Nexus Mutual Sponsorship: ETH Global’s Hack Money Hackathon

Governance Discussions Nexus Mutual DAO Proposals
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We propose that Nexus Mutual would be able to participate at the pillar sponsor level for ETHGlobal’s Hack Money (https://defi.ethglobal.co) coming up June 18th-July 9th, 2001.

From June 18th - July 9th Hack Money will be a place to build, fuse, create and discuss all that is DeFi. With weekly summits, always on hacking, and the best of the best in the industry joining us you’ll be among friends and passionate colleagues excited to build the Future of Finance.

The plan is for Nexus Mutual to provide sponsorship at the ’pillar level’ which will give us access to their developer community, submission of build projects ideas that can benefit our protocol, and brand exposure.

Our estimated budget using community funds for our participation is $28k. This budget figure is derived from sponsorship fees, prize pool, and incidental funds to support the team’s presence at HackMoney including “producing” a 45s intro to Nexus Mutual video.

Ultimately, we believe that the return on investment is worthy for the continued growth of the mutual, to expand our community, as well as to attract new developers to get involved with building on top of Nexus.

If anyone in the community knows any potential video producers who would like to create a 45 second video highlighting Nexus Mutual for the competition please DM @Kayleigh on Discord.

What does everyone think? Would this be a good use of Community Funds?

In order to make the deadline for our participation, we will have to shorten our time horizon for forum post and snapshot vote down to 3 days respectively.

Impact matrix

All proposals will be considered based on their potential impact on the mutual.

  1. Awareness/education Projects that seek to grow awareness of Nexus in the wider community and to help members understand how the mutual works. Examples could include writing docs, newsletters, producing videos, memes, NFTs.
  2. Distribution/sales Projects that focus on b2b partnerships or increase distribution of cover at the source of the primary purchase (ie, on DeFi apps). Examples could include building a distributor on top of Nexus, integrations with other projects, or designing new products.
  3. Technical improvements/capability Projects that seek to expand functionality of the mutual or development of new products. Examples could include contributing to open source code, designing user interfaces, building a reinsurance layer or constructing bundled yield bearing and protected products

Once a proposal has been up for discussion here for 3 days it will be closed and we will then translate it to the snapshot for voting. After the snapshot has concluded and if it has produced a favorable outcome, we will distribute the funds.

Details about the Community Fund can be found on this page of our Docs

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Do we have any idea on the total number of people who would participate in the event?

$28k is a relatively small amount for the fund. For comparison @Gauthier NFT proposal was for more than this, and it’s fair to say that this sponsorship would likely result in more immediate results.

From my experience, this level of fee is actually quite high for sponsoring an event of this size. But, I’d imagine the prize pool represents a large % and is necessary to draw in talent.

To know if this is a good proposal we need to understand the magnitude of the event and more detail into how “engaged” the viewers/participants would be with the brand. It sounds like every participant would be actively engaged in understanding the brand to submit build projects. If that’s the case, it’s more interesting than if we’re simply a logo that can be overlooked.

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Great question. The event is estimated to have 1,000 participants which is expected to yield 250 projects. The level we would select gives us far more than a placeholder for our name but gives us access to engage their base of over 4,000 of the best developers in Ethereum as well as the participants. We would also be given a dedicated channel within their online event community as a place to interact, guide developers, and educate on Nexus Mutual.

Further benefits at the proposed level would enable us to make suggestions on projects specific to Nexus Mutual. By having the ability to name/delegate a portion of our reward, we hope to attract teams who will be able to deliver to our protocol “day one integration” project(s) based on our suggestions that increase our technical bandwidth.

Our core team members with the heavy lifting being provided by our engineering team are fully committed to being present within the ETHGlobal online community over the 3 weeks of the competition to guide and provide feedback to the participating teams. This level of engagement should shield our initial investment, netting us the best possible return for an executable product(s).

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Got it, that’s a good number of interested eyeballs. I support this proposal. It seems like a good use of funds and will support brand awareness, as well as engage more developers. The idea of the mutual supporting a hack event makes a ton of sense.

Going forward, I could see us doing more of this, I’ll take a look around and see if there’s anything obvious available.

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We have one of the best development teams in DeFi and giving them a platform to showcase Nexus Mutual and network with industry talent is a great idea/opportunity.

This will also give the mutual more exposure, which is always a good thing. Let’s do it :turtle:

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