Investments
Any investment allocations are decided by members through on-chain governance using the Nexus Mutual Protocol Improvement Proposal (NMPIP) format. To date, members have voted to allocate Capital Pool assets in the following strategies.
Investment in Lido stETH
In May 2021, the DAO Investment team posted a forum proposal that reviewed the opportunity to stakes, and risk of staking, 15,000 ETH in Lido Finance to generate investment returns. After member discussion, this proposal was put to a formal governance vote.
- Members voted in favor of Proposal 140, and 14,997.9999 ETH was staked in Lido Finance, which added 14,998 stETH to the mutual's Capital Pool.
In September 2021, the DAO Investment team posted another forum proposal that reviewed the opportunity to increase, and risk of increasing, the allocation of Nexus Mutual's Capital Pool to stETH from the then 15,248 stETH held in the Capital Pool to 30,000 stETH, representing 18.5% of the total Capital Pool.
- Members voted in favor of Proposal 157, and 14,713.2999 ETH was staked in Lido Finance, which added 14,713.30 stETH to the Capital Pool.
Investment in M11 Credit's WETH lending pool on Maple Finance
In May 2022, the DAO Investment team posted a forum proposal that reviewed the opportunity to allocate, and risk of allocating, 15,348 ETH to the M11 Credit WETH lending pool on Maple Finance. After members discussed this proposal and the technical requirements were fulfilled, the proposal was put to a formal governance vote in August 2022.
- Members voted in favor of Proposal 172, and 15,348 ETH was sent to the Nexus Mutual Enzyme vault, where it was then deposited in the M11 Credit WETH pool on Maple Finance.
- After the Auros liquidity issue was resolved, the M11 Credit deposit was withdrawn from the pool and is now held in the Nexus Mutual Enzyme vault. Members signaled support to let the Investment team manage the withdrawal process.
Investment in Rocket Pool (rETH)
In April 2023, uisce.eth share a Request for Comment (RFC) proposal to allocate 14,400 ETH from the Capital Pool to Rocket Pool (rETH). Uisce.eth reviewed the opportunity to increase, and risk of increasing, the allocation of Nexus Mutual's Capital Pool to rETH, and more. You can review the [RFC]: Staking with Rocketpool Protocol forum post for the full details. After going through the standard review period, uisce.eth used two Snapshot signaling votes to gauge members' support for this proposal.
- Signaling Vote: Should the Mutual Stake with Rocketpool (#1)
- Signaling Vote: Amount of ETH to allocate to Rocketpool (#2)
Members signaled their support via Snapshot and this proposal was transitioned to an NMPIP, which was then put on chain for a full-member vote.
- Members voted in favor of NMPIP 197: Stake 14,400 ETH from the Capital Pool in Rocket Pool (rETH) and 14,400 ETH was staked with Rocket Pool, which added 13,358 rETH to the Capital Pool.
Investment in Kiln via the Nexus Mutual Enzyme vault
In March 2023, Moss from the Avantgarde team shared an RFC on the forum, where he outlined a proposal to allocate the inactive WETH held in the Nexus Mutual Enzyme vault to productive positions. The original RFC they posted received feedback from community members encouraging them to limit their scope to ETH staking solutions; Moss took that feedback and posted [RFC]: Restart Enzyme vault & diversify ETH across staking providers - continued on the forum, where the Avantgarde team focused on allocating WETH to Kiln via Enzyme. After going through the standard review period, the Avantgarde team used a Snapshot signaling vote to gauge members' support for this proposal.
Members signaled their support via Snapshot and this proposal was transitioned to an NMPIP, which was then put on chain for a full-member vote.
- Members voted in favor of NMPIP 196: Stake 6624 WETH from the Nexus Mutual Enzyme vault through Kiln and 6,624 WETH from the Nexus Mutual Enzyme vault (i.e., a portion of the Capital Pool) to Kiln.
The 6,224 WETH was staked in Kiln and is currently accuring staking rewards. See Avantgarde's latest post on the governance forum for a status update.
Investment performance
The Capital Pool contract can be verified on-chain. Anyone can view the crypto assets held in the pool.
- Capital Pool Address: 0xcafeaBED7e0653aFe9674A3ad862b78DB3F36e60
Lido Finance rewards history
Lido Finance has a reward history tool that anyone can use to see how many stETH have been earned from the Mutual's staked ETH. You can enter the Mutual's Capital Pool address into the rewards history tool to see the total earnings from the stETH held in the Capital Pool.
Nexus Mutual Enzyme vault
The Enzyme Finance vault has a dashboard that tracked the initial Capital Pool allocation to the M11 Credit WETH lending pool on Maple Finance. The funds were withdrawn from the M11 Credit WETH pool in February 2023 and 50% of the WETH held in the Nexus Mutual Enzyme vault has been allocated to ETH staking with Kiln. Anyone can review the financial performance of the vault, movement/deployment of funds through the vault, and earnings over time.