Nexus Mutual Cover Announcement
We’re pleased to announce that Notional Finance is the latest DeFi protocol to be covered by Nexus Mutual, a premium insurance provider in the DeFi ecosystem. This decision reaffirms our confidence in the safety and reliability of V2 and gives our borrowers, lenders and liquidity providers an option to manage the smart contract risk of Notional V2.
Security of user funds is the #1 priority for Notional - Nexus Mutual cover will complement our multi-pronged strategy of audits and security checks, building on the four audit processes completed in the run up to V2 launch. These independent audits from ABDK Consulting, Certora, and Code Arena & Open Zeppelin (governance contracts) laid the foundation for our belief that V2 is safe and secure for our users. There is also an ongoing Immunefi bounty program with a top award of $1,000,000 for critical bugs found.
Ways to Participate in Nexus Mutual Coverage.
Notional users who have DAI/ETH/WBTC/USDC deployed in a liquidity pool or used in an active fixed rate lend or borrow position can purchase Nexus Mutual coverage to get reimbursed for smart contract issues resulting in loss of funds. Note that coverage is specific to smart contract risk only, and does not extend to credit or liquidation risk. More information can be found via Nexus Mutual’s Notional program page.
Nexus Mutual membership is open to anyone (geographic limitations apply) who wants to earn rewards for staking NXM on projects they think are secure. Notional has committed 10,000 NOTE as a reward for early NXM Stakers. Learn more about how staking on Nexus works here: https://app.nexusmutual.io/staking
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