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For six years, Nexus Mutual has been on a mission to provide onchain protection against crypto risks and beyond.
As the first decentralized crypto insurance alternative, we could not have achieved this milestone without the support of our incredible community. Thank you to all of our members, partners, holders and stakers for helping us make this mission a reality.
Let’s take a look back at how Nexus Mutual got to where it is today.
“The DAO” Hack
In what would serve as the inspiration for Nexus Mutual, The DAO - one of the first DAOs and largest crowdfunding projects at the time - was hacked for ⅓ of its funds.
Devcon
Hugh Karp flew out to Devcon in Cancun for a 20-minute pitch, making connections that laid the foundation for Nexus Mutual.
The Whitepaper
Hugh teams up with co-founder Reinis Melbardis to write the whitepaper on a decentralized insurance alternative, Nexus Mutual.
Official V1 Launch
Nexus Mutual starts selling Smart Contract Cover for Maker, Compound, dydx and other DeFi protocols.
bZx Hack
In Nexus Mutual’s first covered event, attackers exploit a bug in bZx smart contracts for a flashloan attack.
Custody Cover
Nexus Mutual is the first to offer onchain cover against exchange failures.
Yearn yDAI Hack
Yearn’s yDAI vault is hacked, leading to Nexus Mutual’s first multi-million dollar claims event.
CREAM Economic Exploit
An attacker removes $130M in liquidity from CREAM. Nexus Mutual pays out almost $400K to cover holders.
Slashing Cover
Nexus Mutual is one of the first to offer slashing cover for ETH validators.
TribeDAO, Rari Capital Fuse Market Hack
Rari Capital's Fuse platform is hacked for $80M via a reentrancy bug in its smart contracts, leading to TribeDAO's shutdown. Nexus Mutual pays out over $5M.
Perpetual Protocol Economic Design Failure
Perpetual Protocol suffers over $5.5M in losses due to design flaws, leading to liquidation failures and the depletion of its insurance fund. Nexus Mutual pays out $375K.
Hodlnaut Halted Withdrawals
Hodlnaut halts withdrawals, token swaps, and deposits due to a liquidity crisis stemming from exposure to TerraUSD. Nexus Mutual pays out more than $1.1M.
FTX Halted Withdrawals
FTX halts withdrawals after a surge in customer demands exposed an $8 billion shortfall, leading to its bankruptcy. Nexus Mutual pays out nearly $5M.
V2 Launch
Nexus Mutual upgrades to V2, reengineering the protocol into a risk management infrastructure layer where experts can launch staking pools, price risk, develop new products, and build distribution networks.
Euler Finance Exploit
Hackers exploit a vulnerability in the Euler Finance smart contracts to drain $197M using flash loans. Nexus Mutual pays out over $2.3M.
First Onchain Capital to Back Real-World Mutual
Nexus Mutual and InShare partner up to provide the world’s first onchain capital backing for a real-world discretionary mutual.
Ratcheting Automated Market Maker (RAMM)
The RAMM is a two-pool system built on top of the Capital Pool that allows members to mint and redeem NXM, ensuring all claims can be confidently paid should a major loss event occur.
Bundled Protocol Cover
Nexus Mutual launches a new cover product that protects crypto across a protocol and its underlying protocols used for yield strategies.
Fund Portfolio Cover
Nexus Mutual offers the first onchain cover that protects a fund’s entire portfolio.
Base Pass
Teaming up with OpenCover, Nexus Mutual launches the first cover tailored to Base, offering protection across its most popular protocols.
cbBTC
Nexus Mutual is one of the first to offer Bitcoin denominated cover, using cbBTC from Coinbase.
Native
Nexus Mutual leads the seed round of Native, an innovative global insurance broker for digital assets.
Cover from Nexus Mutual
Nexus Mutual launches the most comprehensive crypto coverage on the market, with three plans tailored to different DeFi strategies covering dozens of different protocols.
$5 Billion Underwritten
With the help of our community and partners, Nexus Mutual crosses $5 billion in digital assets protected.
Depeg Cover
Nexus Mutual launches a new product to protect against a loss of value for a covered token when it loses its peg.
Nexus Mutual has pioneered what it means to protect crypto against onchain risks. With crypto becoming more widely adopted and regulatory headwinds easing up, we see a bright future ahead for the entire industry. As more people and businesses get into the space, we’ll be right there to help keep their crypto secure.
You’re covered with Nexus Mutual
