diff --git a/docs/governance/dao.md b/docs/governance/dao.md index 8d8e9914..cba96142 100644 --- a/docs/governance/dao.md +++ b/docs/governance/dao.md @@ -34,17 +34,23 @@ The treasury multisig signers were decided through a Snapshot vote. The communit * [DeFi Dad](https://twitter.com/DeFi_Dad) * [Gauthier](https://twitter.com/Nedict0x) * [BraveNewDeFi](https://twitter.com/BraveDeFi) -* [Lasse Clausen](https://twitter.com/lalleclausen) +* [Sisyphos of kpk](https://x.com/sisyphos7919) * [Richard Chen](https://twitter.com/richardchen39) * [Adam Benayoun](https://twitter.com/adambn) The multisig signers will sign off on, but not decide, which proposals pass and do not pass. They will enact the will of the wider Nexus Mutual community who vote with their NXM. -### DAO treasury address +### DAO treasury addresses -The treasury Safe has a four-of-seven signing threshold. - -[Safe multisig](https://app.safe.global/eth:0x586b9b2F8010b284A0197f392156f1A7Eb5e86e9/balances): 0x586b9b2F8010b284A0197f392156f1A7Eb5e86e9 +The DAP Treasury consists of several Safes. +* [Original DAO Treasury multisig](https://app.safe.global/home?safe=eth:0x586b9b2F8010b284A0197f392156f1A7Eb5e86e9): 0x586b9b2F8010b284A0197f392156f1A7Eb5e86e9 + * *Signing threshold*: 4 of 7 +* [Avatar DAO Treasury multisig, managed by kpk](https://app.safe.global/home?safe=eth:0x8e53D04644E9ab0412a8c6bd228C84da7664cFE3): 0x8e53D04644E9ab0412a8c6bd228C84da7664cFE3 + * *Signing threshold*: 4 of 7 +* [DAO Community Staking Pool multisig](https://app.safe.global/home?safe=eth:0xFA7E852Ceb3F7d0f1AC02F3b8AFCa95e6DcBdb3C): 0xFA7E852Ceb3F7d0f1AC02F3b8AFCa95e6DcBdb3C + * *Signing threshold*: 2 of 4 +* [DAO Grants & Accelerator multisig](https://app.safe.global/home?safe=eth:0x09ABbe423feDEE2332CAEa4117093D7d9B017cF5): 0x09ABbe423feDEE2332CAEa4117093D7d9B017cF5 + * *Signing threshold*: 3 of 5 ## Contributing to the DAO @@ -58,75 +64,67 @@ Before creating an NMDP team creation request, review the existing teams. ## DAO teams -Currently, there are five DAO teams. These teams work on behalf of Nexus Mutual DAO members, and their funding is approved through the NMDP process. You can review the [most recent DAO team funding proposal](https://forum.nexusmutual.io/t/nmdp-1-q3-q4-2023-dao-teams-budget-request-proposal/1158) to learn about each team's priorities, duties, and more. +Currently, there are four DAO teams. These teams work on behalf of Nexus Mutual DAO members, and their funding is approved through the NMDP process. You can review the [most recent DAO team funding proposal](https://forum.nexusmutual.io/t/nmdp-7-q3-q4-2024-dao-teams-budget-request-proposal/1485) to learn about each team's priorities, duties, and more. ### Community team -The Community team provides tools to and educational content for members, staking pool managers, DAOs, and our wider community in order to expand coverage. They also design communication channels to drive community engagement and member retention. +The Community team empowers members, staking pool managers, DAOs, and the broader ecosystem by providing educational resources and tools that promote growth in cover sales. They also design and manage communication channels to foster engagement and strengthen member retention. -The team provides key support to members in a variety of ways, whether it's day-to-day questions or direct assistance during claim events. Through consistent support, communication, and engagement, this team strives to improve the member experience and improve access to resources. +This team plays a vital support role, assisting members with everyday inquiries as well as offering direct guidance during claim events. Through consistent communication, engagement, and reliable support, the Community team enhances the overall member experience and ensures better access to key resources. This team was [first established](https://forum.nexusmutual.io/t/establishing-mutant-marketing-hub-charter/600) in 2021 and has since changed name and split into two separate teams (i.e., Community and Marketing). #### Team members -**Head of Community (FT)**. BraveNewDeFi serves as team lead and has worked for the DAO since 2021. In that time, he has updated and maintained the V1 documentation, developed the Mutual's DAO working group model, launched the first DAO team, and standardized the claims process to reduce friction for those submitting claims. He works with the Community Manager to provide support to members, create and distribute informative/educational content, and works to update and engage with members. - -**Community Manager (PT)**. Sem provides support to members on Discord and LinkedIn, answering questions and helping members troubleshoot issues. She also writes the weekly newsletter, conducts research, distributes content across social channels, and compiles weekly reports. +**Head of Community (FT)**. Sem is responsible for community management, content production and coordination across the social channels, including content delivery in targeted channels. She conducts regular research on ways to improve member experience within Discord, governance forum, etc. and provides supports to knowledge and project management. + * *Bio*. Sem joined the Community team part-time in February 2022 and later transitioned to a full-time team member in June 2023. She has a background in freelance governance research, notably with reState Foundation on the Future of Governance Toolkit. Her career spans roles as a VC Associate focusing on emerging fintech, product management, organizational design consulting, and human-computer interaction research. Sem earned an MSc and BSc from the Technical University of Munich and is fluent in English, German, and Turkish. ### Marketing team -The Marketing team works to expand Nexus Mutual's brand awareness and engagement with the DAO's target audiences and drive growth in new membership. They create and execute marketing campaigns; develop and distribute content; and manage Nexus Mutual's marketing channels. - -The team creates awareness about the risk marketplace and reaches prospective members around the world. With a defined content strategy and data-driven metrics to demonstrate their impact, the Marketing team grows brand awareness and membership within the Mutual, while providing DAO members with a measure of their success. - -This team was originally incorporated with the Community team but has a proposal to establish their own team, given Marketing and Community have different objectives. +The Marketing team is responsible for growing Nexus Mutual’s brand awareness, engaging target audiences, and driving new member growth. Their work includes planning and executing marketing campaigns, creating and distributing content, and managing the Mutual’s various marketing channels. -### Investment Committee +By promoting Nexus Mutual and reaching potential members globally, the team increases visibility and engagement. With a clear content strategy and data-driven performance metrics, they not only expand the Mutual’s reach but also provide the DAO with transparent measures of marketing impact. -The Investment Committee provides in-depth proposals and works to provide members with the information they need to invest Nexus Mutual's assets in a way that maximizes the return without negatively impacting the Mutual's ability to pay claims on a timely basis. - -The team reviews investment opportunities and writes detailed investment strategy proposals for the governance forum, where they provide members with the potential benefits, risks, and considerations necessary to make an informed decision ahead of onchain governance votes. +Originally part of the Community team, the Marketing team has submitted a proposal to operate independently, recognizing the distinct goals and functions that set Marketing apart from Community efforts. #### Team members -**Investment Committee Members (PT)**. Discuss, review, and evaluate potential investment strategies with the Head of Investment. Investment strategies that the team agrees present good opportunities are written as an NMPP and presented to members for their review. -* **Nico**. Chief Investment Officer of Prosight Specialty, a property and casualty insurer providing tailored insurance solutions for businesses. He provides oversight and strategic direction of their multi-billion dollar investment portfolio consisting of core, core plus, and alternative assets. -* **Rei**. Rei has served as a founding member of the Nexus Mutual protocol and made a variety of contributions since 2018. Previously, he was qualified as a UK actuary, held a variety of back-office and front-office corporate roles in reinsurance and brokerage. -* **Gauthier**. Former M&A analyst, who dove deep into the crypto rabbit-hole during the first lockdown in 2020. He has been investing with a strong focus on DeFi protocols ever since. He serves as a Discord moderator in the Nexus Mutual community, and as a multisig signer for the DAO treasury. Gauthier has been a very vocal advocate for Nexus Mutual on Twitter, and he has a strong vested interest in Nexus Mutual and aims to identify the best investment opportunities for the Mutual. -* **Guillaume**. Business professional with more than 15 years' experience, with a good analytical and structured approach to all types of problems. His skills in project management and risk management can be complementary to the profiles of the initial team. Also a retail investor in both DeFi and TradFi (a long-time investor in insurance stocks). He plans to contribute to the Investment team around both set-up/structure, as well as the process to surface and implement direct DeFi investments in line with the strategy. +**Director of Marketing (FT)**. Phil is responsible for creating content for the Nexus Mutual account, developing and implementing comprehensive social media strategies to increase brand awareness, engagement, and generate leads for our B2B and B2B2C products. + * *Bio*. Phil joined Nexus Mutual in July 2024. He has 10 years of experience from startups to Fortune 1000 companies and a degree in Marketing. Prior to joining Nexus, he was the Content Communications Lead for Unstoppable Domains, a unicorn in the blockchain space. He got into crypto through NFTs at the end of 2020 and has never looked back. -### Operations team +### R&D team -The Operations team provides support to other DAO teams, manages projects between DAO teams to improve communication and efficiency, helps coordinate online and in-person events, and improves internal operations within the DAO. +The R&D team tackles complex challenges within the protocol and broader ecosystem. Their goal is to decentralize problem-solving, foster transparency, and attract skilled members who are motivated to address difficult issues. -The team strives to bring DAO community ownership to coordination of funds, projects, and events. Through increased transparency, communication and coordination among DAO members and teams, and accountability around funding and performance, this team helps further decentralize the Mutual and scale the DAO. +By staying aligned with Nexus Mutual’s mission and values, the team prioritizes thoughtful, sustainable solutions over quick fixes that could compromise long-term goals. They actively engage with members to collaboratively explore, critique, and solve problems, cultivating a community of capable and committed contributors. #### Team members -**Head of Operations**. Kayleigh serves as the team lead and has previously led operations within the Foundation for Nexus Mutual before the protocol launched on mainnet. She serves as project manager for cross-team projects and ensures teams consistently meet their goals and stay within budget. Kayleigh monitors funds, governance, grants and the multisig, and financial structure. She provides insight to members on what DAO teams and grant recipients are delivering to facilitate accountability. Work to deepen knowledge on DAO management best practices, so Nexus Mutual can set the standard. +**Head of R&D (PT)**. Rei is responsible for leading projects, managing contributors, working with DAO and Foundation members to increase participation in research, analytics, protocol design and product design. + * *Bio*. Rei has served as Head of R&D since Q1 2023. Began working on Nexus Mutual in May 2018 as the first full-time employee, covering economic design, legal set-up, actuarial modeling, documentation, and early business development. Advisory Board member since February 2020. Previously qualified as a UK actuary, held a variety of back-office and front-office corporate roles in reinsurance and brokerage. -### R&D team +**Dune Wizard (FT)**. Tomasz is responsible for writing SQL queries in Dune, capturing accurate current and historic information across the Nexus Mutual smart contracts. + * *Bio*. Tomasz is an experienced Data Engineer specializing in analytics engineering with a wealth of hands-on experience contributing to the Dune Spellbook repository. Proficient in SQL, dbt, and Python, with a keen ability to build robust analytics dashboards utilizing platforms like Dune Analytics and Power BI. -The R&D team helps overcome hard problems faced by the protocol and ecosystem. They strive to decentralize the problem-solving function, increase transparency, and attract skilled members who want to solve difficult problems. +### Product & Risk team -The team works to solve problems the right way and retains focus on the Nexus Mutual mission and values, instead of taking shortcuts that may undermine them. This team works with members to effectively face difficult problems and aims to attract skilled, active members to discuss, challenge, and work together toward solutions. +The Product & Risk team is responsible for enhancing existing cover products and creating new ones to boost sales, expand into new markets, and offer members robust protection against major on-chain and off-chain risks. They also provide support to both new and established syndicates and distributors building on top of the protocol. Additionally, the team researches emerging risks to develop comprehensive risk frameworks and pricing models. #### Team members -**Head of R&D**. Rei serves as team lead and has served as a founding member of the Nexus Mutual protocol and made a variety of contributions since 2018. Previously, he was qualified as a UK actuary, held a variety of back-office and front-office corporate roles in reinsurance and brokerage. He is responsible for leading projects, managing contributors, working with DAO members to increase engagement and participation in research and design. Most recently, Rei has led the tokenomics working group, which would now be managed by this team. +**Head of Product & Risk (FT)**. BraveNewDeFi leads research on emerging risks and conducts feasibility assessments for new cover products, including the development of cover wording. He oversees the product and cover listing process within Nexus Mutual and regularly evaluates new protocols for listings in the Nexus Mutual user interface. In collaboration with the Legal team, he helps draft cover wording, schedules, and annex documents to support product development and listings. Brave also monitors correlation levels across active covers and works with the Business Development team to track upcoming cover expirations, enabling proactive outreach and demand generation for newly available capacity. As part of his role, he collaborates closely with staking pool managers across the Nexus Mutual ecosystem and manages the Community Staking Pool. Additionally, BraveNewDeFi continues to serve as the primary point of contact during claim events. + * *Bio*. BraveNewDeFi joined Nexus Mutual in 2021 after actively contributing to the DAO and helping establish the DAO teams model—a framework for onboarding and offboarding teams within the DAO. He launched the first DAO team, the Community team, and collaborated with other contributors to expand the team model to support the Mutual’s growth. Over the following three years, Brave applied his expertise in risk to develop a comprehensive DeFi risk and exploit database, which is now used internally to assess and price risk for both new and existing listings. In August 2024, after a year of involvement with the Product & Risk team, Brave was voted into the role of Head of Product & Risk. ## DAO team funding -If the DAO team budget request proposals are approved by members through Snapshot governance, the DAO treasury sends funds to the team multisigs. With the [Q1 & Q2 2023 DAO teams budget request proposal](https://snapshot.org/#/community.nexusmutual.eth/proposal/0x63e292837175a2976c8857e0f3d565c7e5349fbf3671bcebae5505ed4dc97b12), members voted to streamline the payment process. All of the funding for DAO teams is held in the DAO teams multisig (formerly, the Community multisig) and payments are managed from that multisig. +If the DAO team budget request proposals are approved by members through Snapshot governance, the DAO treasury sends funds to the team multisigs. With the [NMDP 7: Q3 & Q4 2024 | DAO Teams Budget Request Proposal](https://forum.nexusmutual.io/t/nmdp-7-q3-q4-2024-dao-teams-budget-request-proposal/1485/1), members voted to streamline the payment process. All of the funding for DAO teams is held in the DAO teams multisig (formerly, the Community multisig) and payments are managed from that multisig. -The Operations team has implemented an oversight process for any non-salary payment requests from the DAO teams multisig. +The DAO teams have implemented an oversight process for any non-salary payment requests from the DAO teams multisig. ### DAO teams (formerly, Community) multisig The DAO teams Safe has a three-of-five (3/5) signing threshold. - -[Safe multisig](https://app.safe.global/eth:0x57d2D86d32497bC4AEd3b603A391db50c10D7fA1/balances): 0x57d2D86d32497bC4AEd3b603A391db50c10D7fA1 +* [Safe multisig](https://app.safe.global/eth:0x57d2D86d32497bC4AEd3b603A391db50c10D7fA1/balances): 0x57d2D86d32497bC4AEd3b603A391db50c10D7fA1 #### DAO teams multisig signers @@ -135,11 +133,13 @@ All signers are required to use a hardware wallet-secured address for their sign * BraveNewDeFi * Rei * Sem -* Kayleigh +* Tomasz * Hugh ### Past team funding proposals +* [NMDP 7: Q3 & Q4 2024 | DAO Teams Budget Request Proposal](https://forum.nexusmutual.io/t/nmdp-7-q3-q4-2024-dao-teams-budget-request-proposal/1485/1) +* [[NMDP #2]: Q1 & Q2 2024 | DAO Teams Budget Request Proposal](https://forum.nexusmutual.io/t/nmdp-2-q1-q2-2024-dao-teams-budget-request-proposal/1371) * [NMDP #1: Q3 & Q4 2023 | DAO Teams Budget Request Proposal](https://forum.nexusmutual.io/t/nmdp-1-q3-q4-2023-dao-teams-budget-request-proposal/1158) * [Q1 & Q2 2023 | DAO Teams Budget Request Proposal](https://forum.nexusmutual.io/t/q1-q2-2023-dao-teams-budget-request-proposal/986/1) * [Q1 & Q2 2023 | Proposed Teams, Priorities, and 6-month Budget Breakdown](https://forum.nexusmutual.io/t/q1-q2-2023-proposed-teams-priorities-and-6-month-budget-breakdown/985/1) diff --git a/docs/overview/cover-products/bundled-protocol-cover.md b/docs/overview/cover-products/bundled-protocol-cover.md index ace09f13..ae7a6710 100644 --- a/docs/overview/cover-products/bundled-protocol-cover.md +++ b/docs/overview/cover-products/bundled-protocol-cover.md @@ -20,7 +20,7 @@ For more information, read the full terms and conditions of [Nexus Mutual's Bund Nexus Mutual's claim assessors use this cover wording as a reference when considering any Bundled Protocol Cover claim. -*Note*: Every Bundled Protocol Cover listing includes an annex documented linked in the Terms and Conditions section on the Buy Cover page. You can review the annex for each listing to confirm which protocols are included in the Bundled Protocol Cover listing. +*Note*: Each Bundled Protocol Cover listing includes an annex, which is linked in the Terms and Conditions section on the Buy Cover page. ### Proof of Loss @@ -35,12 +35,12 @@ Once you prove that you own and control the affected address, claim assessors ca ## Claim Filing Process -After a loss event occurs, you will need to wait 14 days for the cool-down period to pass. The cool-down period applies for DeFi Pass Cover claims, per the cover wording. -1. If you hold DeFi Pass Cover at the time the loss event occurs, you can submit a claim with supporting evidence, otherwise referred to as proof of loss. +After a loss event occurs, you will need to wait 14 days for the cool-down period to pass. The cool-down period applies for Bundled Protocol Cover claims, per the cover wording. +1. If you hold Bundled Protocol Cover at the time the loss event occurs, you can submit a claim with supporting evidence, otherwise referred to as proof of loss. * You will be able to include written details, links to supporting documentation, and/or upload screenshots or other files in the Incident Details portion of the claim submission process * You will choose to either sign a message from the affected address or send a 0 value transaction from the affected address to prove you own and control the affected address 2. Claim assessors will review, discuss and vote to approve claims where proof of loss (i.e., your designated wallet address) shows that you have indeed suffered a loss of funds. - * If your claim is approved, you will be able to redeem your claim payout after the 24-hour cool-down period passes in the Your Covers menu. You can also check your Dashboard to see the status of any active claims. + * If your claim is approved, you will be able to redeem your claim payout after the 24-hour post-claim period passes in the Your Covers menu. You can also check your Dashboard to see the status of any active claims. * If your claim is denied, you will be able to file another claim with more supporting evidence For a review of the claim assessment process, see the [Claim Assessment](/protocol/claims-assessment) section. \ No newline at end of file diff --git a/docs/overview/cover-products/defi-pass-cover.md b/docs/overview/cover-products/defi-pass-cover.md index 4c1542a5..ae68756b 100644 --- a/docs/overview/cover-products/defi-pass-cover.md +++ b/docs/overview/cover-products/defi-pass-cover.md @@ -4,7 +4,7 @@ sidebar_position: 1.6 # DeFi Pass Cover -The DeFi Pass product is designed for people who are active in one network's DeFi ecosystem and regularly move their crypto assets between major protocols to get the best yields. +The DeFi Pass is for people who use multiple DeFi protocols within the same blockchain network and regularly move their crypto around to get the best yields. Instead of buying several different Protocol Covers or Bundled Protocol Covers to protect your crypto assets, you can buy one DeFi Pass for a fixed price to protect against smart contract and economic risks across several of the leading protocols within one network's ecosystem. @@ -20,20 +20,20 @@ When you purchase a DeFi Pass, you will specify the wallet address you want to p ## Covered Risks: Base DeFi Pass -When you have crypto assets deposited in Aerodrome, Arcadia, Beefy, Compound v3, ExtraFi, Moonwell, Morpho, Overnight and Uniswap v3 on Base, the Base DeFi Pass Cover provides all-in-one, flexible protection that safeguards your assets against the following risks: +When you have crypto assets deposited in the covered protocols on Base, the Base DeFi Pass Cover provides all-in-one, flexible protection that safeguards your assets against the following risks: * Smart contract exploits/hacks * Severe oracle failure/manipulation * Severe liquidation failure * Governance attacks -To learn more about the designated protocols (i.e., the protocols included in the Base DeFi Pass) and the covered sub-protocols, see the [Base DeFi Pass Annex](https://api.nexusmutual.io/ipfs/QmVjm5qfpkJdHiLCLpR9UeYM5WWQ58SpWTH9upWowvozGK). +To learn more about the covered protocols (i.e., the protocols included in the Base DeFi Pass) and the covered sub-protocols, see the [Base DeFi Pass covered risks and exclusions on OpenCover](https://opencover.com/base-pass-covered-risks-and-exclusion/). ## DeFi Pass Cover Wording For more information, read the full terms and conditions of [Nexus Mutual's DeFi Pass Cover](https://api.nexusmutual.io/ipfs/QmQLh2wNDD2b2RGg9rNFbyrQwxqTthrTNaTsHenZnRg6u6). -To learn about the protocols included in each DeFi Pass, you can read the Annex documentats below: -* [Base DeFi Pass Annex](https://api.nexusmutual.io/ipfs/QmVjm5qfpkJdHiLCLpR9UeYM5WWQ58SpWTH9upWowvozGK) +To learn about the protocols included in each DeFi Pass, you can read the information below: +* [Base DeFi Pass covered risks and exclusions on OpenCover](https://opencover.com/base-pass-covered-risks-and-exclusion/) ## Exposed Funds vs. Cover Amount @@ -87,7 +87,7 @@ After a loss event occurs, you will need to wait 14 days for the cool-down perio 1. If you hold DeFi Pass Cover at the time the loss event occurs, you can submit a claim with supporting evidence, otherwise referred to as proof of loss. * You will be able to include written details, links to supporting documentation, and/or upload screenshots or other files in the Incident Details portion of the claim submission process 2. Claim assessors will review, discuss and vote to approve claims where proof of loss (i.e., your designated wallet address) shows that you have indeed suffered a loss of funds. - * If your claim is approved, you will be able to redeem your claim payout after the 24-hour cool-down period passes in the Your Covers menu. You can also check your Dashboard to see the status of any active claims. + * If your claim is approved, you will be able to redeem your claim payout after the 24-hour post-claim period passes in the Your Covers menu. You can also check your Dashboard to see the status of any active claims. * If your claim is denied, you will be able to file another claim with more supporting evidence For a review of the claim assessment process, see the [Claim Assessment](/protocol/claims-assessment) section. diff --git a/docs/overview/cover-products/eth-slashing-cover.md b/docs/overview/cover-products/eth-slashing-cover.md index 7f76ec36..4633deae 100644 --- a/docs/overview/cover-products/eth-slashing-cover.md +++ b/docs/overview/cover-products/eth-slashing-cover.md @@ -2,43 +2,36 @@ sidebar_position: 1.9 --- -# ETH Slashing Cover +# Slashing Cover -Organizations that run ETH validators and help secure the Ethereum network are exposed to slashing risks, which can be caused by improper actions such as double-signing, surround voting, downtime, and infrastructure and setup failure. +Organizations that run validators on Proof-of-Stake (PoS) networks and help secure these networks are exposed to slashing risks, which can be caused by improper actions such as double-signing, surround voting, downtime, and infrastructure and setup failure. ## Covered risks -When you run ETH validators and have active ETH Slashing Cover, you are protected against losses that occur during the cover period where one or more of the covered validators incur penalties greater than the deductible in any continuous 40 day period. +When you run validators and have active Slashing Cover, you are protected against losses that occur during the cover period where one or more of the covered validators incur penalties greater than the deductible in any continuous 40 day period. -Nexus Mutual offers two ETH slashing products: -* ETH Slashing Cover -* ETH Slashing Umbrella Cover +Nexus Mutual offers various slashing products: +* [ETH Slashing Cover](https://api.nexusmutual.io/ipfs/QmWepFbtMYSzJt22ddF1CK9PwbrYgiLk9qJjryDrgpGuus) +* [ETH Slashing Umbrella Cover](https://api.nexusmutual.io/ipfs/QmQx2H9A51SARNc4W8Ta2D2woXv2ebkUGZMC5HZoQW8TUX) +* [Part D: Slashing Cover under the Crypto Cover wording](https://api.nexusmutual.io/ipfs/Qmas9sr9BA9DmdgbHpyTmYUwvv2Kxyc1upDEarEerti2hs) -## ETH Slashing Cover wording - -For more information, read the full terms and conditions of [Nexus Mutual’s ETH Slashing Cover](https://api.nexusmutual.io/ipfs/QmWepFbtMYSzJt22ddF1CK9PwbrYgiLk9qJjryDrgpGuus). - -Nexus Mutual’s claim assessors use this cover wording as a reference when considering any claim. - -## ETH Slashing Umbrella Cover - -For more information, read the full terms and conditions of Nexus Mutual's [ETH Slashing Umbrella Cover](https://api.nexusmutual.io/ipfs/QmQx2H9A51SARNc4W8Ta2D2woXv2ebkUGZMC5HZoQW8TUX) - -Nexus Mutual’s claim assessors use this cover wording as a reference when considering any claim. +Nexus Mutual’s claim assessors use these cover wording documents as a north star when considering any claim. ### Proof of loss -When an organization purchases ETH Slashing Cover, they provide the validator numbers they want covered in a csv file and that list is stored on IPFS. +When an organization purchases Slashing Cover, they provide the validator numbers they want covered in a csv file and that list is stored on IPFS. If a validator, or validators, suffer penalties, they will provide the list of impacted validators and the corresponding loss for each validator. ## Claims process After a validator, or validators, suffer a loss, your organization can contact the product team, who can assist in calculating the loss amount(s). -1. Once the losses have been calculated, your organization can file a claim in the Nexus Mutual user interface. +1. Once the losses have been calculated, your organization can file a claim in the Nexus Mutual user interface after the cool-down period passes. 2. You will submit a calculation of losses by providing a file of impacted validators and their losses by slot/epoch. * This should equal the claim amount being requested after the deductible is accounted for. 3. Claim assessors can then reference this information against [beaconcha.in](https://beaconcha.in/) or [rated.network](https://www.rated.network/?network=mainnet&view=pool) to verify the loss calculations. + * If your claim is approved, you will be able to redeem your claim payout after the 24-hour post-claim period passes in the Your Covers menu. You can also check your Dashboard to see the status of any active claims. + * If your claim is denied, you will be able to file another claim with more supporting evidence. For a review of the Claims assessment process, see the [Claims Assessment](/protocol/claims-assessment) section. diff --git a/docs/overview/cover-products/fund-portfolio-cover.md b/docs/overview/cover-products/fund-portfolio-cover.md index c88482c8..517a212e 100644 --- a/docs/overview/cover-products/fund-portfolio-cover.md +++ b/docs/overview/cover-products/fund-portfolio-cover.md @@ -18,7 +18,7 @@ If there are additional risks your fund is concerned about, you can [reach out t ## Fund Portfolio Cover Wording -For more information, read the full terms and conditions of [Nexus Mutual's Fund Portfolio Cover](https://api.nexusmutual.io/ipfs/QmevgAXtzi7773NaBrzGyW95aKSrt3MBtpQU1SQCPyCbSF). +For more information, read the full terms and conditions of [Nexus Mutual's Fund Portfolio Cover](https://api.nexusmutual.io/ipfs/QmPwYKc8WQYmTeq5cZ7wxPbZfgTHm9aHh7SLAHpf4g1yQi). ### Proof of Loss @@ -38,7 +38,7 @@ After a loss event occurs, your team will need to wait 14 days for the cool-down * You will be able to include written details, links to supporting documentation, and/or upload screenshots or other files in the Incident Details portion of the claim submission process * You will choose to either sign a message from the affected address or send a 0 value transaction from the affected address to prove you own and control the affected address 2. Claim assessors will review, discuss and vote to approve claims where proof of loss shows that you have indeed suffered a loss of funds. - * If your claim is approved, you will be able to redeem your claim payout after the 24-hour cool-down period passes in the Your Covers menu. You can also check your Dashboard to see the status of any active claims. - * If your claim is denied, you will be able to file another claim with more supporting evidence + * If your claim is approved, you will be able to redeem your claim payout after the 24-hour post-claim period passes in the Your Covers menu. You can also check your Dashboard to see the status of any active claims. + * If your claim is denied, you will be able to file another claim with more supporting evidence. For a review of the claim assessment process, see the [Claim Assessment](/protocol/claims-assessment) section. \ No newline at end of file diff --git a/docs/overview/cover-products/native-protocol-cover.md b/docs/overview/cover-products/native-protocol-cover.md index e8ae8a10..1cfb4eec 100644 --- a/docs/overview/cover-products/native-protocol-cover.md +++ b/docs/overview/cover-products/native-protocol-cover.md @@ -39,7 +39,7 @@ After a loss event occurs, you will need to wait 14 days for the cool-down perio * You will need to include a technical analysis of the loss event demonstrating the cause of the loss and the extraction of funds from the Designated Protocol including references to the relevant blockchain transactions; and * You will choose to either sign a transaction using an address associated with your protocol or send a 0 value transaction with your team's multisig address to prove you are part of the Designated Protocol team. 2. Claim assessors will review, discuss and vote to approve claims where proof of loss (i.e., your designated wallet address) shows that you have indeed suffered a loss of funds. - * If your claim is approved, you will be able to redeem your claim payout after the 24-hour cool-down period passes in the Your Covers menu. You can also check your Dashboard to see the status of any active claims. - * If your claim is denied, you will be able to file another claim with more supporting evidence + * If your claim is approved, you will be able to redeem your claim payout after the 24-hour post-claim period passes in the Your Covers menu. You can also check your Dashboard to see the status of any active claims. + * If your claim is denied, you will be able to file another claim with more supporting evidence. For a review of the claim assessment process, see the [Claim Assessment](/protocol/claims-assessment) section. \ No newline at end of file diff --git a/docs/overview/cover-products/quota-share-cover.md b/docs/overview/cover-products/quota-share-cover.md index 5a34c5e0..6e374579 100644 --- a/docs/overview/cover-products/quota-share-cover.md +++ b/docs/overview/cover-products/quota-share-cover.md @@ -37,8 +37,8 @@ Your organization will need to wait 14 days for the cool-down period to pass. Th 1. Your organization will file a claim using evidence of their claim payments for the covered underlying risks. 2. Claim assessors will review, discuss, and vote to approve claims where proof of loss shows that your organisation has indeed paid out claims for covered underlying risks above the deductible. - * If the claim is approved, your organisation will be able to redeem the payout after the 24-hour cool-down period ends - * If the claim is denied, your organisation will be able to file another claim with more supporting evidence + * If the claim is approved, your organisation will be able to redeem the payout after the 24-hour post-claim period ends. + * If the claim is denied, your organisation will be able to file another claim with more supporting evidence. For a review of the claim assessment process, see the [Claim Assessment](/protocol/claims-assessment) section. diff --git a/docs/overview/cover-products/real-world-risk.md b/docs/overview/cover-products/real-world-risk.md index 495c75da..456eb40e 100644 --- a/docs/overview/cover-products/real-world-risk.md +++ b/docs/overview/cover-products/real-world-risk.md @@ -18,13 +18,11 @@ To learn more, read the announcement on the [Nexus Mutual blog](https://nexusmut ## Cover Re Deal -In November 2023, Hugh Karp [raised a proposal on the governance forum](https://forum.nexusmutual.io/t/nmpip-grant-advisory-board-the-power-to-enter-into-investment-and-retrocession-agreement-with-cover-re/1315/1) to enter into a two-phase deal with [Cover Re ("Re")](https://re.xyz/). This proposal outlined a $15M combined investment and retrocession deal. +In November 2023, Hugh Karp [raised a proposal on the governance forum](https://forum.nexusmutual.io/t/nmpip-grant-advisory-board-the-power-to-enter-into-investment-and-retrocession-agreement-with-cover-re/1315/1) to enter into a deal with [Cover Re ("Re")](https://re.xyz/). This proposal outlined a $15M investment deal. -After discussion on the forum, this proposal transitioned to an [onchain vote](https://app.nexusmutual.io/governance/view?proposalId=212), where members voted to grant the Advisory Board the authority to enter into the Cover Re deal. Through the Cover Re deal, the Mutual will generate premiums from the investment and from the retrocession, where the Mutual's capital will be used to underwrite real world risk. +After discussion on the forum, this proposal transitioned to an [onchain vote](https://app.nexusmutual.io/governance/view?proposalId=212), where members voted to grant the Advisory Board the authority to enter into the Cover Re deal. Through the Cover Re deal, the Mutual will generate premiums from the investment, where the Mutual's capital will be used to underwrite real world risk. -The Foundation worked with the Re team to execute the first phase of the deal and the investment went live in May 2024. This deal was covered by CoinDesk in the article "[RWA Platform Re Debuts Tokenized Reinsurance Fund on Avalanche with $15M Commitment from Nexus Mutual](https://www.coindesk.com/business/2024/05/14/rwa-platform-re-debuts-tokenized-reinsurance-fund-on-avalanche-with-15m-commitment-from-nexus-mutual/)." - -Phase 2 (the retrocession) is expected to go live in Q3/Q4 2024. Keep an eye on the governance forum for further updates. +The Foundation worked with the Re team to execute the deal and the investment went live in May 2024. This deal was covered by CoinDesk in the article "[RWA Platform Re Debuts Tokenized Reinsurance Fund on Avalanche with $15M Commitment from Nexus Mutual](https://www.coindesk.com/business/2024/05/14/rwa-platform-re-debuts-tokenized-reinsurance-fund-on-avalanche-with-15m-commitment-from-nexus-mutual/)." ## Product development diff --git a/docs/protocol/capital-pool/investments.md b/docs/protocol/capital-pool/investments.md index 09c5a24e..f0b8ce31 100644 --- a/docs/protocol/capital-pool/investments.md +++ b/docs/protocol/capital-pool/investments.md @@ -22,7 +22,7 @@ In May 2022, the DAO Investment team posted a forum proposal that [reviewed the ## Investment in Rocket Pool (rETH) -In April 2023, uisce.eth share a Request for Comment (RFC) proposal to allocate 14,400 ETH from the Capital Pool to Rocket Pool (rETH). Uisce.eth reviewed the opportunity to increase, and risk of increasing, the allocation of Nexus Mutual's Capital Pool to rETH, and more. You can review the [[RFC]: Staking with Rocketpool Protocol](https://forum.nexusmutual.io/t/rfc-staking-with-rocketpool-protocol/1064) forum post for the full details. After going through the standard review period, uisce.eth used two Snapshot signaling votes to gauge members' support for this proposal. +In April 2023, uisce.eth shared a Request for Comment (RFC) proposal to allocate 14,400 ETH from the Capital Pool to Rocket Pool (rETH). Uisce.eth reviewed the opportunity to increase, and risk of increasing, the allocation of Nexus Mutual's Capital Pool to rETH, and more. You can review the [[RFC]: Staking with Rocketpool Protocol](https://forum.nexusmutual.io/t/rfc-staking-with-rocketpool-protocol/1064) forum post for the full details. After going through the standard review period, uisce.eth used two Snapshot signaling votes to gauge members' support for this proposal. * [Signaling Vote: Should the Mutual Stake with Rocketpool (#1)](https://snapshot.org/#/community.nexusmutual.eth/proposal/0xab65f84dfa13e6860f2c70d975edacf23e7554405839372ff3872127700d1f39) * [Signaling Vote: Amount of ETH to allocate to Rocketpool (#2)](https://snapshot.org/#/community.nexusmutual.eth/proposal/0xdf858c753975f9526598f0c201669050fb787b793d99503f80a7e4f2e8ba88ed) @@ -40,6 +40,8 @@ Members signaled their support via Snapshot and this proposal was transitioned t The 6,224 WETH was staked in Kiln and is currently accuring staking rewards. See [Avantgarde's latest post](https://forum.nexusmutual.io/t/nmpip-196-restart-enzyme-vault-start-staking-through-kiln-6-624-weth/1174/5?u=bravenewdefi) on the governance forum for a status update. +**Note**: the funds invested in Kiln were reallocated to Etherfi's eETH in March 2025 per the outcome of NMPIP 249. + ## Investment in Chorus One through Stakewise V3 via the Nexus Mutual Enzyme vault In June 2024, the Avantgarde team shared an [RFC](https://forum.nexusmutual.io/t/rfc-stake-idle-eth-on-enzyme-vault-to-chorus-one-through-stakewise-v3/1461) on the forum, where they outlined a proposal to allocate the remaining idle WETH held in the Nexus Mutual Enzyme vault into Chorus One's Stakewise V3 vault. The original RFC they posted received feedback from community members and the Investment Committee to put this RFC up for a signalling vote to determine members' appetite to allocate to Chorus One since another proposal to allocate to Etherfi's weETH was also active at this time. After the [signalling vote concluded](https://snapshot.org/#/community.nexusmutual.eth/proposal/0x376bda4fef544f42799604627791be993d4a050ad49d415c284cc3e2cd6e8b9c), the result showed that members had signalled support for allocating 4,989 ETH to Chorus One via Stakewise V3. @@ -48,10 +50,16 @@ A [joint NMPIP was posted on forum by the Investment Committee](https://forum.ne ## Investment in Etherfi's weETH via the Nexus Mutual Enzyme vault -In June 2024, the Etherfi team share an [RFC](https://forum.nexusmutual.io/t/rfc-stake-idle-eth-on-enzyme-vault-to-ether-fi/1464) on the forum, where they outlined a proposal to allocate the remaining idle WETH held in the Nexus Mutual Enzyme vault to Etherfi via weETH. The original RFC they posted received feedback from community members and the Investment Committee to put this RFC up for a signalling vote to determine members' appetite to allocate to Etherfi via weETH since another proposal to Chorus One via Stakewise V3 was also active at this time. After the [signalling vote concluded](https://snapshot.org/#/community.nexusmutual.eth/proposal/0x376bda4fef544f42799604627791be993d4a050ad49d415c284cc3e2cd6e8b9c), the result showed that members had signalled support for allocating 1,586 ETH to Etherfi via weETH. +In June 2024, the Etherfi team shared an [RFC](https://forum.nexusmutual.io/t/rfc-stake-idle-eth-on-enzyme-vault-to-ether-fi/1464) on the forum, where they outlined a proposal to allocate the remaining idle WETH held in the Nexus Mutual Enzyme vault to Etherfi via weETH. The original RFC they posted received feedback from community members and the Investment Committee to put this RFC up for a signalling vote to determine members' appetite to allocate to Etherfi via weETH since another proposal to Chorus One via Stakewise V3 was also active at this time. After the [signalling vote concluded](https://snapshot.org/#/community.nexusmutual.eth/proposal/0x376bda4fef544f42799604627791be993d4a050ad49d415c284cc3e2cd6e8b9c), the result showed that members had signalled support for allocating 1,586 ETH to Etherfi via weETH. A [joint NMPIP was posted on forum by the Investment Committee](https://forum.nexusmutual.io/t/nmpip-228-allocate-6-575-eth-to-chorus-one-and-etherfi/1480/1), which outlined allocating 4,989 ETH to Chorus One via Stakewise V3 and 1,586 ETH to EtherFi by acquiring weETH if NMPIP 228 was approved. The NMPIP went up for vote over a three-day period and members voted to approve the allocation. Subsequently, the allocation was executed by the Avantgarde team in the [Nexus Mutual Enzyme Vault](https://app.enzyme.finance/vault/0x27f23c710dd3d878fe9393d93465fed1302f2ebd). +## Investment in Etherfi's eETH via the Nexus Mutual Enzyme vault + +In February 2025, the Etherfi team shared an [RFC](https://forum.nexusmutual.io/t/rfc-stake-kiln-eth-in-enzyme-vault-on-ether-fi/1695) on the forum, where they outlined a proposal to allocate the WETH staked in Kiln via the Nexus Mutual Enzyme vault to Etherfi via eETH. The proposal was live on the forum for two weeks and no critical feedback was provided. The comments provided by members were supportive and this RFC transitioned to a formal NMPIP. + +In March 2025 the Etherfi team posted [NMPIP: Stake Kiln ETH in Enzyme Vault on ether.fi](https://forum.nexusmutual.io/t/nmpip-stake-kiln-eth-in-enzyme-vault-on-ether-fi/1708/1) on the forum, which outlined reallocating the 6,784 WETH staked in Kiln to Etherfi's eETH if [NMPIP 249](https://app.nexusmutual.io/governance/view?proposalId=249) was approved. The NMPIP went up for vote over a three-day period and members voted to approve the allocation. Subsequently, the allocation was executed by the Avantgarde team in the [Nexus Mutual Enzyme Vault](https://app.enzyme.finance/vault/0x27f23c710dd3d878fe9393d93465fed1302f2ebd). + ## Investment performance The Capital Pool contract can be verified onchain. Anyone can view the crypto assets held in the pool. diff --git a/docs/protocol/cover.md b/docs/protocol/cover.md index e9c256d8..736649c8 100644 --- a/docs/protocol/cover.md +++ b/docs/protocol/cover.md @@ -12,7 +12,7 @@ After the cover is purchased, it is tokenized and represented as an NFT (ERC-721 ## Tokenized cover -With tokenized cover, members can renew existing cover, file partial claims, and transfer the cover to a non-member address. Cover NFTs allow for features that were previously unavailable. +With tokenized cover, members can renew existing cover and file partial claims. Cover NFTs allow for features that were previously unavailable. ### Flexible coverage diff --git a/docs/protocol/pricing.md b/docs/protocol/pricing.md index 826f3196..c6c9c068 100644 --- a/docs/protocol/pricing.md +++ b/docs/protocol/pricing.md @@ -59,68 +59,8 @@ You can see an example of the variables being used to calculate the price of an * targetPrice = 4% * spotPrice = MAX(6.5% - 6.0%, 3%) = 3.0% -## Surge loading - -When the capacity for a cover product falls between 90% to 100%, surge pricing, referred to as loading, is applied to a cover product’s price. -* If the cover product has 0% to 90% of capacity reserved for existing covers, then no loading applies -* If the cover product has 90% to 100% of capacity reserved for existing covers, then loading is applied, where loading is a linear function related to capacity used post cover purchase - * For loading of 2% per 1% of capacity used above 90% - -### Price formula including surge loading - -

premium = basePremium + surgePremium

-Where:

- -* basePremium = cover amount * spotPrice -*

surgePremium = cover amount * surgeLoading / 2

- - * Where surgeLoading is referred to as the surge loading factor in the examples below - -*Example: capacity starts at 88% and goes to 95%* -* used capacity % before = 88% -* used capacity % after = 95% - -

loading = 0.02 for every 1% of capacity over 90%

-

surge loading factor at 95% = (95% - 90%) / 1% * 0.02 = 5 * 0.02 = 0.1

- -*Example: capacity starts at 91% and goes to 95%* -* used capacity % before = 91% -* used capacity % after = 95% - -

surge loading factor at 95% = (95% - 90%) / 1% * 0.02 = 5 * 0.02 = 0.1

- -

surge loading factor at 91% = (91% - 90%) / 1% * 0.02 = 1 * 0.02 = 0.02

- -and - -

premium = basePremium + surgePremium

- -Where: -* basePremium = cover amount * spotPrice -*

surgePremium = surgePremium 90% to 95% - surgePremium 90% to 91%

-*

surgePremium 90% to 95% = amount * surge loading factor at 95% / 2 =

-* surgePremium 90% to 91% = amount * surge loading factor at 91% / 2 = - ## Benefits Dynamic pricing adjusts based on changes in demand and utilization. This allows for reactive pricing without the need for immediate action by staking pool managers. -The dynamic pricing model allows a staking pool to diversify risk across cover products no matter if demand is high or low. In each instance, the price will increase or decrease to reflect the market rate. - -### High utilization, high price to signal demand - -Should the perceived risk associated with a single cover product increase in a short period of time, the increase in cover buys will shift the cover price higher. When this happens, the Mutual captures more revenue as exposure to any single risk increases. If the utilization for one cover product rises above 90%, then surge pricing is applied to the cover product’s price. - -Rising prices and surge pricing can serve as a signal to staking pool managers that the risk needs to be re-evaluated to determine: -* If more staked NXM should be allocated to open up additional capacity for that cover product; or -* If the pool should reduce exposure to that risk over time by adjusting the staking parameters - -### Low utilization, low price - -Cover products in a staking pool with ample capacity but infrequent cover buys will decrease in price toward the target price set by the staking pool manager. If a smaller amount of staked NXM is allocated to a cover product, the target price can still be achieved, though when additional cover is purchased, the cost of cover will move up in price faster than a pool with a larger number of staked NXM allocated to the same risk. - -### Managing exposure to risk - -As the cost of cover increases, demand will begin to decrease once the price reaches a certain level and continues to rise. This can limit exposure to risk, while generating more revenue for the Mutual and members participating as NXM stakers. - -Dynamic pricing plays an important role in risk management, though it’s not the only way the protocol manages exposure to risk. +The dynamic pricing model allows a staking pool to diversify risk across cover products no matter if demand is high or low. In each instance, the price will increase or decrease to reflect the market rate. \ No newline at end of file diff --git a/package-lock.json b/package-lock.json index 8fbc0704..1b2501df 100644 --- a/package-lock.json +++ b/package-lock.json @@ -9407,9 +9407,9 @@ } }, "node_modules/estree-util-value-to-estree": { - "version": "3.3.2", - "resolved": "https://registry.npmjs.org/estree-util-value-to-estree/-/estree-util-value-to-estree-3.3.2.tgz", - "integrity": "sha512-hYH1aSvQI63Cvq3T3loaem6LW4u72F187zW4FHpTrReJSm6W66vYTFNO1vH/chmcOulp1HlAj1pxn8Ag0oXI5Q==", + "version": "3.3.3", + "resolved": "https://registry.npmjs.org/estree-util-value-to-estree/-/estree-util-value-to-estree-3.3.3.tgz", + "integrity": "sha512-Db+m1WSD4+mUO7UgMeKkAwdbfNWwIxLt48XF2oFU9emPfXkIu+k5/nlOj313v7wqtAPo0f9REhUvznFrPkG8CQ==", "license": "MIT", "dependencies": { "@types/estree": "^1.0.0" @@ -11066,9 +11066,9 @@ } }, "node_modules/http-proxy-middleware": { - "version": "2.0.7", - "resolved": "https://registry.npmjs.org/http-proxy-middleware/-/http-proxy-middleware-2.0.7.tgz", - "integrity": "sha512-fgVY8AV7qU7z/MmXJ/rxwbrtQH4jBQ9m7kp3llF0liB7glmFeVZFBepQb32T3y8n8k2+AEYuMPCpinYW+/CuRA==", + "version": "2.0.9", + "resolved": "https://registry.npmjs.org/http-proxy-middleware/-/http-proxy-middleware-2.0.9.tgz", + "integrity": "sha512-c1IyJYLYppU574+YI7R4QyX2ystMtVXZwIdzazUIPIJsHuWNd+mho2j+bKoHftndicGj9yh+xjd+l0yj7VeT1Q==", "license": "MIT", "dependencies": { "@types/http-proxy": "^1.17.8", @@ -11157,9 +11157,9 @@ } }, "node_modules/image-size": { - "version": "1.2.0", - "resolved": "https://registry.npmjs.org/image-size/-/image-size-1.2.0.tgz", - "integrity": "sha512-4S8fwbO6w3GeCVN6OPtA9I5IGKkcDMPcKndtUlpJuCwu7JLjtj7JZpwqLuyY2nrmQT3AWsCJLSKPsc2mPBSl3w==", + "version": "1.2.1", + "resolved": "https://registry.npmjs.org/image-size/-/image-size-1.2.1.tgz", + "integrity": "sha512-rH+46sQJ2dlwfjfhCyNx5thzrv+dtmBIhPHk0zgRUukHzZ/kRueTJXoYYsclBaKcSMBWuGbOFXtioLpzTb5euw==", "license": "MIT", "dependencies": { "queue": "6.0.2"