Here's why it should be on your radar:
➕Anyone can buy smart contract insurance
➕Being a backer (staker) can earn up to 50% ROI
➕It's powered by #Ethereum
So if your options are:
❌No protection
✅New insurance that has 28% more capital on-chain than required to pay all claims, what do you choose?
Duh! [see nexustracker.io/capital_pool]
🚀$2.9M USD (13,141 ETH) staked by backers (Risk Assessors)
🚀9,915 ETH in total coverage (what's insured)
🚀Avg coverage = 93.5 ETH
Here's how I bought coverage myself against hacks:
💥Go to app.nexusmutual.io/#/SmartContrac…
💥Choose a dapp icon or paste in an SC
💥Choose cover to be in ETH or DAI
💥For how long
💵Become a member by paying a small fee in ETH (<$2)
💳Submit to KYC (I know it sucks but it's reality)
💥365 days coverage costs ~1.3% of cover amt, if you prefer payout in ETH.
💥Coverage in DAI is much more costly.
💥Use "Manage Cover" in your dash but there's no reminders when it expires app.nexusmutual.io/#/ManageCover
@NexusMutual is still early, so there's fewer #DeFi users paying for SC insurance.
If there's only $2.9M in active covers and still $973M in DeFi TVL (excluding Lightning Network no one uses), Daddy is excited!
@compoundfinance is a great example of potential for Nexus because it has:
📊$125.2M in TVL
📊Only $392,000 in active coverage
So, Nexus is only insuring 0.3% of Compound's TVL
$120k / $597.6M TVL (0.02% of @MakerDAO)
$439k / $19M (2.3% of @dydxprotocol)
$84k / $11.8M (0.7% of @bzxHQ
$9.8k / $4.5M (0.2% of @SetProtocol)
$7.1k / $3.9M (0.18% of @getnuo)
@NexusMutual is underutilized in covering @MakerDAO so I'm willing to try this.
🖋️Go to app.nexusmutual.io/#/RiskAssessme…
🖋️Paste in the @MakerDAO SC (0x35d1b3f3d7966a1dfe207aa4514c12a259a0492b) which I found searching nexustracker.io/staking for listed stakers against MakerDAO
🖋️Choose NXM stake amount
💥Nexus has adequate funds when the money it holds (known as the "Capital Pool") is greater than MCR.
💥MCR% is the ratio of funds held to funds required
👇See how this impacts NXM price
💥I could be in queue waiting behind others like below with 19 ahead of me for @MakerDAO SC stakers. 146,000 in NXM commissions has to be paid before me.
💥If this coverage remains unused, I could go the full 250 days without earning commission.
1⃣Anyone risking money in #DeFi, ought to consider insuring it with the best/only option in #DeFi--@NexusMutual
2⃣If you are looking to earn up to 50% ROI backing Nexus, consider staking NXM.
3⃣Share this with others!
Rn most of the $1 billion in TVL is uninsured. I don't think one can debate my logic: better to try and protect oneself than to just not try at all.
@0xProject
@1inchExchange
@AaveAave
@argentHQ
@compoundfinance
@FlexaHQ
@InstaDApp
@MakerDAO
@getnuo
@paraswap
@SetProtocol
@TotleCrypto
@UniswapExchange
@bzxHQ
@dydxprotocol