in August 2024, has worked closely with DAO teams on treasury management. The RFC saw no opposition (13–27 Jan), and the proposal passed on Snapshot on 18 Feb after a 5-day vote.
Karpatkey delivered updates for the Nexus Mutual DAO Treasury. Karpatkey continued NXM sales and diversification in January, with the treasury balance at $8.47M (down from $9.08M) due to NXM price fluctuations. Protocol fee revenue fell to $74.1K from $122K, while DeFi allocations rose to 45.8%, driven by Aave v3 and Uniswap v3 positions. Key actions included placing limit orders for WNXM sales, depositing $44.8K USDC into Aave v3, and exiting a Uniswap v3 LP position at a 0.17% discount to Book Value. Expanded Zodiac permissions were also tested across multiple DeFi platforms. NXM’s circulating supply dropped by 5%, with the spot price trading below Book Value, peaking at a 10.2% discount. Uniswap LP positions temporarily moved out of range but are expected to recover. Next steps: deploying new permissions, reallocating cbBTC to yield strategies, and expanding treasury allocations to Rocketpool, EtherFi, Spark, Balancer, Aura, and Aave v3.
Thanks for reading, and see you next issue!
If you have any questions, reach out to us on the Nexus Mutual Discord.
Join us for the DeFi Pulse Monthly call on March 11, hosted on X Spaces via the Nexus Mutual account and on the Nexus Mutual LinkedIn. Set a reminder for the event on LinkedIn through this link.
Stay safe in DeFi!
Resources
If there’s a Protocol Cover or Bundled Protocol Cover listing you’d like to see added, reach out to us on Discord or send us a message through the Contact Form with your request for our Product & Risk Team to evaluate.
You can find the latest 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: