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DeFi Insurance: How Nexus Mutual Is Building Decentralized Risk Coverage
@blockonomist
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2026-05-13 04:26:16
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- Why DeFi needs insurance: $7B+ lost to hacks and exploits 2020–2024 (Ronin $625M, Poly Network $611M, Euler $200M) - Nexus Mutual model: discretionary mutual where NXM holders vote on claims — not traditional insurance, no regulatory guarantee of payout - The adversarial problem: DeFi exploits are strategic attacks, not random events — adverse selection is structural (coverage attracts targets) - Euler Finance hack (March 2023): $200M exploit, ~70% of affected Nexus policies paid out — the system worked, but correlation risk remains - Coverage gaps: oracle manipulation, governance attacks, economic design exploits typically excluded — precisely the most common recent attack vectors
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