Nexus Mutual Sets Up 10 Million USD Community Fund

  • Nexus Mutual will set up a community fund worth 250,000 NXM (~$10,000,000).
  • The fund is controlled by a multisig wallet held by both investors and community members.
  • The vote for multisig stewards is still ongoing.

A vote within the Nexus Mutual community has passed, instructing the smart contract insurance protocol to set up a community fund. The fund’s multisig stewards can spend up to 250,000 NXM as they see fit, for example on additional staking rewards, grants for outstanding community contributions or project development, or marketing expenses.

Community Vote Allocates 250,000 NXM

In December 2020, Nexus Mutual has conducted a community vote asking whether the fund should be established by minting new NXM tokens, thus inflating the supply. The community was overwhelmingly in favor of the proposal.

Initially, the proposal intended to mint 100,000 NXM. Instead, the community decided on an even higher budget of 250,000 NXM with a small majority.

Still six open Spots in the Multisig Council

The first steward of the multisig wallet controlling the community fund will be Roxana Danila (CTO at Nexus Mutual). The other council members will be selected through a snapshot vote.

Three of the six open spots will be given to investors. Richard Chen (1confirmation), Yan Liberman (Delphi Digital), Lasse Clausen (1kx), Felix Hartmann (Hartmann Capital), and Adam Benayoun (Collider Ventures) are in the lineup. The remaining three spots will be given to community members.

Stay up to date on crypto news!

Sign up for our newsletter for all the hottest crypto stories, ICO reviews, and insights from leading experts of the crypto world - four times a week.

You have been signed up!