DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom
Nexus Mutual is seeing a surge in demand. "Our product has honestly seen massive interest since yield farming kicked off," said founder Hugh Karp.
The Singapore crypto lender toughed it through the bear market and now has $250 million locked and lended.
The firm aims to sell over $1 billion worth of cover in 2021 spread across at least 30 protocols.
The Ethereum-based platform for covering losses from DeFi hacks and other flubs is expanding to other chains.
A way to be covered in the event of an exchange hack.
Nexus Mutual's CEO, Hugh Karp, lost the tokens after an attacker gained remote access to his computer.