Nexus Mutual Shield Mining
Stake DAO users can now purchase protection through our partners at Nexus Mutual.
Stake DAO is thrilled to announce a collaboration with Nexus Mutual with the introduction of SDT shield mining, allowing The Herd to purchase decentralised protection for Stake DAO.
What is Nexus Mutual?
Nexus Mutual is an Ethereum-based risk-sharing platform that offers risk-cover instruments called ‘Mutuals’. At its core, Nexus Mutual utilises community governance by pooling members funds and using those funds to offer protection products such as the provision of Smart Contract Cover to its members. Members have full autonomy over claims — decisions on payouts are recorded and enforced by smart contracts on the Ethereum Public Blockchain. You can learn more about Nexus Mutual through their website here.
Nexus Mutual + Stake DAO
Nexus Mutual supports a range of protocols with a limited budget, so they need a mechanism to prioritise their underwriting capabilities. This decision is delegated to NXM token holders, who can stake their NXM on the project(s) they think deserve to have more purchasable cover.
In an effort to bootstrap purchasable cover for Stake DAO, we are launching Shield Mining in partnership with Nexus Mutual with a budget of 10,000 SDT which will be shared across NXM stakers which stake on Stake DAO at a rate of 0.035 SDT per NXM per week, in addition to the baseline NXM staking rewards. To stake NXM, visit: https://app.nexusmutual.io/staking/new/add-projects and choose Stake DAO.
Purchasing Cover for Stake DAO
Before you start:
- Connect the account you want to take out Cover from. Ensure that the wallet is funded and a member of Nexus Mutual DAO. You can read more about Nexus Mutual membership here.
- Head over to Nexus Mutual Stake DAO Cover vault here.
Enter the amount of ETH or DAI you want to insure as well as the length of the cover to get a quote. The amount will be the payout you receive from Nexus Mutual should your claim be accepted.
Click on Get quote to receive your personalised quote, which you can then accept.
Where to find us:
Telegram: https://t.me/StakedaoHQ 🐘
Twitter: https://twitter.com/StakedaoHQ 🕊️
Discord: https://discord.com/invite/25HzsEwA6G 👾
Website: https://stakedao.org 🌐