Nexus Mutual Expands to Polkadot, Cosmos, and BSC
The Ethereum-native people-powered alternative to insurance, Nexus Mutual, is expanding its services to other chains.
Nexus Mutual Follows the Money
Using Nexus Mutual, users can share risk through a decentralized system of claims and refunds. While the protocol was originally designed to protect users from smart contract risks in DeFi, it is now expanding fast. In January, they added protection against exchange risks on Coinbase and Binance (lost funds or prolonged withdrawal halts).
Shortly after, it began offering protection for centralized lending and borrowing services like Hodlnaut and BlockFi. Now, the platform is joining the multi-chain trend.
Nexus Mutual announced their new Protocol Cover program on Monday morning, covering problems on other popular smart contract networks. The first group of projects includes Polkadot, Cosmos, and Binance Smart Chain. Users will be covered for smart contract bugs, oracle attacks, governance failings, and hacks.
CEO Hugh Karp insisted on the importance of staying up to date with changes in DeFi and the evolution of new blockchains. Nexus Mutual has seen a sharp increase in usage in 2021.
Disclaimer: The author held BTC, ETH, and several other cryptocurrencies at the time of writing.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article
