Nexus Mutual, an alternative insurance provider for a variety of Ethereum-based DeFi protocols, has seen its risk pool double over the past 90 days to more than $4 million.
Nexus Mutual members voted to pay out two claims following the bZx flash loan attacks – a first for the DeFi insurance pioneer.
Nexus Mutual is seeing a surge in demand. "Our product has honestly seen massive interest since yield farming kicked off," said founder Hugh Karp.
Insurtech startup Nexus Mutual and wallet provider Argent have teamed up to bring bank account-like protection to ethereum.
Nexus is one of several blockchain startups trying to revive mutual insurance. Its first product will cover the risks of ethereum smart contracts.