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The Admiral #002: Coinbase predicts big things for DeFi Insurance in 2022

In this issue: Coinbase’s prediction for DeFi insurance in 2022, Nexus Mutual contemplates going stateless and a big year ahead for…

Coinbase predicts “Defi insurance will emerge” in 2022

In an article offering its “10 Predictions for Web3 and the Cryptoeconomy for 2022” — Cryptocurrency giant Coinbase has suggested this year will see the emergence of DeFi insurance!

The article states: “As Defi proliferates, it also becomes the target of security hacks. According to London-based firm Elliptic, total value lost by Defi exploits in 2021 totaled over $10B. To protect users from hacks, viable insurance protocols guaranteeing users’ funds against security breaches will emerge in 2022”.

If you are reading this, you’ll know full well that DeFi insurance has not only emerged already, but is growing from strength. The over $639m active cover at Nexus Mutual alone is testament to that.

Given that Coinbase is waking up to this reality now, if you are a Mutual member, and staking your $NXM/$wNXM with, realising all those juicy staking gains, imagine how early you are…

Operation Wartortle: Nexus Mutual contemplates going stateless

Last April, a proposal was passed to investigate the possibility of leading DeFi cover provider Nexus Mutual transitioning from a UK Limited Company to a stateless DAO.

If you have more than a passing interest in the future of the DeFi insurance market, or in the mobilisation and development of DAOs, then this is certainly worth keeping an eye on…

After reviewing tax advice from a global law firm, the Nexus Foundation has provided members with a new draft DAO Membership Agreement for consideration — the next step in what Nexus is calling ‘Operation Wartortle’.

Here’s an excellent article by BraveNewDefi summarising the current state of play and the initial implications for such a move — which could pave the way for a plethora of changes including the possibility that DAO members would no longer have to undertake KYC/AML procedures.

Nexus is currently hosting “townhall and AMA-style events on a weekly basis to provide members with the opportunity to ask questions and learn more about the proposed next step in Operation Wartortle”. If you want to have your say, now is certainly the time.

One to keep an eye on… outlines big plans for 2022

The building never stops at iTrust, and there is plenty to look forward to in 2022 including:

  • An integration with a new insurer, which will allow us to offer staking pools with two insurers on the iTrust App. Expect an official announcement in Q1 with launch scheduled for Q2
  • Refactor code where required to allow integration with Nexus V2
  • Continuing growth in the exchange insurance distribution channel ( by onboarding new platforms
  • Blue Lagoon staking pool II to launch in January
  • Opening further staking and LP pools
  • Launch of our prediction markets
  • Continued community growth through initiatives like ‘The Admiral’, twitter spaces chats, educational articles and further marketing.

Alpha of the week

Back to our good friend and King of the Protected Yield Opportunity Alpha, Brave New DeFi, with a superb thread on how to earn yield on a range of assets with Ribbon Finance V2, whilst protecting it with Nexus Mutual, without eating into those precious gains too much…

Your opportunity to work in DeFi — earn up to $1000 in bounties as an iTrust Ship Captain!

In this pilot scheme, we are looking for TWO Ship Captains to spread the iTrust name far and wide across the DeFi seas, in return for a generous bounty! Do you have what it takes to be a Ship Captain? Apply Here.

You can read more about the Ship Captains scheme here:

Keep an eye out across all of our channels for all the latest iTrust news!


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iTrust is the friction reducing, yield enhancing, capital allocation provider within DeFi insurance. Website: (