Pools
Two different things share the word 'pool'. One capital pool holds the real assets that pay claims. Many staking pools hold NXM and decide which products get capacity. Both compositions, at a glance.
The capital pool
What's actually sitting in the pool contract right now, read live from the chain (getAssets + balances), not a cached snapshot.
Sum of the assets above: $114.1M · Nexus’ own figure (getPoolValueInEth): $114.1M. This breakdown prices ETH, stETH, rETH, USDC, DAI, cbBTC and the Enzyme investment vault at their own live rates; anything still unpriced is folded into “Other” above so the total always reconciles to Nexus’ own figure. For the DAO’s own view, see the Dune dashboard.
- Enzyme Vault 33.2% $37.8M 15,348 Enzyme Vault
- stETH 21.3% $24.3M 9,052 stETH
- rETH 11.6% $13.3M 4,219 rETH
- Investment Safe 10.5% $12.0M 4,461 Investment Safe
- ETH 8.9% $10.2M 3,797 ETH
- USDC 7.7% $8.8M 8,750,899 USDC
- Other (not individually priced) 6.6% $7.5M
- cbBTC 0.3% $325k 3.8793 cbBTC
Composition over time
When the capital expires
Staked NXM is not parked indefinitely. It is committed for a fixed period and then expires unless the staker renews. This is the only place that shows when.
Staked NXM is locked in fixed periods of 91 days to two years and then expires; the staker has to actively renew. Because the period boundaries are global, every pool shares the same handful of dates, so capital comes up in steps rather than rolling smoothly.
This does not affect cover you already hold. Cover is only ever sold against capital that outlasts the cover period plus its grace period, so a running policy cannot lose its backing. What the dates show is how much capital has to be renewed for this much cover to stay purchasable.
Plus 25 NXM in periods that already ended but have not been settled in the contract yet.
Do the underwriters stay?
Every maturity date is a decision: extend, or take the capital out. This is what happened the last fourteen times.
Schraffierte Balken sind noch nicht ausgezählt.
"Stayed" combines explicit extensions with withdrawals that the same staker paid back in within 14 days. The second part is derived, not measured: whether a deposit is really the same money is not recorded on-chain.
What buyers pay
The sections above show what capital stands ready and who provides it. This one shows what comes in for it. Nexus Mutual does not publish this figure; it is read from the purchase receipts.
Faded columns are months where we could not read a premium for every policy, so they understate more than the others.
Nexus Mutual publishes active cover and capital, but not what buyers actually paid. This figure is read from the purchase receipts one by one: the transfer to the capital pool, or the NXM burned when the premium was settled in NXM.
It is a floor, not a total. For 385 of the 5,538 recorded policies the amount could not be read, mostly because the premium was paid in ETH, which leaves no readable event in the receipt. Those are counted as zero here rather than guessed.
36% of the sum was not paid in a dollar-pegged asset. There the amount is measured but the dollar value is derived from that day's exchange rate.
The yearly price counts only policies running 28 days or longer. Shorter ones are almost always top-ups covering the remaining days of an existing policy; annualising a single day would produce rates that look alarming without a single figure being wrong.
What the market charges
Not the price Nexus Mutual lists, but what buyers actually paid, quarter by quarter. Nobody publishes this: it only exists once every purchase receipt has been read.
This is what buyers actually paid, not the price Nexus Mutual lists. The listed price moves with how much capacity is already used, so the two can drift apart. Each point is the total premium of that quarter divided by the cover it bought, expressed per year.
Weighted by cover, so a $25m policy counts more than a $4,000 one. Only policies running 28 days or longer. Quarters with fewer than 3 priced policies are left out; hollow dots mark quarters where a fifth or more of the policies had no readable amount.
Staking pools
Staking pools don't hold ETH or stablecoins - they hold NXM, and that NXM decides how much capacity each product gets. This is their real composition: which products they underwrite, and how concentrated that bet is.
Coverage can exceed stake: the same staked NXM in a pool can back several products at once (leverage), so allocated coverage is not the same NXM sitting somewhere.
+36 more products
15 products would lose all coverage if this pool stopped
+23 more products
8 products would lose all coverage if this pool stopped
+15 more products
5 products would lose all coverage if this pool stopped
+39 more products
28 products would lose all coverage if this pool stopped
1 product would lose all coverage if this pool stopped
+3 more products
1 product would lose all coverage if this pool stopped
2 products would lose all coverage if this pool stopped
Not carrying any product right now.
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Not carrying any product right now.
Sole underwriter
60
products with no second· 7
of
32
pools
- OpenCover 41 underwritten 28 of those alone $3.1M at stake
which products (28)
- Noon DeFi Deployment 2 $924,520
- OpenCover Savings xDAI $494,522
- Request Finance $420,513
- OpenCover Steakhouse HYI USDC Base $231,347
- OpenCover Steakhouse H Yield I USDC $193,018
- OpenCover YoUSD $152,428
- OpenCover SyrupUSDC $80,343
- OpenCover KPK USDC Y $78,520
- OpenCover Steakhouse AUSD Turbo $66,460
- Super OETH Depeg $51,811
- WBTC Depeg $45,059
- OpenCover Gauntlet USDC P B $35,665
- Curve All Pools (incl staking) $33,098
- OpenCover KPK USDC Y (Base) $31,947
- OpenCover KPK ETH P $26,725
- OpenCover Origin eETH ARM $26,688
- OpenCover Quicknode $24,246
- OpenCover Smokehouse USDC $22,148
- OpenCover KPK USDC PC $21,797
- OpenCover SyrupUSDT $20,766
- OpenCover Origin stETH ARM $18,557
- OpenCover Steakhouse H Yield I AUSD $15,185
- OpenCover Base USDC SuperVault $11,857
- OpenCover KPK USDT P $11,038
- OpenCover Gauntlet USDC P OP $10,655
- OpenCover Staked Yuzu USD $10,651
- Kamino $10,624
- OpenCover KPK USDC P $10,516
- BraveNewDeFi's Pool 37 underwritten 15 of those alone $3.3M at stake
which products (17)
- Fasanara 1 $4.8M
- Sky sUSDS / USDT (Morpho) $1.7M
- #183 $636,104
- Bluefin Liquidity Pools $559,533
- Inverse DOLA Depeg $319,639
- Maple $175,908
- Lido $161,975
- f(x) Protocol $106,529
- Mellow Finance Bug Bounty Cover $97,977
- Liquity v2 $33,334
- Avant savUSD Depeg $33,109
- Lighter $30,775
- Beefy v2 $18,419
- Yearn v3 $16,400
- Jupiter $9,293
- Cap $236
- Ether.fi Liquid ETH Vault $29
- Nexus Mutual Community Staking Pool 25 underwritten 8 of those alone $2.0M at stake
which products (8)
- Ekubo Starknet $1.1M
- Current $422,295
- Ensuro Spot Junior $257,562
- Aave v4 $234,827
- Makina $20,540
- fx Protocol fxUSD Depeg $6,462
- Raydium $2,873
- Harvest Finance $678
- Hugh 15 underwritten 5 of those alone $1.6M at stake
which products (5)
- 40 Acres $568,416
- Brava Advanced Cover $184,841
- HyperLend $5,337
- Ether.fi $3,327
- #293 $3,259
- Crypto K&R 2 underwritten 2 of those alone $2.0M at stake
- Unity Cover 5 underwritten 1 of those alone $3.9M at stake
which products (1)
- The Retail Mutual $3.9M
- Nexus Foundation 8 underwritten 1 of those alone $45,675 at stake
which products (1)
- Arcadia $45,675
Most Nexus products are underwritten by two or three pools at once, so one leaving only reduces capacity. Underwritten is this pool entire book. Of those alone is the part where no other pool has capacity on the product: there the pool carries the risk by itself, and if it stops, the cover ends rather than shrinks. At stake is the cover volume that depends on this pool alone. Open which products to see them by name. Carrying a product alone is not a flaw in itself: on a small niche listing a single underwriter is normal, and a manager covering their own protocol often knows it best. It shows where the market depends on one party, nothing more. Note the product counts do not add up across pools: most products are underwritten by two or three at once, so each of them counts the same product.
Snapshot 2026-09-30 22:04 UTC