caper

History – Nexus Mutual (NXM)

v1.0.0 · currentCreate Nexus Mutual (NXM): directory gap from the awesome-DAOs list review, verified against primary sources 2 Oct 2026–Oct 2, 2026

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Name Nexus Mutual Type Discretionary mutual selling cover against on-chain risk, run as a DAO ( types of DAOs (/wiki/dao-governance/concepts/fundamentals/types-of-daos) ) Founded 2017, by Hugh Karp ( Nexus docs (https://docs.nexusmutual.io/protocol/claims-assessment) ), director since 16 August 2017 ( Companies House officers (https://find-and-update.company-information.service.gov.uk/company/10917763/officers) ); Nexus Collective Limited incorporated in England on 16 August 2017 and renamed Nexus Mutual Limited on 25 July 2018 ( Companies House (https://find-and-update.company-information.service.gov.uk/company/10917763) ); NXM token deployed on Ethereum on 23 May 2019 ( Etherscan (https://etherscan.io/tx/0x4a32527d0bfcd533b3efb452d25687b19ffd309316e2aad963666fbd9ee0b143) ) Governance token NXM (https://etherscan.io/token/0xd7c49cee7e9188cca6ad8ff264c1da2e69d4cf3b) , held and transferred only by identity-checked members · wNXM (https://etherscan.io/token/0x0d438f3b5175bebc262bf23753c1e53d03432bde) , a third-party wrapper anyone can trade Chains Ethereum Governance Optimistic: the Advisory Board sets a default outcome and members reject it on Snapshot (community.nexusmutual.eth) (https://snapshot.box/#/s:community.nexusmutual.eth) · enacted through the Governor contract (https://etherscan.io/address/0xcafea6063d4Ec6b045d9676e58897C1f0882Ca32) · governance forum (https://forum.nexusmutual.io/) Legal wrapper Terrapin International Foundation, a Panama private interest foundation, whose Foundation Council is the Advisory Board ( docs (https://docs.nexusmutual.io/governance/) ); website run by Collective Risk Services CIC, London ( site footer (https://nexusmutual.io) ) Capital Capital pool about 42,600 ETH against a minimum capital requirement of about 6,200 ETH; book value about 0.0256 ETH per NXM ( Pool (https://etherscan.io/address/0xcafea91714e55756C125B509274eDE9Bc91697CB#readContract) and RAMM (https://etherscan.io/address/0xcafea54f03E1Cc036653444e581A10a43B2487CD#readContract) contracts, read 2 Oct 2026) · TVL about $113m ( DefiLlama (https://defillama.com/protocol/nexus-mutual) , read 2 Oct 2026) Status 🟢 Active – NMPIP 265 vote closed 28 Aug 2026 ( Snapshot (https://snapshot.box/#/s:community.nexusmutual.eth/proposal/0x91b337a3bfc0281edeb5ebb53fed7150ce7f0af7f64b8d8b40eaeddef5608d71) ); Investment Committee report posted 24 Sep 2026 ( forum (https://forum.nexusmutual.io/t/investment-committee-newsletters-june-2026-august-2026/1901) ) Website nexusmutual.io (https://nexusmutual.io)
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Nexus Mutual is a discretionary mutual on Ethereum that sells cover against smart-contract exploits, validator slashing, stablecoin depegs and custodial failures ( NMPIP 260 (https://forum.nexusmutual.io/t/nmpip-260-redirect-ramm-value-to-stakers-to-increase-nxm-staking-and-tvl/1792) ), and pays claims from a capital pool its members own. Joining takes an identity check, the token NXM moves only between members, and an Advisory Board proposes while members hold a veto ( governance docs (https://docs.nexusmutual.io/governance/) ). From 2019 to November 2023 NXM was minted and burned against the capital pool on a bonding curve (/wiki/markets/bonding-curve) , and the curve's redemption rule shut members in from December 2020 until a ratcheting market maker replaced it. The mutual has also run inside a legal wrapper (/wiki/dao-governance/concepts/membership/dao-legal-structures) since launch and moved to formal optimistic governance (/wiki/dao-governance/concepts/voting/optimistic-governance) in 2025.
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Membership, NXM and wNXM Every member passes a Know-Your-Customer and anti-money-laundering check, pays a 0.002 ETH joining fee and signs the DAO Member Agreement (https://app.nexusmutual.io/assets/Nexus-Mutual-DAO-Member-Agreement-FIN.pdf) . The mutual turns away applicants from 27 jurisdictions, among them China, India, Japan, Russia and Mexico ( membership docs (https://docs.nexusmutual.io/overview/membership) ). Membership is what lets an address buy cover, hold and stake NXM, and vote. Since v2 of the protocol shipped on 16 March 2023 ( release (https://github.com/NexusMutual/smart-contracts/releases/tag/v2.0.0) ), members underwrite by staking NXM into pools run by staking pool managers, locked for between 91 days and two years, and delegate both capital and voting power to the manager ( staking docs (https://docs.nexusmutual.io/protocol/staking) ; NMPIP 260 thread (https://forum.nexusmutual.io/t/nmpip-260-redirect-ramm-value-to-stakers-to-increase-nxm-staking-and-tvl/1792) ). Because NXM moves only between members, it cannot list on an exchange. wNXM fills that gap: an ERC-20 that wraps NXM one to one, deployed on 2 July 2020 ( Etherscan (https://etherscan.io/tx/0x2e59d9cec6c0772c0e6ef7bb6082732930a956a42d44e6d7c13ead854915567d) ) from code published by PepperSec (https://github.com/peppersec/wrappedNXM) . Anyone can hold wNXM, and only a member can unwrap it. Nexus documentation states that the wrapper was built by a third party and is not supported by Nexus Mutual, though the mutual's app now wraps and unwraps through it ( swap docs (https://docs.nexusmutual.io/using/swap-nxm) ).
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The bonding curve, 2019 to 2023 NXM launched on a continuous token model, which Nexus calls a bonding curve, but its price did not depend on how many NXM existed. It depended on the mutual's balance sheet: TP = A + (MCR / C) × MCR%^4, with A = 0.01028 and C = 5,800,000 fixed at launch. MCR, the minimum capital requirement, is the ETH the mutual needs to be confident of paying every claim; MCR% is the capital pool divided by MCR. The price rose with the cover written and, steeply, with how well funded the pool was ( history of capitalisation controls (https://docs.nexusmutual.io/protocol/nxm-token/history-capitalisation-controls) ). Further rules guarded the pool. Redemptions stopped while MCR% was below 100%, and purchases stopped above 400%. A single purchase or redemption was capped at 5% of MCR. A member selling back received 2.5% less than the purchase price, to discourage round trips ( docs (https://docs.nexusmutual.io/protocol/nxm-token/history-capitalisation-controls) ). MCR was the larger of a floor and a figure driven by active cover, and governance moved the floor several times. It was 12,000 ETH at the May 2019 launch, and cover could not be sold until the pool reached it. Members cut it to 7,000 ETH in June 2019, then made it climb 1% a day whenever MCR% was above 130%, and from July 2020 1% every four hours. The increments were switched off in October 2020 with the floor at about 162,400 ETH ( MCR floor history (https://docs.nexusmutual.io/protocol/nxm-token/history-capitalisation-controls) ). In December 2020 MCR% fell below 100% and the redemption rule closed the curve's sell side. Between then and August 2021 the open-market price of wNXM drifted away from the curve price, and from August 2021 it sat below book value, the capital pool's ETH divided by NXM supply. It stayed there until the curve was retired ( NMPIP-209 rationale (https://forum.nexusmutual.io/t/nmpip-209-launch-tokenomics-upgrade/1301) ). A member who wanted out could wrap and sell at a discount, or wait.
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The Ratcheting AMM Rei Melbardis, who now heads R&D and sits on the Advisory Board, posted the replacement design on 20 January 2023 ( forum (https://forum.nexusmutual.io/t/tokenomics-proposal-replacing-the-bonding-curve/988) ). It removed the MCR floor and put a notional Uniswap v2 pool in front of the capital pool, with the mutual as its only liquidity provider. Buying from the protocol would be disabled below book value and selling above it, so neither side could dilute the members who stayed, and a ratchet would pull both prices back to book value over time. In a Snapshot signalling vote from 15 to 22 February 2023, 19 voters gave the Ratcheting AMM (RAMM) 851,141 NXM against 13,034 NXM for modifying the existing curve ( Snapshot (https://snapshot.box/#/s:community.nexusmutual.eth/proposal/0x575abc7cfc9fc68185924539a8ec1c0dcc26b12b9f2a346252125120a6382c9e) ). After audits by Chaos Labs and iosiro, NMPIP-209 went to an on-chain member vote from 15 to 18 November 2023 ( proposal 209 (https://app.nexusmutual.io/governance/proposals/v1/209) ). It passed unanimously, with more than 1.18m NXM in favour, and gave the Advisory Board authority to replace the bonding curve and remove the MCR floor ( forum (https://forum.nexusmutual.io/t/nmpip-209-launch-tokenomics-upgrade/1301) ; Nexus blog (https://nexusmutual.io/blog/members-vote-to-upgrade-nexus-mutual-protocols-token-model) ). The RAMM went live on 21 November 2023 ( Nexus blog (https://nexusmutual.io/blog/members-vote-to-upgrade-nexus-mutual-protocols-token-model) ; contracts v2.4.0, “Tokenomics upgrade” (https://github.com/NexusMutual/smart-contracts/releases/tag/v2.4.0) ). The RAMM is two virtual one-sided pools that share one ETH balance and each pair it with a virtual NXM reserve. The Above pool mints NXM, only at a price of at least book value plus a 1% oracle buffer; the Below pool burns NXM, only at a price no higher than book value minus 1%. Each purchase raises the mint price and each redemption lowers the redemption price. With no trading, the ratchet moves each price back toward book value by 4% of book value a day. The pools aim to hold 5,000 ETH: the protocol adds up to 100 ETH a day when redemptions drain them and removes up to 100 ETH a day when purchases overfill them. It stops adding liquidity once the capital pool falls to MCR plus that target ( token model (https://docs.nexusmutual.io/protocol/nxm-token/token-model) ; RAMM whitepaper (https://docs.nexusmutual.io/bookshelf/nexus-mutual-ramm-whitepaper-v1-2023.pdf) ). NMPIP-209 also set a faster opening phase. The redemption price opened at half the open-market price and the mint price at the last bonding-curve price. Until 43,835 ETH had gone in, which NMPIP-209 put at about 30% of the capital pool, the protocol could add 1,500 ETH a day and ratchet the redemption price up by 50% of book value a day. Members had separately signalled three years as the horizon for redeeming down to a cover-driven MCR ( NMPIP-209 (https://forum.nexusmutual.io/t/nmpip-209-launch-tokenomics-upgrade/1301) ). By August 2025 Nexus counted more than 5,620 ETH of value accrued to remaining holders through the RAMM's buybacks, and said the RAMM had organised outflows without drawing material new capital in ( NMPIP 260 (https://forum.nexusmutual.io/t/nmpip-260-redirect-ramm-value-to-stakers-to-increase-nxm-staking-and-tvl/1792) ). On 2 October 2026 the pools held their 5,000 ETH target and both prices sat at the edges of the 1% buffer around book value ( RAMM contract (https://etherscan.io/address/0xcafea54f03E1Cc036653444e581A10a43B2487CD#readContract) ).
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Governance, claims and the legal wrapper Nexus Mutual began as a UK private company limited by guarantee, Nexus Mutual Limited, and a member of the mutual was a member of that company. The Foundation's own account names UK compliance, in particular identity checks for every member, as the cost of that structure ( Operation Wartortle draft (https://forum.nexusmutual.io/t/operation-wartortle-next-steps-draft-execution-proposal/746) ). In a general meeting held from 17 to 21 February 2022, members voted by Snapshot on a special resolution to move the capital pool to Terrapin International Foundation, a Panama private interest foundation ( notice of general meeting (https://forum.nexusmutual.io/t/notice-of-general-meeting-operation-wartortle/768) ). The DAO Member Agreement that took effect on 24 February 2022 governs members under British Virgin Islands law and recites their earlier membership of the company ( agreement (https://app.nexusmutual.io/assets/Nexus-Mutual-DAO-Member-Agreement-FIN.pdf) ). The plan described the foundation as a step toward a stateless DAO and kept identity checks in place. In 2026 Terrapin is still the wrapper: NMPIP 265 calls it the Panamanian foundation that wraps Nexus Mutual DAO ( forum (https://forum.nexusmutual.io/t/nmpip-265-fern-re-formation-capital-commitment-governance-approval/1869) ), the Advisory Board sits as its Foundation Council ( docs (https://docs.nexusmutual.io/governance/) ), and Nexus Mutual Limited is still registered as an active company ( Companies House (https://find-and-update.company-information.service.gov.uk/company/10917763) ). The Advisory Board has five seats, held by Roxana Danila, Hugh Karp, Rei Melbardis, Lee McClelland and Graeme Thurgood. It proposes, recommends a default outcome, performs upgrades once members authorise them, and can pause the RAMM or the whole protocol through an Emergency Pause Safe ( governance docs (https://docs.nexusmutual.io/governance/) ). NMPIP 261, which passed on 15 September 2025 with 340,942 NXM for and 9,246 NXM against, made the optimistic model formal ( forum (https://forum.nexusmutual.io/t/nmpip-261-reform-the-claims-mechanism-to-build-trust-upgrade-governance-to-formally-use-an-optimistic-model/1790) ). The Board posts each proposal to Snapshot, where voting opens four hours later and runs three days. The default stands unless members holding at least 15% of NXM supply vote to deny it. After a 24-hour timelock the Board enacts the outcome on-chain through the Governor contract, where three of its five votes carry a proposal. Members raise one kind of on-chain proposal themselves, to replace a Board member, which needs a proposer holding more than 100 NXM and 15% of supply taking part ( governance docs (https://docs.nexusmutual.io/governance/) ; contract addresses (https://github.com/NexusMutual/smart-contracts/blob/release-candidate/deployments/src/addresses.json) ). A member's voting power is one vote plus their NXM, capped at 5% of total supply; staked NXM votes with the pool manager it is delegated to, and Snapshot reads the same figure from the VotePower contract ( docs (https://docs.nexusmutual.io/governance/) ). Both parts of NMPIP 265 closed on 28 August 2026 with six voters and about 175,000 NXM, all in favour, and no proposal on the space since November 2025 has recorded a vote against ( Snapshot (https://snapshot.box/#/s:community.nexusmutual.eth) ). Members who staked NXM assessed claims until November 2025. Since then a Claims Committee of three publicly named assessors, Hugh Karp, Roxana Danila and BraveNewDeFi, votes on each claim within 72 hours, two of three approving; a claimant posts a 0.05 ETH deposit, and some products name a designated assessor instead ( claims docs (https://docs.nexusmutual.io/protocol/claims-assessment) ). Nexus reports more than $18.6m paid in claims since 2019 ( The Nexus Review 2025 (https://forum.nexusmutual.io/t/the-nexus-review-q4-2025-wrap-up/1824) ).
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2025–26: v3, reinsurance and the treasury Hugh Karp's request for comment of 15 July 2025 ( forum (https://forum.nexusmutual.io/t/rfc-building-on-trust-the-future-of-nexus-mutual-and-the-evolving-onchain-insurance-landscape/1780) ) became three proposals that all passed on 15 September 2025. NMPIP 261 is described above. NMPIP 260 redirects the value the RAMM accrues to NXM stakers, possibly with newly minted NXM on top ( forum (https://forum.nexusmutual.io/t/nmpip-260-redirect-ramm-value-to-stakers-to-increase-nxm-staking-and-tvl/1792) ). NMPIP 262 authorised the Advisory Board to seek licences that would let staking pools become regulated, without regulating the protocol ( forum (https://forum.nexusmutual.io/t/nmpip-262-bridge-nexus-mutuals-capital-to-traditional-markets/1791) ). The v3 contracts carrying the new Governor, VotePower and assessment code were released on 30 October 2025 ( release (https://github.com/NexusMutual/smart-contracts/releases/tag/v3.0.0) ). The regulated arm took shape in NMPIP 265, voted from 25 to 28 August 2026. Terrapin will own all of Fern Re, a Cayman Islands reinsurer that has applied for a B(iii) licence, and Fern Specialty Ltd, a UK service company. The capital pool puts in $2.5m of equity and up to $5m through a surplus note paying 12% a year; the Community Fund supplies $1m to Fern Specialty ( forum (https://forum.nexusmutual.io/t/nmpip-265-fern-re-formation-capital-commitment-governance-approval/1869) ; Snapshot (https://snapshot.box/#/s:community.nexusmutual.eth/proposal/0x91b337a3bfc0281edeb5ebb53fed7150ce7f0af7f64b8d8b40eaeddef5608d71) ). A Real-World Insurance Vault, approved on Snapshot in December 2025, takes USDC from approved sophisticated investors and issues an LP token that is free to move in DeFi ( forum (https://forum.nexusmutual.io/t/nmpip-real-world-insurance-vault-bringing-insurance-returns-to-crypto-capital/1818) ; Snapshot (https://snapshot.box/#/s:community.nexusmutual.eth/proposal/0x2738d3a859b8fb3bfa61253db6b99dad0093a8ad1dba8380cf2827a0d6d2f171) ). The vault is governed separately from the mutual ( governance docs (https://docs.nexusmutual.io/governance/) ). The capital pool also invests. In November 2025 members approved lending 5,160 ETH through the Steakhouse ETH vault on Morpho (/wiki/daos/lending/morpho) ( Snapshot (https://snapshot.box/#/s:community.nexusmutual.eth/proposal/0x94275866a2650857efcbc22a0dc127c4a7680dac1e676ad66113d0a784c191ab) ). The DAO treasury is a separate pot, the Community Fund, set up by a member vote on a December 2020 proposal that minted 100,000 NXM into a multisig ( NMDP 12 (https://forum.nexusmutual.io/t/nmdp-12-recognition-and-ratification-of-the-community-fund-as-part-of-the-terrapin-international-foundation-ecosystem-treasury/1829) ). kpk (/wiki/dao-governance/tooling/treasury/karpatkey) has managed it since members approved NMDP 8 in September 2024 ( forum (https://forum.nexusmutual.io/t/nmdp-8-establish-karpatkey-as-the-treasury-manager-for-nexus-mutual-dao/1511) ). In March 2026 NMDP 12 recorded the fund as part of Terrapin's treasury, since no document had tied it to the foundation, and in April 2026 NMDP 13 replaced four long-serving volunteer signers with Hugh Karp, Rei Melbardis, Ricky Tan and Shark0der ( forum (https://forum.nexusmutual.io/t/nmdp-13-replacing-the-current-dao-treasury-signers-with-nexus-mutual-advisory-board-security-team-members/1833) ).
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How Caper approaches this Nexus Mutual's curve priced its token off the balance sheet and could switch its sell side off, and from December 2020 it did, which left members holding a token they could only sell at a discount through a wrapper. A caper's bonding curve (/wiki/markets/bonding-curve) prices its token from how much supply has sold, and the page describes a market that is always open, along which every holder can redeem. Taking a share of the treasury is a separate right that opens with a member's first ranked ballot and needs nobody's approval ( leaving a caper (/wiki/foundations/leaving-a-caper) ; exit rights (/wiki/dao-governance/concepts/membership/rage-quit-and-exit-rights) ), where Nexus routes every exit through one priced pool. Nexus does something a caper does not. Its RAMM anchors both the mint and the redemption price to a measured book value, so a buyer cannot dilute the members who stay and a seller cannot take more than a share of the pool; a caper's curve price follows supply rather than the treasury, and the bonding-curve page notes that a token's notional market value usually runs several times the reserve behind it. The mutual also has a reason to ration exits that a caper lacks: it has claims to pay.
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References - Nexus Mutual docs – Membership (KYC, fee, restricted jurisdictions) (https://docs.nexusmutual.io/overview/membership) - Nexus Mutual docs – Governance (Advisory Board, voting power, optimistic model, Governor) (https://docs.nexusmutual.io/governance/) - Nexus Mutual docs – History of capitalisation controls (bonding-curve formula, restrictions, MCR floor) (https://docs.nexusmutual.io/protocol/nxm-token/history-capitalisation-controls) - Nexus Mutual docs – Token model (RAMM) (https://docs.nexusmutual.io/protocol/nxm-token/token-model) - Nexus Mutual – Ratcheting AMM whitepaper v1.0 (2023) (https://docs.nexusmutual.io/bookshelf/nexus-mutual-ramm-whitepaper-v1-2023.pdf) - Nexus Mutual docs – Claim assessment (Claims Committee) (https://docs.nexusmutual.io/protocol/claims-assessment) - Nexus Mutual docs – Staking (https://docs.nexusmutual.io/protocol/staking) - Nexus Mutual docs – Swap NXM (wNXM disclaimer) (https://docs.nexusmutual.io/using/swap-nxm) - Nexus Mutual forum – Tokenomics proposal: replacing the bonding curve (20 Jan 2023) (https://forum.nexusmutual.io/t/tokenomics-proposal-replacing-the-bonding-curve/988) - Snapshot – Signalling vote on tokenomics proposals (15–22 Feb 2023) (https://snapshot.box/#/s:community.nexusmutual.eth/proposal/0x575abc7cfc9fc68185924539a8ec1c0dcc26b12b9f2a346252125120a6382c9e) - Nexus Mutual forum – NMPIP-209: Launch tokenomics upgrade (7 Nov 2023) (https://forum.nexusmutual.io/t/nmpip-209-launch-tokenomics-upgrade/1301) - Nexus Mutual app – Governance proposal 209 (https://app.nexusmutual.io/governance/proposals/v1/209) - Nexus Mutual blog – Members vote to upgrade the token model (21 Nov 2023) (https://nexusmutual.io/blog/members-vote-to-upgrade-nexus-mutual-protocols-token-model) - GitHub – NexusMutual/smart-contracts v2.4.0, Tokenomics upgrade (21 Nov 2023) (https://github.com/NexusMutual/smart-contracts/releases/tag/v2.4.0) - GitHub – NexusMutual/smart-contracts v2.0.0 (16 Mar 2023) (https://github.com/NexusMutual/smart-contracts/releases/tag/v2.0.0) - GitHub – NexusMutual/smart-contracts v3.0.0 (30 Oct 2025) (https://github.com/NexusMutual/smart-contracts/releases/tag/v3.0.0) - GitHub – Nexus Mutual mainnet contract addresses (https://github.com/NexusMutual/smart-contracts/blob/release-candidate/deployments/src/addresses.json) - Nexus Mutual forum – Operation Wartortle next steps: draft execution proposal (22 Dec 2021) (https://forum.nexusmutual.io/t/operation-wartortle-next-steps-draft-execution-proposal/746) - Nexus Mutual forum – Notice of general meeting: Operation Wartortle (28 Jan 2022) (https://forum.nexusmutual.io/t/notice-of-general-meeting-operation-wartortle/768) - DAO Member Agreement of Nexus Mutual (effective 24 Feb 2022) (https://app.nexusmutual.io/assets/Nexus-Mutual-DAO-Member-Agreement-FIN.pdf) - Companies House – Nexus Mutual Limited (10917763) (https://find-and-update.company-information.service.gov.uk/company/10917763) - Nexus Mutual forum – [RFC] Building on Trust (15 Jul 2025) (https://forum.nexusmutual.io/t/rfc-building-on-trust-the-future-of-nexus-mutual-and-the-evolving-onchain-insurance-landscape/1780) - Nexus Mutual forum – NMPIP 260: Redirect RAMM value to stakers (https://forum.nexusmutual.io/t/nmpip-260-redirect-ramm-value-to-stakers-to-increase-nxm-staking-and-tvl/1792) - Nexus Mutual forum – NMPIP 261: Reform the claims mechanism and formalise optimistic governance (https://forum.nexusmutual.io/t/nmpip-261-reform-the-claims-mechanism-to-build-trust-upgrade-governance-to-formally-use-an-optimistic-model/1790) - Nexus Mutual forum – NMPIP 262: Bridge capital to traditional markets (https://forum.nexusmutual.io/t/nmpip-262-bridge-nexus-mutuals-capital-to-traditional-markets/1791) - Nexus Mutual forum – NMPIP 265: Fern Re formation (Aug 2026) (https://forum.nexusmutual.io/t/nmpip-265-fern-re-formation-capital-commitment-governance-approval/1869) - Nexus Mutual forum – NMPIP: Real-World Insurance Vault (Nov 2025) (https://forum.nexusmutual.io/t/nmpip-real-world-insurance-vault-bringing-insurance-returns-to-crypto-capital/1818) - Nexus Mutual forum – NMDP 12: Community Fund as part of the Terrapin International Foundation treasury (Mar 2026) (https://forum.nexusmutual.io/t/nmdp-12-recognition-and-ratification-of-the-community-fund-as-part-of-the-terrapin-international-foundation-ecosystem-treasury/1829) - Nexus Mutual forum – NMDP 13: Replacing DAO treasury signers (Apr 2026) (https://forum.nexusmutual.io/t/nmdp-13-replacing-the-current-dao-treasury-signers-with-nexus-mutual-advisory-board-security-team-members/1833) - Nexus Mutual forum – NMDP 8: karpatkey as DAO treasury manager (Aug 2024) (https://forum.nexusmutual.io/t/nmdp-8-establish-karpatkey-as-the-treasury-manager-for-nexus-mutual-dao/1511) - Snapshot – Nexus Mutual DAO space (community.nexusmutual.eth) (https://snapshot.box/#/s:community.nexusmutual.eth) - Nexus Mutual forum – The Nexus Review: Q4 and 2025 wrap-up (9 Jan 2026) (https://forum.nexusmutual.io/t/the-nexus-review-q4-2025-wrap-up/1824) - Etherscan – wNXM contract creation (2 Jul 2020) (https://etherscan.io/tx/0x2e59d9cec6c0772c0e6ef7bb6082732930a956a42d44e6d7c13ead854915567d) - Etherscan – NXM token contract creation (23 May 2019) (https://etherscan.io/tx/0x4a32527d0bfcd533b3efb452d25687b19ffd309316e2aad963666fbd9ee0b143) - GitHub – peppersec/wrappedNXM (https://github.com/peppersec/wrappedNXM) - Etherscan – Nexus Mutual Pool contract (capital pool value, MCR) (https://etherscan.io/address/0xcafea91714e55756C125B509274eDE9Bc91697CB#readContract) - Etherscan – Nexus Mutual RAMM contract (book value, spot prices, reserves) (https://etherscan.io/address/0xcafea54f03E1Cc036653444e581A10a43B2487CD#readContract) - DefiLlama – Nexus Mutual (https://defillama.com/protocol/nexus-mutual)

History – Nexus Mutual (NXM)

v1.0.0 · currentCreate Nexus Mutual (NXM): directory gap from the awesome-DAOs list review, verified against primary sources 2 Oct 2026–Oct 2, 2026

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Name Nexus Mutual Type Discretionary mutual selling cover against on-chain risk, run as a DAO ( types of DAOs (/wiki/dao-governance/concepts/fundamentals/types-of-daos) ) Founded 2017, by Hugh Karp ( Nexus docs (https://docs.nexusmutual.io/protocol/claims-assessment) ), director since 16 August 2017 ( Companies House officers (https://find-and-update.company-information.service.gov.uk/company/10917763/officers) ); Nexus Collective Limited incorporated in England on 16 August 2017 and renamed Nexus Mutual Limited on 25 July 2018 ( Companies House (https://find-and-update.company-information.service.gov.uk/company/10917763) ); NXM token deployed on Ethereum on 23 May 2019 ( Etherscan (https://etherscan.io/tx/0x4a32527d0bfcd533b3efb452d25687b19ffd309316e2aad963666fbd9ee0b143) ) Governance token NXM (https://etherscan.io/token/0xd7c49cee7e9188cca6ad8ff264c1da2e69d4cf3b) , held and transferred only by identity-checked members · wNXM (https://etherscan.io/token/0x0d438f3b5175bebc262bf23753c1e53d03432bde) , a third-party wrapper anyone can trade Chains Ethereum Governance Optimistic: the Advisory Board sets a default outcome and members reject it on Snapshot (community.nexusmutual.eth) (https://snapshot.box/#/s:community.nexusmutual.eth) · enacted through the Governor contract (https://etherscan.io/address/0xcafea6063d4Ec6b045d9676e58897C1f0882Ca32) · governance forum (https://forum.nexusmutual.io/) Legal wrapper Terrapin International Foundation, a Panama private interest foundation, whose Foundation Council is the Advisory Board ( docs (https://docs.nexusmutual.io/governance/) ); website run by Collective Risk Services CIC, London ( site footer (https://nexusmutual.io) ) Capital Capital pool about 42,600 ETH against a minimum capital requirement of about 6,200 ETH; book value about 0.0256 ETH per NXM ( Pool (https://etherscan.io/address/0xcafea91714e55756C125B509274eDE9Bc91697CB#readContract) and RAMM (https://etherscan.io/address/0xcafea54f03E1Cc036653444e581A10a43B2487CD#readContract) contracts, read 2 Oct 2026) · TVL about $113m ( DefiLlama (https://defillama.com/protocol/nexus-mutual) , read 2 Oct 2026) Status 🟢 Active – NMPIP 265 vote closed 28 Aug 2026 ( Snapshot (https://snapshot.box/#/s:community.nexusmutual.eth/proposal/0x91b337a3bfc0281edeb5ebb53fed7150ce7f0af7f64b8d8b40eaeddef5608d71) ); Investment Committee report posted 24 Sep 2026 ( forum (https://forum.nexusmutual.io/t/investment-committee-newsletters-june-2026-august-2026/1901) ) Website nexusmutual.io (https://nexusmutual.io)
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Nexus Mutual is a discretionary mutual on Ethereum that sells cover against smart-contract exploits, validator slashing, stablecoin depegs and custodial failures ( NMPIP 260 (https://forum.nexusmutual.io/t/nmpip-260-redirect-ramm-value-to-stakers-to-increase-nxm-staking-and-tvl/1792) ), and pays claims from a capital pool its members own. Joining takes an identity check, the token NXM moves only between members, and an Advisory Board proposes while members hold a veto ( governance docs (https://docs.nexusmutual.io/governance/) ). From 2019 to November 2023 NXM was minted and burned against the capital pool on a bonding curve (/wiki/markets/bonding-curve) , and the curve's redemption rule shut members in from December 2020 until a ratcheting market maker replaced it. The mutual has also run inside a legal wrapper (/wiki/dao-governance/concepts/membership/dao-legal-structures) since launch and moved to formal optimistic governance (/wiki/dao-governance/concepts/voting/optimistic-governance) in 2025.
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Membership, NXM and wNXM Every member passes a Know-Your-Customer and anti-money-laundering check, pays a 0.002 ETH joining fee and signs the DAO Member Agreement (https://app.nexusmutual.io/assets/Nexus-Mutual-DAO-Member-Agreement-FIN.pdf) . The mutual turns away applicants from 27 jurisdictions, among them China, India, Japan, Russia and Mexico ( membership docs (https://docs.nexusmutual.io/overview/membership) ). Membership is what lets an address buy cover, hold and stake NXM, and vote. Since v2 of the protocol shipped on 16 March 2023 ( release (https://github.com/NexusMutual/smart-contracts/releases/tag/v2.0.0) ), members underwrite by staking NXM into pools run by staking pool managers, locked for between 91 days and two years, and delegate both capital and voting power to the manager ( staking docs (https://docs.nexusmutual.io/protocol/staking) ; NMPIP 260 thread (https://forum.nexusmutual.io/t/nmpip-260-redirect-ramm-value-to-stakers-to-increase-nxm-staking-and-tvl/1792) ). Because NXM moves only between members, it cannot list on an exchange. wNXM fills that gap: an ERC-20 that wraps NXM one to one, deployed on 2 July 2020 ( Etherscan (https://etherscan.io/tx/0x2e59d9cec6c0772c0e6ef7bb6082732930a956a42d44e6d7c13ead854915567d) ) from code published by PepperSec (https://github.com/peppersec/wrappedNXM) . Anyone can hold wNXM, and only a member can unwrap it. Nexus documentation states that the wrapper was built by a third party and is not supported by Nexus Mutual, though the mutual's app now wraps and unwraps through it ( swap docs (https://docs.nexusmutual.io/using/swap-nxm) ).
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The bonding curve, 2019 to 2023 NXM launched on a continuous token model, which Nexus calls a bonding curve, but its price did not depend on how many NXM existed. It depended on the mutual's balance sheet: TP = A + (MCR / C) × MCR%^4, with A = 0.01028 and C = 5,800,000 fixed at launch. MCR, the minimum capital requirement, is the ETH the mutual needs to be confident of paying every claim; MCR% is the capital pool divided by MCR. The price rose with the cover written and, steeply, with how well funded the pool was ( history of capitalisation controls (https://docs.nexusmutual.io/protocol/nxm-token/history-capitalisation-controls) ). Further rules guarded the pool. Redemptions stopped while MCR% was below 100%, and purchases stopped above 400%. A single purchase or redemption was capped at 5% of MCR. A member selling back received 2.5% less than the purchase price, to discourage round trips ( docs (https://docs.nexusmutual.io/protocol/nxm-token/history-capitalisation-controls) ). MCR was the larger of a floor and a figure driven by active cover, and governance moved the floor several times. It was 12,000 ETH at the May 2019 launch, and cover could not be sold until the pool reached it. Members cut it to 7,000 ETH in June 2019, then made it climb 1% a day whenever MCR% was above 130%, and from July 2020 1% every four hours. The increments were switched off in October 2020 with the floor at about 162,400 ETH ( MCR floor history (https://docs.nexusmutual.io/protocol/nxm-token/history-capitalisation-controls) ). In December 2020 MCR% fell below 100% and the redemption rule closed the curve's sell side. Between then and August 2021 the open-market price of wNXM drifted away from the curve price, and from August 2021 it sat below book value, the capital pool's ETH divided by NXM supply. It stayed there until the curve was retired ( NMPIP-209 rationale (https://forum.nexusmutual.io/t/nmpip-209-launch-tokenomics-upgrade/1301) ). A member who wanted out could wrap and sell at a discount, or wait.
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The Ratcheting AMM Rei Melbardis, who now heads R&D and sits on the Advisory Board, posted the replacement design on 20 January 2023 ( forum (https://forum.nexusmutual.io/t/tokenomics-proposal-replacing-the-bonding-curve/988) ). It removed the MCR floor and put a notional Uniswap v2 pool in front of the capital pool, with the mutual as its only liquidity provider. Buying from the protocol would be disabled below book value and selling above it, so neither side could dilute the members who stayed, and a ratchet would pull both prices back to book value over time. In a Snapshot signalling vote from 15 to 22 February 2023, 19 voters gave the Ratcheting AMM (RAMM) 851,141 NXM against 13,034 NXM for modifying the existing curve ( Snapshot (https://snapshot.box/#/s:community.nexusmutual.eth/proposal/0x575abc7cfc9fc68185924539a8ec1c0dcc26b12b9f2a346252125120a6382c9e) ). After audits by Chaos Labs and iosiro, NMPIP-209 went to an on-chain member vote from 15 to 18 November 2023 ( proposal 209 (https://app.nexusmutual.io/governance/proposals/v1/209) ). It passed unanimously, with more than 1.18m NXM in favour, and gave the Advisory Board authority to replace the bonding curve and remove the MCR floor ( forum (https://forum.nexusmutual.io/t/nmpip-209-launch-tokenomics-upgrade/1301) ; Nexus blog (https://nexusmutual.io/blog/members-vote-to-upgrade-nexus-mutual-protocols-token-model) ). The RAMM went live on 21 November 2023 ( Nexus blog (https://nexusmutual.io/blog/members-vote-to-upgrade-nexus-mutual-protocols-token-model) ; contracts v2.4.0, “Tokenomics upgrade” (https://github.com/NexusMutual/smart-contracts/releases/tag/v2.4.0) ). The RAMM is two virtual one-sided pools that share one ETH balance and each pair it with a virtual NXM reserve. The Above pool mints NXM, only at a price of at least book value plus a 1% oracle buffer; the Below pool burns NXM, only at a price no higher than book value minus 1%. Each purchase raises the mint price and each redemption lowers the redemption price. With no trading, the ratchet moves each price back toward book value by 4% of book value a day. The pools aim to hold 5,000 ETH: the protocol adds up to 100 ETH a day when redemptions drain them and removes up to 100 ETH a day when purchases overfill them. It stops adding liquidity once the capital pool falls to MCR plus that target ( token model (https://docs.nexusmutual.io/protocol/nxm-token/token-model) ; RAMM whitepaper (https://docs.nexusmutual.io/bookshelf/nexus-mutual-ramm-whitepaper-v1-2023.pdf) ). NMPIP-209 also set a faster opening phase. The redemption price opened at half the open-market price and the mint price at the last bonding-curve price. Until 43,835 ETH had gone in, which NMPIP-209 put at about 30% of the capital pool, the protocol could add 1,500 ETH a day and ratchet the redemption price up by 50% of book value a day. Members had separately signalled three years as the horizon for redeeming down to a cover-driven MCR ( NMPIP-209 (https://forum.nexusmutual.io/t/nmpip-209-launch-tokenomics-upgrade/1301) ). By August 2025 Nexus counted more than 5,620 ETH of value accrued to remaining holders through the RAMM's buybacks, and said the RAMM had organised outflows without drawing material new capital in ( NMPIP 260 (https://forum.nexusmutual.io/t/nmpip-260-redirect-ramm-value-to-stakers-to-increase-nxm-staking-and-tvl/1792) ). On 2 October 2026 the pools held their 5,000 ETH target and both prices sat at the edges of the 1% buffer around book value ( RAMM contract (https://etherscan.io/address/0xcafea54f03E1Cc036653444e581A10a43B2487CD#readContract) ).
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Governance, claims and the legal wrapper Nexus Mutual began as a UK private company limited by guarantee, Nexus Mutual Limited, and a member of the mutual was a member of that company. The Foundation's own account names UK compliance, in particular identity checks for every member, as the cost of that structure ( Operation Wartortle draft (https://forum.nexusmutual.io/t/operation-wartortle-next-steps-draft-execution-proposal/746) ). In a general meeting held from 17 to 21 February 2022, members voted by Snapshot on a special resolution to move the capital pool to Terrapin International Foundation, a Panama private interest foundation ( notice of general meeting (https://forum.nexusmutual.io/t/notice-of-general-meeting-operation-wartortle/768) ). The DAO Member Agreement that took effect on 24 February 2022 governs members under British Virgin Islands law and recites their earlier membership of the company ( agreement (https://app.nexusmutual.io/assets/Nexus-Mutual-DAO-Member-Agreement-FIN.pdf) ). The plan described the foundation as a step toward a stateless DAO and kept identity checks in place. In 2026 Terrapin is still the wrapper: NMPIP 265 calls it the Panamanian foundation that wraps Nexus Mutual DAO ( forum (https://forum.nexusmutual.io/t/nmpip-265-fern-re-formation-capital-commitment-governance-approval/1869) ), the Advisory Board sits as its Foundation Council ( docs (https://docs.nexusmutual.io/governance/) ), and Nexus Mutual Limited is still registered as an active company ( Companies House (https://find-and-update.company-information.service.gov.uk/company/10917763) ). The Advisory Board has five seats, held by Roxana Danila, Hugh Karp, Rei Melbardis, Lee McClelland and Graeme Thurgood. It proposes, recommends a default outcome, performs upgrades once members authorise them, and can pause the RAMM or the whole protocol through an Emergency Pause Safe ( governance docs (https://docs.nexusmutual.io/governance/) ). NMPIP 261, which passed on 15 September 2025 with 340,942 NXM for and 9,246 NXM against, made the optimistic model formal ( forum (https://forum.nexusmutual.io/t/nmpip-261-reform-the-claims-mechanism-to-build-trust-upgrade-governance-to-formally-use-an-optimistic-model/1790) ). The Board posts each proposal to Snapshot, where voting opens four hours later and runs three days. The default stands unless members holding at least 15% of NXM supply vote to deny it. After a 24-hour timelock the Board enacts the outcome on-chain through the Governor contract, where three of its five votes carry a proposal. Members raise one kind of on-chain proposal themselves, to replace a Board member, which needs a proposer holding more than 100 NXM and 15% of supply taking part ( governance docs (https://docs.nexusmutual.io/governance/) ; contract addresses (https://github.com/NexusMutual/smart-contracts/blob/release-candidate/deployments/src/addresses.json) ). A member's voting power is one vote plus their NXM, capped at 5% of total supply; staked NXM votes with the pool manager it is delegated to, and Snapshot reads the same figure from the VotePower contract ( docs (https://docs.nexusmutual.io/governance/) ). Both parts of NMPIP 265 closed on 28 August 2026 with six voters and about 175,000 NXM, all in favour, and no proposal on the space since November 2025 has recorded a vote against ( Snapshot (https://snapshot.box/#/s:community.nexusmutual.eth) ). Members who staked NXM assessed claims until November 2025. Since then a Claims Committee of three publicly named assessors, Hugh Karp, Roxana Danila and BraveNewDeFi, votes on each claim within 72 hours, two of three approving; a claimant posts a 0.05 ETH deposit, and some products name a designated assessor instead ( claims docs (https://docs.nexusmutual.io/protocol/claims-assessment) ). Nexus reports more than $18.6m paid in claims since 2019 ( The Nexus Review 2025 (https://forum.nexusmutual.io/t/the-nexus-review-q4-2025-wrap-up/1824) ).
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2025–26: v3, reinsurance and the treasury Hugh Karp's request for comment of 15 July 2025 ( forum (https://forum.nexusmutual.io/t/rfc-building-on-trust-the-future-of-nexus-mutual-and-the-evolving-onchain-insurance-landscape/1780) ) became three proposals that all passed on 15 September 2025. NMPIP 261 is described above. NMPIP 260 redirects the value the RAMM accrues to NXM stakers, possibly with newly minted NXM on top ( forum (https://forum.nexusmutual.io/t/nmpip-260-redirect-ramm-value-to-stakers-to-increase-nxm-staking-and-tvl/1792) ). NMPIP 262 authorised the Advisory Board to seek licences that would let staking pools become regulated, without regulating the protocol ( forum (https://forum.nexusmutual.io/t/nmpip-262-bridge-nexus-mutuals-capital-to-traditional-markets/1791) ). The v3 contracts carrying the new Governor, VotePower and assessment code were released on 30 October 2025 ( release (https://github.com/NexusMutual/smart-contracts/releases/tag/v3.0.0) ). The regulated arm took shape in NMPIP 265, voted from 25 to 28 August 2026. Terrapin will own all of Fern Re, a Cayman Islands reinsurer that has applied for a B(iii) licence, and Fern Specialty Ltd, a UK service company. The capital pool puts in $2.5m of equity and up to $5m through a surplus note paying 12% a year; the Community Fund supplies $1m to Fern Specialty ( forum (https://forum.nexusmutual.io/t/nmpip-265-fern-re-formation-capital-commitment-governance-approval/1869) ; Snapshot (https://snapshot.box/#/s:community.nexusmutual.eth/proposal/0x91b337a3bfc0281edeb5ebb53fed7150ce7f0af7f64b8d8b40eaeddef5608d71) ). A Real-World Insurance Vault, approved on Snapshot in December 2025, takes USDC from approved sophisticated investors and issues an LP token that is free to move in DeFi ( forum (https://forum.nexusmutual.io/t/nmpip-real-world-insurance-vault-bringing-insurance-returns-to-crypto-capital/1818) ; Snapshot (https://snapshot.box/#/s:community.nexusmutual.eth/proposal/0x2738d3a859b8fb3bfa61253db6b99dad0093a8ad1dba8380cf2827a0d6d2f171) ). The vault is governed separately from the mutual ( governance docs (https://docs.nexusmutual.io/governance/) ). The capital pool also invests. In November 2025 members approved lending 5,160 ETH through the Steakhouse ETH vault on Morpho (/wiki/daos/lending/morpho) ( Snapshot (https://snapshot.box/#/s:community.nexusmutual.eth/proposal/0x94275866a2650857efcbc22a0dc127c4a7680dac1e676ad66113d0a784c191ab) ). The DAO treasury is a separate pot, the Community Fund, set up by a member vote on a December 2020 proposal that minted 100,000 NXM into a multisig ( NMDP 12 (https://forum.nexusmutual.io/t/nmdp-12-recognition-and-ratification-of-the-community-fund-as-part-of-the-terrapin-international-foundation-ecosystem-treasury/1829) ). kpk (/wiki/dao-governance/tooling/treasury/karpatkey) has managed it since members approved NMDP 8 in September 2024 ( forum (https://forum.nexusmutual.io/t/nmdp-8-establish-karpatkey-as-the-treasury-manager-for-nexus-mutual-dao/1511) ). In March 2026 NMDP 12 recorded the fund as part of Terrapin's treasury, since no document had tied it to the foundation, and in April 2026 NMDP 13 replaced four long-serving volunteer signers with Hugh Karp, Rei Melbardis, Ricky Tan and Shark0der ( forum (https://forum.nexusmutual.io/t/nmdp-13-replacing-the-current-dao-treasury-signers-with-nexus-mutual-advisory-board-security-team-members/1833) ).
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How Caper approaches this Nexus Mutual's curve priced its token off the balance sheet and could switch its sell side off, and from December 2020 it did, which left members holding a token they could only sell at a discount through a wrapper. A caper's bonding curve (/wiki/markets/bonding-curve) prices its token from how much supply has sold, and the page describes a market that is always open, along which every holder can redeem. Taking a share of the treasury is a separate right that opens with a member's first ranked ballot and needs nobody's approval ( leaving a caper (/wiki/foundations/leaving-a-caper) ; exit rights (/wiki/dao-governance/concepts/membership/rage-quit-and-exit-rights) ), where Nexus routes every exit through one priced pool. Nexus does something a caper does not. Its RAMM anchors both the mint and the redemption price to a measured book value, so a buyer cannot dilute the members who stay and a seller cannot take more than a share of the pool; a caper's curve price follows supply rather than the treasury, and the bonding-curve page notes that a token's notional market value usually runs several times the reserve behind it. The mutual also has a reason to ration exits that a caper lacks: it has claims to pay.
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References - Nexus Mutual docs – Membership (KYC, fee, restricted jurisdictions) (https://docs.nexusmutual.io/overview/membership) - Nexus Mutual docs – Governance (Advisory Board, voting power, optimistic model, Governor) (https://docs.nexusmutual.io/governance/) - Nexus Mutual docs – History of capitalisation controls (bonding-curve formula, restrictions, MCR floor) (https://docs.nexusmutual.io/protocol/nxm-token/history-capitalisation-controls) - Nexus Mutual docs – Token model (RAMM) (https://docs.nexusmutual.io/protocol/nxm-token/token-model) - Nexus Mutual – Ratcheting AMM whitepaper v1.0 (2023) (https://docs.nexusmutual.io/bookshelf/nexus-mutual-ramm-whitepaper-v1-2023.pdf) - Nexus Mutual docs – Claim assessment (Claims Committee) (https://docs.nexusmutual.io/protocol/claims-assessment) - Nexus Mutual docs – Staking (https://docs.nexusmutual.io/protocol/staking) - Nexus Mutual docs – Swap NXM (wNXM disclaimer) (https://docs.nexusmutual.io/using/swap-nxm) - Nexus Mutual forum – Tokenomics proposal: replacing the bonding curve (20 Jan 2023) (https://forum.nexusmutual.io/t/tokenomics-proposal-replacing-the-bonding-curve/988) - Snapshot – Signalling vote on tokenomics proposals (15–22 Feb 2023) (https://snapshot.box/#/s:community.nexusmutual.eth/proposal/0x575abc7cfc9fc68185924539a8ec1c0dcc26b12b9f2a346252125120a6382c9e) - Nexus Mutual forum – NMPIP-209: Launch tokenomics upgrade (7 Nov 2023) (https://forum.nexusmutual.io/t/nmpip-209-launch-tokenomics-upgrade/1301) - Nexus Mutual app – Governance proposal 209 (https://app.nexusmutual.io/governance/proposals/v1/209) - Nexus Mutual blog – Members vote to upgrade the token model (21 Nov 2023) (https://nexusmutual.io/blog/members-vote-to-upgrade-nexus-mutual-protocols-token-model) - GitHub – NexusMutual/smart-contracts v2.4.0, Tokenomics upgrade (21 Nov 2023) (https://github.com/NexusMutual/smart-contracts/releases/tag/v2.4.0) - GitHub – NexusMutual/smart-contracts v2.0.0 (16 Mar 2023) (https://github.com/NexusMutual/smart-contracts/releases/tag/v2.0.0) - GitHub – NexusMutual/smart-contracts v3.0.0 (30 Oct 2025) (https://github.com/NexusMutual/smart-contracts/releases/tag/v3.0.0) - GitHub – Nexus Mutual mainnet contract addresses (https://github.com/NexusMutual/smart-contracts/blob/release-candidate/deployments/src/addresses.json) - Nexus Mutual forum – Operation Wartortle next steps: draft execution proposal (22 Dec 2021) (https://forum.nexusmutual.io/t/operation-wartortle-next-steps-draft-execution-proposal/746) - Nexus Mutual forum – Notice of general meeting: Operation Wartortle (28 Jan 2022) (https://forum.nexusmutual.io/t/notice-of-general-meeting-operation-wartortle/768) - DAO Member Agreement of Nexus Mutual (effective 24 Feb 2022) (https://app.nexusmutual.io/assets/Nexus-Mutual-DAO-Member-Agreement-FIN.pdf) - Companies House – Nexus Mutual Limited (10917763) (https://find-and-update.company-information.service.gov.uk/company/10917763) - Nexus Mutual forum – [RFC] Building on Trust (15 Jul 2025) (https://forum.nexusmutual.io/t/rfc-building-on-trust-the-future-of-nexus-mutual-and-the-evolving-onchain-insurance-landscape/1780) - Nexus Mutual forum – NMPIP 260: Redirect RAMM value to stakers (https://forum.nexusmutual.io/t/nmpip-260-redirect-ramm-value-to-stakers-to-increase-nxm-staking-and-tvl/1792) - Nexus Mutual forum – NMPIP 261: Reform the claims mechanism and formalise optimistic governance (https://forum.nexusmutual.io/t/nmpip-261-reform-the-claims-mechanism-to-build-trust-upgrade-governance-to-formally-use-an-optimistic-model/1790) - Nexus Mutual forum – NMPIP 262: Bridge capital to traditional markets (https://forum.nexusmutual.io/t/nmpip-262-bridge-nexus-mutuals-capital-to-traditional-markets/1791) - Nexus Mutual forum – NMPIP 265: Fern Re formation (Aug 2026) (https://forum.nexusmutual.io/t/nmpip-265-fern-re-formation-capital-commitment-governance-approval/1869) - Nexus Mutual forum – NMPIP: Real-World Insurance Vault (Nov 2025) (https://forum.nexusmutual.io/t/nmpip-real-world-insurance-vault-bringing-insurance-returns-to-crypto-capital/1818) - Nexus Mutual forum – NMDP 12: Community Fund as part of the Terrapin International Foundation treasury (Mar 2026) (https://forum.nexusmutual.io/t/nmdp-12-recognition-and-ratification-of-the-community-fund-as-part-of-the-terrapin-international-foundation-ecosystem-treasury/1829) - Nexus Mutual forum – NMDP 13: Replacing DAO treasury signers (Apr 2026) (https://forum.nexusmutual.io/t/nmdp-13-replacing-the-current-dao-treasury-signers-with-nexus-mutual-advisory-board-security-team-members/1833) - Nexus Mutual forum – NMDP 8: karpatkey as DAO treasury manager (Aug 2024) (https://forum.nexusmutual.io/t/nmdp-8-establish-karpatkey-as-the-treasury-manager-for-nexus-mutual-dao/1511) - Snapshot – Nexus Mutual DAO space (community.nexusmutual.eth) (https://snapshot.box/#/s:community.nexusmutual.eth) - Nexus Mutual forum – The Nexus Review: Q4 and 2025 wrap-up (9 Jan 2026) (https://forum.nexusmutual.io/t/the-nexus-review-q4-2025-wrap-up/1824) - Etherscan – wNXM contract creation (2 Jul 2020) (https://etherscan.io/tx/0x2e59d9cec6c0772c0e6ef7bb6082732930a956a42d44e6d7c13ead854915567d) - Etherscan – NXM token contract creation (23 May 2019) (https://etherscan.io/tx/0x4a32527d0bfcd533b3efb452d25687b19ffd309316e2aad963666fbd9ee0b143) - GitHub – peppersec/wrappedNXM (https://github.com/peppersec/wrappedNXM) - Etherscan – Nexus Mutual Pool contract (capital pool value, MCR) (https://etherscan.io/address/0xcafea91714e55756C125B509274eDE9Bc91697CB#readContract) - Etherscan – Nexus Mutual RAMM contract (book value, spot prices, reserves) (https://etherscan.io/address/0xcafea54f03E1Cc036653444e581A10a43B2487CD#readContract) - DefiLlama – Nexus Mutual (https://defillama.com/protocol/nexus-mutual)