Earlier this week, I wrote a tutorial on how to get smart contract insurance for staked funds in yearn and during the week the capacity has been nearly almost all maxed out.
Just an idea:
Possible to create $YFI token incentives for staking $NXM on the yearn so that more folks are able to buy insurance for their investments. The more available liquidity/staking there is on yearn smart contracts via Nexus Mutual, the cheaper/greater capacity there is that the $YFI community can buy into. Also means more risk-averse individuals can now get involved.
Another solution might be coordinate community funding to buy insurance for everyone using yearn collectively.
Appreciate any thoughts/comments @Coopahtroopa @DefiBro
Great idea! I’m already staking my $NXM in the yearn ecosystem and anyone who is a member of the mutual could increase the capacity for risk by staking more too. A collective fund or incentivising with $YFI is essential to be taken seriously and for future growth.
i came here to suggest the same thing
you’ve got my vote!
i’d love to put more money into yearn but can’t justify it without adequate cover. there’s an obvious reason to incentivize with $yfi
happy to help with the proposal
Would like to bump this thread as this has come up in tweets from Andre.
Totally agree with insurance cover, would totally make people feel more comfortable about putting funds into IEarn.
The problem is that NexusMutual requires KYC. I wonder if Andre or one of the signers can represent the entire ecosystem.
how are you staking nxm in the yearn ecosystem?
Buying smart contract insurance doesn’t require KYC actually
I also wrote a new guide intro into smart contract insurance for those less familiar with the concept https://medium.com/@NXM_Wizard/the-art-of-smart-contract-insurance-c32ef5a288e6
Hm, how would one do this?
This sounds awesome. I support it.
i would love to have it as an option written into the contract when depositing if that is possible.
I agree - though I think it should be slightly different. I think we should have a yvault specifically for NXM (or wNXM) that folks can stake their tokens into - from there, the vault would use NXM’s dashboard to stake against contracts approved via governance (ideally this would include yearn as well).
This would allow anons to participate in the ecosphere, would allow YFI holders to underwrite their own contracts, and would make yearn a core participant in the insurance sphere. It’d be a win-win scenario for all involved, and would further boost the entirety of the DeFi space.
Edit: I would’ve created a new topic post for this suggestion, but alas - I just signed up, so I cannot
Doesn’t the one insuring things need to be KYC’d? Can a smart contract provide insurance like this?
TBH a lot of people want future inflation. Why don’t we just focus on allocating protocol fees to these people, instead of inflation? Inflation should be last resort, if fees/other incentives don’t work (but I think they will)
Yeah, NXM requires stakers to be KYC’d - though one could argue that only one person needs to be KYC’d. Andre or another core dev could be the KYC’d person. The vault could take wNXM and convert it to NXM (via the wrapping portal), and then that KYC’d dev could perform the staking.
So far as one person is KYC’d, then the rest of the users can vault in to piggyback.
Wow I wonder if this will actually work.
If you read Nexus documentation you will see you need to become a member to take out smart contract cover, which requires KYC.
See section “what you do”.
Can one person kyc for all of us? Lol