Nexus Mutual Executes Largest DAO Treasury Deposit on Bancor
On Wednesday (16 March), Nexus Mutual deposited 50,000 wNXM from the Community Fund into Bancor’s single-sided staking pool, where wNXM is paired with BNT and receives protection against impermanent loss (IL).
Over time, Bancor will gradually increase space in the pool; members have approved the Community Fund to deposit up to 70,000 wNXM in total, so an additional 20,000 wNXM can be deposited in the future when space becomes available in the pool.
This is the first allocation of assets from the DAO treasury (a.k.a., the Community Fund) into a productive yield source. The funds in the DAO treasury are used to fund Nexus Hub operations, as well as community-driven grants and initiatives. The mutual has now increased the depth of wNXM liquidity on chain and added a source of non-operating revenue to the treasury, which will be generated from trading fees on Bancor over time.
This is another big step forward for the Nexus Mutual DAO!
