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B- Investment Grade



Nexus Mutual is a decentralized insurance protocol on Ethereum that lets its members pool and share risk without the need of an insurance company. The platform quickly became popular during the DeFi boom.

With the growing popularity of yield farming and decentralized trading, DeFi platform hacks are becoming a regular occurrence. This year, more than $50 million was lost in more than 20 DeFi hacks. For reference, there was $15 billion locked in DeFi protocols by the end of 2020.

These kinds of losses are where Nexus Mutual can help. It’s impossible to have a DeFi protocol that is 100% secure, so Nexus Mutual lets users buy coverage against exploits and hacks of popular DeFi dApps.

Nexus Mutual currently offers coverage for Compound, Curve, 1inch, bZx, Maker, Kyber Network, and many other DeFi applications.

When purchasing coverage, users are choosing an amount and a period they need to insure. For instance, a full year’s cover of 100 ETH on a smart contract like Maker DAO would cost around 2.6% or 2.6 ETH. Not a large price to pay compared to how much you could lose in a hack.

The insurance is offered by NXM token holders. These token holders can stake their NXM on any smart contract available for coverage on the platform. In aggregate, the decisions of token holders reflect how secure they believe each DeFi application is. The more NXM a contract has staked, the cheaper the insurance is for users.

Currently, the platform is actively covering approximately $170 million in staked cryptocurrency assets. During DeFi’s peak, the platform covered over $230 million. If we compare this to $1.12 milion, the active cover amount in January 2020, the growth in coverage demand is enormous.

While the platform maintains the lead, competition in the DeFi insurance sector will likely intensify. In the next six to twelve months, we will see more insurance protocols evolve and start getting noticed by the DeFi industry.

However, this is unlikely to affect Nexus Mutual’s position in the medium term. The project already has all it needs (growing demand, brand recognition, and trust from users) to maintain its place as the leader in its niche.

Moreover, the project is expanding its product offerings, which will likely attract even more users to the platform.

All of these factors should help Nexus Mutual to grow its value in the current bull cycle and maintain a leading position.

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Convex’s business model is built on Curve, a DeFi blue chip that continues to be one of the market leaders. It repackages Curve’s governance into a liquidity bootstrapping product that is already being used by projects like Abracadabra and Alchemix, and there is potential for more projects using it down the line. Ergo, Convex is one of the few examples of business-to-business models in crypto.

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