Shield mining is here!
Staking with Nexus Mutual is quite unique and is a vital part of the process to enable our members to purchase smart contract cover.
Stakers (risk assessors) will deposit NXM and stake on contracts that they think are secure and this, in turn, allows other members to purchase smart contract cover on that system.
NXM staking rewards
Stakers (risk assessors) are liable for their staked NXM to be burned if there is a successful claim on that smart contract system. But as a reward for staking 50% of every cover purchase price is distributed proportionally among the stakers.
NXM rewards distribution will continue to be automatically distributed on Monday mornings, UTC time. Members can see their rewards appear in their pooled staking dashboard once processed.
When unstaking from a contract, stakers enter a 90 day unstake-lockup-period. During this time their stake can be burned and they also still earn NXM staking rewards.
Shield mining rewards
Now, with shield mining, stakers will also be rewarded in the native token of partner projects, starting with tBTC.
NXM holders that stake to provide cover for tBTC minters will be rewarded by KEEP, weekly. tBTC is fully audited, open-source, and with protection through Nexus Mutual, allowing people to safely exchange at a rate of 1:1 their BTC for tBTC, an ERC-20 token that can be used on DeFi platforms to unlock the the next stage of growth for the crypto economy. KEEP is encouraging protection via Nexus Mutual to give users higher confidence their funds will stay safe.
From today Nexus Mutual’s stakers (risk assessors) will not only be rewarded with the usual NXM rewards , but with an additional 2 KEEP for every 1 NXM staked. Rewards get distributed weekly in KEEP and will keep running until 750,000 KEEP tokens have been distributed.
KEEP shield mining rewards will have to be claimed by stakers through the UI. These will have to be claimed weekly by users and they will not be available to claim retroactively after that week has passed. Users can claim at any point during the round as long as they have stake during the round. Stakers who have entered the 90 day unstake-lockup-period will not be eligible for shield mining rewards; stakers will have to enter a new active stake for the round to be able to redeem shield mining rewards.
The shield mining contract has been deployed on mainnet. Sponsors provide an amount of their tokens, and set the distribution rate (tokens / NXM staked / week). Each week, on Monday, stakers can claim their rewards (which will be awarded proportionally to their stake). The first round starts this week. This programme is open to any project wishing to collaborate with Nexus. Get started by filling in this form.