Cover Buys: Week in Review (9/27 to 10/3)
From 4 October to 10 October, the mutual sold $19,031,584.79 in cover policies, and these cover buys added $87,496.41 in premiums to the capital pool with 50% going to Risk Assessors.
The mutual has seen consistent demand for Convex Finance V1, Anchor Protocol, and several different custodians.
Nexus Mutual has listed Centrifuge Tinlake (https://tinlake.centrifuge.io/), Rari Capital (https://rari.capital/), and Pangolin (https://pangolin.exchange/) this week. Any Risk Assessors with NXM to spare can evaluate these protocols and stake accordingly.
This week, we announced our newest Nexus Embassy in the mStable Discord. Our Nexus Community Ambassador Fungus is representing the mutual within the mStable Discord, and he holds office hours throughout the week to assist users with questions about cover and how to secure their productive assets using Nexus Mutual.
The development team is making great progress on the V2 updates. When Nexus V2 does launch, it will make considerable changes/improvements to the protocol. We have no estimate on the launch of Nexus V2 at this time.
Operation Wartortle has been a priority the team has been working on in the background. Hugh shared that the potential tax implications are being explored, and once the structure and legal options are available, the team will share with the community. At that time, the proposed structure will be open for community comment and a governance vote.
The goal is to remove the existing legal wrapper surrounding Nexus Mutual, which would enable us to remove KYC and likely offer more cover.
The top priority is finalising the Nexus V2 updates, but the team has been reviewing different products the mutual can offer in the future. Hugh shared information on several different kinds of risk being researched on weekly Mutant Meetup call, which include:
- Potential weather derivatives insurance product
- Directors & Officers coverage for leaders or contributors working within DeFi
- Validator Slashing coverage for stakers across different networks
If you’re someone with actuarial, legal writing, or data analysis skills, jump in to our Discord server and reach out to get involved. For the current products in development, the mutual could use members with these skill sets to help get these products to market.
The mutual holds a weekly community call on Tuesdays at 10am EST in the Nexus Discord where we talk about Nexus related updates and talk about all things Nexus Mutual.
If you missed this week’s call, you can listen to the recording here: Loom | Free Screen & Video Recording Software
If you missed BraveNewDeFi’s Protected Yield tweet about some of the opportunities on Balancer V2, you can review those here. Balancer on Polygon has some great yields right now, and you can secure your position with Protocol Cover from Nexus Mutual to protect your assets across chains.
As more users become active on other networks and start using their favourite DeFi protocols on other chains, we want to remind our members that Nexus offers protection for assets deposited within a protocol on other chains with a Protocol Cover policy.
@BraveDeFi wrote a guide on how to use the wNXM discount to your advantage when you buy cover. Members can buy wNXM at a discount, unwrap to NXM, and pay for premiums with NXM to secure more affordable cover premiums.
One of the largest topics of conversation this week, both on Discord and the Forum, is around how we can sell more cover. @BowTiedIguana talked about a DAO / protocol level coverage sales program that could be in the form of a decentralized sales force.
If you have any ideas on how we can sell more cover, either to individuals or to protocols, please reach out. Let’s chat!