Membership
The Nexus Mutual DAO operates as a discretionary mutual where people are required to join as members before they can interact with the protocol or contribute within the DAO.
Benefits of membership
Members own the Capital Pool, contribute to the Mutual, and control the protocol through on-chain governance.
Members can:
- Buy discretionary cover products
- Share risk with other members
- Contribute funds to the Mutual and hold NXM tokens
- Stake NXM, underwrite risk, and earn rewards
- Create and run risk management businesses
- Put forward and vote on governance proposals
- Contribute to the Nexus Mutual DAO
Becoming a member
Before you complete the membership process, be sure to read the membership agreement and Know-Your-Customer (KYC) requirements.
While the Ethereum address you use for your registered membership address can be changed later on, it's strongly recommended that you use a hardware wallet to generate an address that will be used as your membership address.
Membership agreement
By becoming a member you agree to the conditions specified in the DAO Member Agreement.
- KYC / AML. To become a member, you will need to verify your identity through the Know-Your-Customer / Anti-Money-Laundering process. If this fails, you won’t be able to join the Mutual.
- You pay an initial membership fee. Membership costs 0.0020 ETH and is required for anyone who joins the Mutual.
- You own part of the Mutual. You can buy cover and earn more NXM by helping run the Mutual, including staking NXM and voting on proposals.
KYC requirements
To become a member, you will need to verify your identity.
- First, click the Become a Member button in the header of the Nexus Mutual app.
- Proceed to KYC submission: you will be prompted to submit a photo of your government-issued identification, which will be used in the verification process.
- Pay the 0.0020 ETH fee and finalize your membership.
The identity check runs inside the app. Membership activates on-chain with the join fee once you pass verification.
An address can join only once. If you are already a member and want to use another wallet, change your membership address instead of applying again.
Unfortunately, the Nexus Mutual DAO cannot accept members from the following jurisdictions. We are working hard to reduce this list in the future.
| Restricted | Countries | List |
|---|---|---|
| Algeria | India | Namibia |
| Angola | Iran | Nepal |
| Bolivia | Japan | North Korea |
| Bulgaria | Kenya | Russia |
| Cameroon | Lao People’s Democratic Republic | South Sudan |
| China | Lebanon | Syria |
| Cote d'Ivoire | Mexico | Venezuela |
| Democratic Republic of Congo | Monaco | Vietnam |
| Haiti | Myanmar | Yemen |
Changing your membership address
You can move your membership to another address from the Nexus Mutual app, connected with your current membership address. There is no second membership fee. The new address must not already be a member.
The switch needs all your NXM to be held directly in your wallet. If you have NXM staked in a pool or rewards you have not claimed, claim the rewards and withdraw the stake first. Staked NXM cannot be withdrawn until its tranche ends, so in that case the switch waits. NXM locked after a governance vote also blocks the switch until the lock ends.
Your NXM moves to the new address as part of the switch, so you do not transfer it yourself.
Cover NFTs stay with the old address. Transfer them to the new address afterwards, or your covers will not appear in the app.
Compromised wallet
If your membership address is compromised or lost, contact the team before you do anything else.
Participating within the protocol, contributing to the Mutual
Once you have joined as a member, you can participate within the protocol in a variety of ways and contribute to the Nexus Mutual DAO.
- Read the Protocol section to learn more about how you can participate.
- Read the Governance section to learn more about how you can contribute to the Nexus Mutual DAO.