Nexus Mutual

Nexus Mutual introduces Protocol Cover for Spark Protocol and DSR to protect ETH and DAI deposits. Learn more.

Nexus Mutual is a decentralized insurance alternative that offers cover for various risks. Their Protocol Cover protects against smart contract hacks, oracle manipulation, liquidation failures, and governance takeovers. They have paid $10.8m in claims to Protocol Cover holders since 2019. Nexus Mutual has also partnered with InShare to expand coverage for small independent business owners in the UK. They have collaborated with Sherlock to provide underwriting risk coverage and with Liquid Collective to protect $LsETH holders. More cover products are expected to be launched in 2024.

If you're planning to restake on EigenLayer, be sure to protect your LST deposits with EigenLayer Protocol Cover.

Hugh Karp has proposed that Nexus Mutual enter into an investment and retrocession agreement with Re. The proposed deal includes a $12m investment into Cover Re SP1 and a retrocession cover deal where Re shifts 15% of their underlying risk to Nexus Mutual. The investment offers an estimated return of 18%-22% and requires the selling of $12m of ETH for stablecoins. The retrocession deal allows Nexus Mutual to receive 15% of Re's underlying business for the 2024 underwriting year, capped at $15m gross premium. Approval from CIMA is required for Re to participate in the deal.

Nexus Mutual has launched a bug bounty program for whitehat hackers to find vulnerabilities in their smart contracts. The program now includes the RAMM.sol contract, which replaces the existing bonding curve. Hackers can earn up to $50,000 per finding and payouts will be in USDC without the need for KYC. Nexus Mutual is a decentralized insurance alternative on the Ethereum blockchain, offering transparent and flexible options for buying cover and managing risk.

Members have voted with over 790k NXM since the vote opened, reaching around 78% of the required quorum. An additional 224k NXM in voting power is needed for the proposal to meet quorum and pass. Voting will remain open until Saturday, November 18th at 11:50 am UTC. Visit the Nexus Mutual UI to cast your vote.

The DAO R&D, Community, and Foundation Engineering teams are proposing to replace the Bonding Curve with the Ratcheting AMM (RAMM) and to remove the Minimum Capital Requirement (MCR) Floor. The proposal includes a timeline for the all-member on-chain governance vote, the Ratcheting AMM Whitepaper, an Economic Audit Report, a draft Solidity Audit Report, and additional information related to NMPIP-209.

The Nexus Mutual team will be in Istanbul for the Staking Summit in November. Those interested in connecting with the team can reach out through the Contact Us section on the Nexus Mutual website.