Protocol Cover Launch by Nexus Mutual

Published on: 27.04.2021

Nexus Mutual launches Protocol Cover for more versatile protection against the inherent risks in DeFi.

In addition to protection against smart contract hacks, members with cover are now also protected against:

oracle attacks
severe economic attacks
governance attacks
protocols on any chain
layer two components.

“Risks in DeFi are constantly evolving and Nexus products need to provide protection for our members in this fast moving world. Not only have we expanded coverage to be more comprehensive we’re also looking to protect new solutions before they come to market, whether that’s as part of a multi-chain world or as part of Layer Two scaling solutions.” – Hugh, Nexus Mutual’s Founder said.

Protocol Cover is the answer to the ever expanding and developing DeFi ecosystem as members with funds on non-Ethereum chains now have the ability to get covered for the first time. With upcoming layer two developments members’ cover is also future proofed as layer two components are covered in the same product. This move towards providing the most comprehensive and broad coverage of the DeFi space enables Nexus Mutual members to interact with an inherently risky ecosystem with peace of mind that their funds are fully protected across multiple chains, layer two components and severe economic, oracle and governance attacks.