$NXM Total Cover has increased by over $150m ($85m to $237m) in the past 24h, shifting the MCR calc to be a function of Cover. It's the equivalent of a gearing factor of 4.84, which you can read more about in the attached thread.
The MCR calc currently done off-chain, but there will soon be a shift to a flat factor that's decided by governance. This is great for @NexusMutual because this cover driven MCR will expand the capacity of previously full contracts. A lot of this is driven by farming for $SAFE.
Users can farm $SAFE with $WNXM, 98/2 $DAI $SAFE BPT, and insurance NFT's. It's had a few interesting knock-on effects.

-Cover has been purchased on all types of contracts as people look to farm with purchased cover.
-72% of WNXM (~1.8m tokens) now in the farming contract
-The 98/2 pool has created a lot of demand for DAI (currently at $1.05) evidenced by the near 150m DAI now in balancer. There was only 17m as of 9/12.

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More from @YanLiberman

1 Sep
0/ This is the first in a series of follow-on posts to our July $NXM report. You can find the full post here, but I also included a video summarizing the gearing factor along with a thread that goes a bit further into the post.

@Delphi_Digital holds NXM
1/ Projects will often use their supply side to incentivize an environment where demand side can grow. Nexus is dealing with the opposite. It has immediate product market fit, evidenced by growth in coverage and how quickly excess capacity for cover is usually purchased.
2/ Even with all the recent growth in cover, the target market is still largely unaddressed.
Read 25 tweets
16 May
0/ Our team @Delphi_Digital put out a State of #Bitcoin 2020 report earlier this week to commemorate the halving.

There was a bit of analysis we had to leave out to get it out on time. After looking in further, the takeaways were too bullish not to share. Let's dive in:
1/ Below is a visual breakout of % of supply held by wallet size. Early distribution is a bit chaotic bc of low price & high issuance. Things start to normalize around 2013, with the growth of supply in smaller wallets continuing until today (bottom of chart)
2/ Tabular view of prev chart. % held in wallets w/ less than 10 $BTC has grown from 6.1% in Jan ‘15 to 14.3% today. Supply held by small holders is actually understated bc so much is held on exchanges. Other notable trend was growth in supply held in wallets sized 1k to 10k $BTC
Read 17 tweets

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