Provides a decentralized insurance platform on Ethereum, enabling users to purchase coverage for crypto-related risks such as protocol failures, ETH slashing, and centralized exchange losses. By pooling capital and leveraging member-driven staking pools, it offers transparent risk assessment and management, with over $5.1 billion in cover underwritten and $18 million in claims paid.
Funding
$3.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
CFounders
Product
Problem
The decentralized finance (DeFi) ecosystem is susceptible to various risks, including smart contract vulnerabilities, protocol failures, exchange hacks, and slashing penalties for validators. Traditional insurance models are often inadequate for addressing these novel on-chain risks due to their complexity and lack of transparency.
Solution
Nexus Mutual offers a decentralized insurance alternative built on Ethereum, enabling users to purchase cover for a range of crypto-related risks. By pooling capital and leveraging a member-driven risk marketplace, Nexus Mutual provides transparent risk assessment and management. Cover buyers can protect against protocol failures, ETH slashing, yield token depegging, and centralized exchange custody losses. Risk is assessed and managed in individual staking pools, where members with expertise can create pools, manage staked NXM, underwrite risk, and earn fees. The platform fosters a community-driven approach to risk mitigation in the DeFi space.
Target Audience
The primary target audience includes DeFi users, ETH stakers, and crypto investors seeking protection against smart contract risks, protocol failures, and exchange vulnerabilities.
Features
- Coverage for protocol failures, ETH slashing, yield token depegging events, and centralized exchange custody losses
- Member-powered risk marketplace for transparent risk assessment and underwriting
- Staking pools where members can stake NXM to provide underwriting liquidity and earn rewards
- Integration with Immunefi's Magnus platform for unified, AI-powered Web3 security with direct access to Nexus Mutual cover
- Support for cross-chain protection, including protocols deployed on Avalanche
- Partnerships with platforms like OpenCover and Brava Labs for streamlined cover management and integration with DeFi strategies
- Community-led DeFi & Risk Learning Group for accessible, interactive exploration of decentralized finance
- NXM token staking for underwriting and governance participation