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Perpetual Protocol v1 Economic Design Failure | May 2022

Total Claim Payouts​

A total of $377,147.19 was paid out for Claim 118 and Claim 119.

Overview​

After this exploit occurred, claim assessors discussed this loss event in the Mutual's Discord server. Because Nexus Mutual is a discretionary mutual, members participate in the Claims Assessment process and review the validity of claims submitted after a loss event occurs.

Claim assessors discussed the event and determined the Perpetual Protocol v1 economic design failure event was covered under section 1.2 of the Protocol Cover wording.

Once the first claim was filed and members were aware of this loss event, the Mutual released a statement with information regarding the affected addresses and details about the event, as well as information about the active claims and the Claim Assessment process.

Filed claims and outcomes​

To date, two (2) claims have been filed and voted on by claim assessors. As stated in the section above, claim assessors had determined this was a covered event. Once it has been determined that an event is covered, claim assessors review the validity of claims to determine:

  • Did the member have active cover at the time of the exploit?
  • Did the member provide proof of loss?

For more information on each claim, review the section below and the Nexus Mutual Claims Dune dashboard.

Approved claims​

Claim assessors reviewed and approved Claim 118 and Claim 119. The claims included proof of loss, which showed the affected addresses where the members suffered a loss of 20% or greater. You can review a summary of each claim in the Nexus Mutual Claims History database and the Nexus Mutual user interface.