Nexus Mutual to grant bonus tokens to LINK holders

Hugh Karp
Hugh Karp
May 30 · 3 min read

Update 10-July-2019: A proposal to drop the minimum capital requirement from 12,000 ETH to 7,000 ETH is due to pass through governance on 11-July-2019. This bonus will cease to apply once the minimum capital requirement is met.

Update #2: This bonus has ended as the 7,000 ETH minimum was met on 12-July-2019.

Nexus Mutual — a people-powered alternative to insurance — has recently launched on mainnet and is now open to new members who can purchase NXM tokens in return for contributing ETH into the DAO (or digital cooperative). NXM tokens are used to purchase cover and stake within the Nexus Mutual system with token holders owning the surplus generated from cover purchases.

The NXM token coordinates the actions of members by aligning incentives.

Our foundation seeks to actively encourage cross project collaboration and decentralised insurance* projects can only work if they have access to sufficiently robust oracles. This is where Chainlink comes in.

Chainlink allows decentralised insurance projects to connect to the outside world.

For Nexus to succeed and compete with the giants of the insurance industry it will need to expand its product range and shift from trusted oracles to decentralised ones. Therefore, we intend to transition to the Chainlink network in the future and become a key user of the protocol. To ensure alignment and close collaboration between the communities, our foundation is actively encouraging LINK token holders to join Nexus and contribute to it’s success.

All contributions to Nexus Mutual from accounts that hold more than 500 LINK tokens will receive a 20% bonus in NXM tokens.

  • Bonus tokens will be distributed once the minimum capital requirement for Nexus Mutual has been met, which is set at 12,000 ETH.
  • Bonus tokens will only be rewarded for contributions made before the 12,000 ETH has been met. (Governance proposal will reduce this to 7,000 ETH on 11-July-2019, at which point the bonus ceases to apply).
  • 500 LINK tokens must have been held by the account that made the contributions from the time of NXM purchase up until the 12,000 ETH is met.
  • Total bonus tokens distributed will be capped at 150,000 NXM tokens and will be distributed on a first come first serve basis (this is expected to cover all LINK token holder contributors).

Join Nexus Mutual in an easy two-step process

  1. Sign-up as a Nexus Mutual member (KYC + 0.002 ETH fee)
  2. Buy NXM tokens by contributing ETH into the mutual.

Join Nexus Mutual’s Discord to find out more.

*Nexus Mutual is not a contract of insurance, it is discretionary cover provided by members of the mutual to each other.

Nexus Mutual

A people-powered alternative to insurance. A blockchain based mutual platform. Built on Ethereum.

Hugh Karp

Written by

Hugh Karp

Founder at Nexus Mutual. Blockchain. Insurance.

Nexus Mutual

A people-powered alternative to insurance. A blockchain based mutual platform. Built on Ethereum.

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