Audience
Crypto investors wanting to get covered against smart contract failure and exchange hacks with an insurance for their crypto
About Nexus Mutual
Nexus Mutual uses the power of Ethereum so people can share risk together without the need for an insurance company. Secure risk and potential bugs in smart contract code. Be covered for events like The DAO hack or Parity multi-sig wallet issues. Nexus Mutual is run entirely by its members. Only members can decide which claims are valid. All member decisions are recorded and enforced by smart contracts on the Ethereum public blockchain. Smart Contract Cover is not a contract of insurance. Fellow members will decide on claims. Claims payments are enforced by token driven economic incentives rather than placing trust in an insurance company. Tokenisation of the mutual enables a scalable way to raise risk capital, with the model encouraging an inflow of funds only when required. The token price is linked to the adoption and underlying performance of the mutual, rather than speculation.
Other Popular Alternatives & Related Software
Saffron Finance
Risk Adjustment for Decentralized Finance: Saffron is a peer-to-peer risk adjustment protocol. Users customize their risk and return profiles by selecting their own degree of exposure to underlying platforms.
In a decentralized way, liquidity providers (LPs), add capital to a system that requires liquidity for swaps. Yields can also be earned from lending, in which case the depositors are known as lenders. Saffron’s risk exchange allows any LP or lender to choose underlying yield and risk profiles to obtain a return based on their choice. This application provides insurance to the lower-risk tranche by offering a stablecoin as a backstop. LPs can sell insurance to lower-risk tranches and receive profit as additional yield for higher-risk tranches. This results in the transformation of yield from more risky assets into yield in a stablecoin or vice versa.
DeFi-based risk adjustment platforms like Saffron have opened up new opportunities for alternative investing!
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Bridge Mutual
Protect all your crypto assets and earn profits in exchange for coverage liquidity. A decentralized and discretionary coverage application, allowing users to insure each other's risks. Blockchain-based, transparent code. Both claims assessment and investment of funds are on-chain and audit-able by the public. All claims go through a 2-phase voting process that is enforced with rewards and punishments, ensuring a thorough process for every claim. Bridge will revolutionize traditional insurance, which is unfair and litigious due to its lack of transparency and misalignment of incentives. Bridge is more efficient than traditional insurance companies, and does not require branch offices, claims specialists, or agents to work. Bridge Mutual’s roadmap includes cross-chain features, oracle & NFTs coverage, transitioning towards DAO and much more.
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iTrust.Finance
iTrust.finance seeks to improve efficiency and usability in the DeFi Market. Maximizing cover capacity and accruing token rewards for stakers in the DAO; increasing the overall market value of the underlying insurance protocol. iTrust.finance creates mutually beneficial relationships between stakers and insurance protocols by maximizing rewards and growing cover capacity for all participants of the DAO, and the wider DeFi community. Build cover capacity1 for insurance protocols, enabling lower premiums and increased adoption. Our first partnership is with Nexus Mutual, with multiple protocols following shortly. Maximizing user staking rewards by understanding the risks surrounding leverage and exposure; and in the future expanding to simple cross-insurer exposure. Managing the end-to-end staking process with a simple user interface, providing an easy-to-use reward accrual platform.
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PolkaInsure Finance
A decentralized P2P insurance marketplace on Polkadot ecosystem. The marketplace is run entirely by Defi users in the Polkadot Ecosystem, and users who join will get the PIS governance token. Any user can request insurance and anyone can provide coverage. Polkainsure will be migrated to a Polkadot parachain when the product development is finished. PIS token is currently issued on Ethereum because there is high trading demand. You could buy coverage on PolkaInsure without having to do KYC. PolkaInsure smart contracts will be audited, deployed and verified on the Polkadot blockchain. Claims are handled by smart contract code which ensures that payouts are instant and insurance contracts are fully collateralized. Built-in integrations for assets like DOT and ERC-20s, and infrastructure services like Chainlink and TheGraph. We just launch our products on Moonbeam testnet, the smart contract parachain on Polkadot Network. This is the initial step for Shield Mining on Polkadot.
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Nexus Mutual
Founded: 2017
United Kingdom
nexusmutual.io
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