Proposal 181: Grant Advisory Board the power to complete the Nexus Mutual V2 upgrade in stages

Proposal 181: Grant Advisory Board the power to complete the Nexus Mutual V2 upgrade in stages

Summary

With the launch of Nexus Mutual V2 getting closer, members must vote on whether or not to approve the V2 upgrades before the smart contracts can be upgraded. The V2 upgrade process will happen in different stages.

This is a no-action proposal, meaning that if it is passed, no automatic upgrade is executed on-chain. Instead, this proposal would grant the Advisory Board the power to upgrade the V1 contracts to V2 in different stages.

Rationale

With the FTX claims approaching, it’s important to discuss and vote on this proposal, as partial claims cannot be implemented until members vote on the V2 upgrade.

Specification

This proposal fits in the Upgrades, Technical Changes, Use of Funds category, which means a full-member vote is required.

The V2 release will be “rolled out” in stages. You can review the Nexus Mutual V2 branch in GitHub to examine the code.

To better understand how the Nexus Mutual V2 protocol operates, you can also read through this excerpt from the V2 documentation, which reviews the protocol’s major modules and functions:

  • Cover
  • Pricing and capacity
  • Staking and staking pools
  • Claims assessment

If you have any questions about Nexus Mutual V2 ahead of the on-chain vote, please ask here on the forum or in the specified channel in the Nexus Mutual Discord.

Review period

This proposal will be open for review from 25 January until 30 January.

It will be whitelisted and put up for an on-chain vote in the Nexus Mutual user interface on Monday, 30 January.

Proposal status

  • Open for Comment
  • Open for Voting
  • Vote has closed–members voted to approve

On-chain vote

Proposal 181. Grant Advisory Board the power to complete the Nexus Mutual V2 upgrade in stages

This proposal was open for voting from Monday, 30 January, at 9:58am UTC until Thursday, 2 February, at 9:58am UTC, at which time it closed.

NXM Incentives. Members voted received a proportional share of the 100 NXM in incentives, which were distributed based on the number of members who voted, not the number of NXM used to vote.

Vote outcome

Members voted with a total of 1,350,737 NXM in this vote, which passed with 99.99% voting to approve Proposal 181. Quorum was acheived for this vote; the quorum requirement was 1,015,977 NXM (15% of the total NXM supply).


Source: Nexus Mutual user interface

6 Likes

Looking forward to the vote, exciting times ahead!

1 Like

Seems reasonable. Gaining the ability for partial claims for the FTX claims upcoming will be important. So, it makes sense to deploy this first, then deploy the remaining components in stages after.

Will vote to approve.

2 Likes

We at 1kx are beyond excited for the launch of v2 and the powerful feature set it enables for the protocol. With FTX claims coming in February, however, focus should be on implementing partial claims sooner rather than later. Therefore, a v2 rollout in stages makes sense to us. We are in favor of this proposal for this reason and look forward to the remaining v2 rollout after partial claims are implemented.

2 Likes

We are in favor of this proposal.

2 Likes

Partial claims for the future FTX, Gemini Earn, BlockFi claims will be necessary. Glad this can be deployed in stages!

This is a no-brainer to approve. I will vote to approve this proposal.

2 Likes