이번 세미나에서는 1부 7장 Case Study – Nexus Mutual을 다룹니다.

Chapter 7. Case Study – Nexus Mutual

아래 요약한 내용을 다시 한 번 읽어 봅니다.

• Applying Market Design to Nexus Mutual
  • Market design defines the environment in which users and tokens co-exist so that markets can operate and be governed efficiently. We talked about network effects before, pointing out that market design is a prerequisite to achieve network effects. Successful market design (aka good ecosystem environment) will encourage more users to participate and increase the value of the ecosystem.
    • Market design looks at three factors:
      • Thickness of market
      • Reduced congestion
      • Making it safe and easy to use
  • Thickness (size of network)
    • Crypto insurance it’s really dependent on the market size of DeFi. When we look at creating market thickness, we look at how we increase the participants or increase the network of users in the system.
    • B2B Market
      • Nexus Mutual provides insurance and sometimes this insurance is not enough to provide insurance just for users, but other protocols could also tap into this thing, so currently we have two systems that kind of white label Nexus’ insurance to resell it in a different way to its users.
        • The first one is Yinsurefinance who take the insurance cover that’s provided by Nexus Mutual and then white label it and sell it in their ecosystem.
        • The other one is Coverprotocol. They are trying to do a peer-to-peer coverage market. They also white label their insurance model, i.e. the insurance cover is provided by Nexus Mutual and they resell it to their market.
    • B2C Market
      • B2C is figuring out how to increase the different users by having them participate in various roles. There are four basic functions of using an NXM token: you have the member being able to buy cover, then you can be a risk assessor, you can be a claims assessor, and you can participate in governance. You want to increase users’ participation with other users or members because you want them to be purchasing more insurance covers.
  • Reduced Congestion
    • Nexus Mutual creates an environment in which participants can easily participate. Participants can choose from various positions, choosing whatever suits them best, with no barriers to participation. To prevent bad actions by stakers and users, there’s a 12-hour cooling off period for claim assessors.
  • Safety & Ease of Use
    • Safety via Design
      • As an insurance cover buyer, you can only purchase insurance cover when there are enough risk assessors staking their tokens to signal that the protocol is safe. This brings us to risk assessors. These people audit the codes. When they determine that the code is safe, they put their money where their research is. They stake $NXM in the protocol. This becomes capital to provide coverage for buyers to purchase. Lastly, when a claim is submitted, a different set of users, claim assessors, are deployed to determine the validity of the claim to award a pay-out. A minimum vote (70%) is required before the voting passes. Otherwise, the vote will be extended to the entire platform and the decision will be crowdsourced.
    • Price Determination
      • The price of $NXM is defined by the math in the bonding curve.
        • Not only so, the bonding curve embeds two main factors in the curve, the long term and short-term variables. Investors can view $NXM prices as a proxy to evaluate the short-term and long-term forecasts. This is done via the Total Capital and MCR variables.
    • KYC and Membership
      • Users purchasing $NXM have to go through a KYC process and pay a small membership fee. This reduces the risk of the company being shut down by the government.
    • Ease of Use