Community Staking Pool (Pool 23) Updates | Week of 9 September 2024
In May 2024, Nexus Mutual members voted to create the Community Staking Pool. As a result of NMDP 5, 57,607 NXM was staked and delegated from the DAO Treasury to the Community Staking Pool where it is used to underwrite cover and earn the DAO Treasury NXM rewards.
Below is the first of many bi-weekly updates regarding Pool 23’s exposure and performance.
Overview
The Community Staking Pool was launched in May 2024, and an initial 30,000 NXM was staked and delegated to Pool 23. The remaining NXM held in the Community Staking Pool multisig that is earmarked for staking has been set aside to support other staking pools that need help with initial bootstrapping, like OpenCover’s Pool 8. The Community Staking Pool delegated 3,000 staked NXM to Pool 8 to support the launch of OpenCover Transaction Cover, a new cover product designed to provide short-term coverage for Request Finance users and other wallet providers’ users in the future.
Exposure
In total, the Community Staking Pool is underwriting $4,774,603.06 in active cover across the listings outlined below.
The top five (5) listings by exposure are as follows:
- Aave v3 Protocol Cover: $1,113,513.28
- Dialectic Moonphase Fund Portfolio Cover: $1,087,775.41
- Dialectic Chronograph Fund Portfolio Cover: $670,972.81
- Hyperliquid Protocol Cover: $423,973.83
- Pendle Protocol Cover: $344,451.60
NXM Rewards
To date, the Community Staking Pool has earned 503.07 NXM ($26,758.29) in staking rewards and 52.59 NXM ($2,797.26) in management rewards. Currently, Pool 23’s active cover has netted the pool $20,914.04 in premiums, which are streaming as NXM rewards over each cover’s cover period.
The leading five (5) listings that have generated the most premium for Pool 23 are as follows:
- Dialectic Moonphase Fund Portfolio Cover: $6130.88
- Dialectic Chronograph Fund Portfolio Cover: $3969.79
- Pendle Protocol Cover: $3167.665
- Aave v3 Protocol Cover: $2109.275
- Hyperliquid Protocol Cover: $1661.68
Upcoming Updates
The Community Staking Pool is underwriting the new Base DeFi Pass Cover listings as part of the DeFi Pass product beta testings we’re working with OpenCover on.
Over the next month or so, OpenCover will be granting beta access to participate in testing for the Base DeFi Pass, all-in-one protection across eight leading protocols in the Base ecosystem in just one Cover NFT.
If you’re interested in testing the Base DeFi Pass, you can fill out this form and participate in the beta testing phase of this new product.
Questions
If you have any questions about this update, please comment below or reach out to us in the Nexus Mutual Discord server.
