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Nexus Mutual Joins Over 30 DAOs Using Bancor’s DAO Treasury Management Solution

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Nexus Mutual Joins Over 30 DAOs Using Bancor’s DAO Treasury Management Solution Blockchain PlatoBlockchain Data Intelligence | Vertical Search AI

  • Nexus Mutual joins over 30 DAOs.
  • It plans to use Bancor’s DAO Treasury Management solution.
  • Nexus Mutual locks more than $2.2M wNXM in Bancor.

Nexus Mutual, an Ethereum-based decentralized insurance service provider, has executed what’s thus far the single largest DAO deposit on Bancor’s Safe Staking system, an update on March 8 reveals.

Nexus Mutual locks over $2.2 million xNXM in Bancor

The distributed insurance provider deposited over $2.2 million in wNXM—the wrapped version of Nexus Mutual’s native token, NXM. It subsequently joins a growing list of DAO operators, including UMA, Paraswap, KeeperDAO, Harvest Finance, Request Network, and more who are increasingly opting for Bancor’s battle-tested DAO Treasury Management solution. This solution shields liquidity providers against the dreaded impermanent loss—an Achilles heel in automated market maker protocols.

Through Bancor’s Self Staking system, liquidity providers, including Nexus Mutual and other DAOs, can earn an above-rate yield on over 150 supported tokens through …

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