Nexus Mutual

The Nexus Mutual community is voting on a proposal (NMPIP-213) to increase the PRICE_CHANGE_PER_DAY parameter from 0.5% to 2.0% in the StakingProducts smart contract. This would accelerate the rate at which cover pricing decays after a purchase. Voting is open from March 14-17, and participants can earn a share of 100 NXM tokens as an incentive. The proposal aims to improve the user experience and prevent missed cover purchases, especially during bull markets with rising yields.

Nexus Mutual has launched coverage for $pxETH, providing protection from smart contract exploits and severe economic events. Buyers can now farm in peace with this new offering.

Nexus Mutual has listed a new cover for dHedge on OpenCover. Users can now protect their dHedge assets with Nexus Mutual, saving on fees and streamlining cover management. The offer includes the first cover of up to $10,000 in protection.

Staking pool managers in the Nexus Mutual ecosystem are offering 7.5m $DAI worth of capacity for Spark Protocol Cover. Staking pool 3 managed by Ease underwrites Spark at a yearly cost of 1.25%, while other pool managers charge between 2-5% yearly. Check out the Spark Protocol Cover listing in the Nexus Mutual UI.

The AMA with GMX_IO and NexusMutual is scheduled for Wed. Feb 21 at 1 pm EST. The discussion will focus on #DeFi security in the #GMX ecosystem with participants from GMX, Nexus Mutual, and OpenCover.

OpenCover enables GMX v2 liquidity providers to purchase Protocol Cover, protecting their crypto assets. Users can get their first cover for free, with coverage available on Layer 2 networks. It provides on-chain protection accessible to all, with the option to safeguard GM tokens on GMX v2 and save on L1 fees.

dHEDGE, a decentralized non-custodial asset management protocol on Optimism & Polygon, introduces Protocol Cover for users to purchase. Users can earn high APYs on Toros using dHEDGE. Learn more about dHEDGE and Toros to understand the protections provided by Protocol Cover.

Maverick Protocol Cover offers protection against risks in DeFi on any EVM-compatible network. It covers hacks/exploits, oracle failure/manipulation, severe liquidation failures, and governance takeovers. Teams building on Maverick can collaborate with the Nexus Mutual community to enhance user protection.

Nexus Mutual had a successful year in 2023 despite the bear market. They sold $358.76m in cover, earned $1.34m in fees, and paid out $8.88m for claims. The Mutual also earned $4.04m from investments, $116k in DAO commissions, and $5.4m+ in value through RAMM buybacks. Additionally, $2.2m has been recovered from claim reimbursements. Overall, the net earnings for 2023 were $4.14m, showing positive growth. Looking ahead, the focus is on cover sale growth in 2024.

Nexus Mutual has partnered with OpenCover to offer deposit protection on any EVM compatible chain. This means that if users buy cover on one chain, their deposits on other chains will also be protected. This partnership ensures comprehensive coverage for users' funds regardless of where they are invested.