Welcome to the first weekly update from the team at Nexus Mutual. Some members have asked for a regular email update but we really want to stay away from sending emails where possible. We do appreciate that not everyone spends lots of time on Discord and Telegram so this space will be used for weekly summaries of what’s been going on.
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The first shield mining campaign has ended. We wrote about our lessons here.
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The second shield mining campaign is now live. It’s for the same protocol, tBTC, but there are some changes based on lessons from the first campaign. Full details.
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Active cover has decreased significantly last week - this is because lots of cover was purchased a month ago when the SAFE craze hit, and the minimum term for cover is 30 days. This will not impact the price of NXM directly because:
- MCR is the largest of 1) MCR floor and 2) cover amount / 4.8
- At the moment the MCR floor is above cover amount / 4.8. So covers expiring doesn’t change anything.
- The recent governance vote stopped the MCR floor increasing, so it means the NXM price doesn’t drag by 1-2% each day.
We will write a report in more detail about this and publish asap.
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There has been some confusion around unstaking - if you want to withdraw your NXM deposit from pooled staking you will have to select unstake from every contract. This is because the NXM deposit will otherwise still be backing your other stakes.
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One key item on our roadmap is to implement proof of loss requirements for any claimant. There is a new governance proposal in place to implement this. Full details. You can still vote now on the app.
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We’ve welcomed our CTO, Rox, to our Advisory Board after a member vote last week.
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The MCR change to pause the floor increment has automatically been implemented following last week’s governance vote which also passed. Full discussion on that in the forum here.
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Welcome to our newest team member, Ricky Tan, who is our new Head of Business Development. Ricky will be focussing on partnerships and developments so look out for more shield mining campaigns soon! Read more about Ricky here.
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The team has been talking most about: shield mining feedback, bespoke protocol covers, how to address pricing issues, proof of loss and partial claims.
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Hugh has raised a new topic on the MakerDAO forum to discuss bespoke protocol cover.
As always, if you have any feedback for us please let us know below or in the #feedback channel on Discord.