Nexus Mutual Seeks $153K for 6-Month Budget: A DeFi Insurance Perspective

• Nexus Mutual Seeks $153,500 in NXM Tokens for Future Operations
• About Nexus Mutual
• Funding Request Details
• Future Plans
• Budget Proposal Voting

Nexus Mutual Seeks $153,500 in NXM Tokens for Future Operations

Crypto insurance protocol Nexus$0.046 14.03% Mutual has put forward a request for $153,500 in NXM tokens to fund the subsequent six months of operations. The substantial part of the fund requisition is intended for salaries, with a portion being allocated for travel, infrastructure of the project's Discord server, and research and development.

About Nexus Mutual

Nexus Mutual$50.0 -1.66% operates as an Ethereum$2,315 -2.42%-based insurance alternative. It provides coverage for the loss of crypto assets using the resources provided by its members. These members, in turn, earn interest for assuming the risk.

Funding Request Details

The most recent funding request marks a 41% reduction from the project's prior team budget. A significant portion of this reduction is due to nearly $100,000 in unused funds previously allocated for the former head of marketing, who exited the project in August. The marketing duties are now being taken over by Nexus Mutual's Community team. However, there are set plans to eventually refill the role, as disclosed by Community team lead BraveNewDeFi.

Future Plans

In a Telegram message, an anonymous source stated that Nexus' team has future plans to build up the community in the forthcoming six months, encouraging more people to participate in the mutual. The protocol expects a massive impact on sales of coverage policies and premium growth, as a result of its collaboration with crypto reinsurance project Cover Re, as per BraveNewDefi.

Budget Proposal Voting

The budget proposal is set to be voted upon by the Nexus Mutual's DAO (Decentralized Autonomous Organization) - the project's governing body comprised of NXM token owners. The voting period is scheduled between January 30 and February 5.

Edited by Jonathan Stoker