At Beefy, safety is our number one priority. That’s why we want you to have even more opportunities to reduce your risk when staking. Our new partnership with Nexus Mutual does just that. Cover your investments with the power of blockchain and rest easy knowing your funds are protected.
Nexus Mutual is an Ethereum-based insurance alternative that protects its users from a range of DeFi related losses. The project uses aligned incentives to enable risk-sharing among all its members and provides:
Ownership of Nexus Mutual’s token, NXM, is used to buy cover and navigate the claims and risk assessment process. Holders can also take part in governance too. Members of Nexus Mutual can:
First, head to Nexus Mutual, connect your wallet and pay your membership fee to join the Mutual.
Next, head to the Buy cover page, search for Beefy and click [Get quote]. You’ll now be able to choose how long you want your cover for and how much you would like to cover. You can also select the crypto you’d like a payout in and see the required fee.
To cover your Beefy deposits, you’ll need to pay a 2.6% fee (assuming 50,000 staked NXM against Beefy risk) on your yield. However, you can also purchase wNXM at a discount by following Nexus Mutual’s guide. Your rate can also depend on the amount of capital staked, and fees are also payable in ETH, DAI, and NXM.
Our partnership with Nexus Mutual opens the door to institutional investors that only want to invest in platforms that can be insured. With this partnership, new users have the best auto-compounding experience with ease of mind through Nexus.
Also, Beefy now has more than $1.1b TVL (Total Value Locked) compounding in our vaults. All of this capital can now enjoy the safety of Nexus Mutual Protocol Cover should a user wish.