Hi everyone 👋
Over the last year our team has built some of the most used applications on Terra. At our peak we had over 11k unique wallets interacting with the Nexus smart contracts daily. Just prior to the crash we had just successfully launched EthNexus & the lockdrop for nexPRISM, and we were excited to continue on building towards the rest of our product roadmap for the year.
Through building on Terra, the Nexus team amassed considerable skills and experience developing robust DeFi applications for thousands of users on the Terra blockchain. On top of developing a strong team cohesion, we developed a very close relationship with many active community members who helped shape Nexus. The collapse of Terra and Luna shook us to our core. Our hearts are with everyone who has been impacted by the events of the past few weeks. Some of us are still grieving, we know some of you out there are too. You are not alone.
Ultimately, while we support the builders who are choosing to stay and build on Terra2, we’re making the decision to bow out of participating in the Terra2 chain.
With regards to Nexus Protocol on Terra Classic, we will stop servicing https://terra.nexusprotocol.app/ as of 18th June 2022 00:00:00 UTC. If you have any bETH which needs to be withdrawn please make sure to withdraw by this date, if you don't withdraw before then you’ll need to interact with the smart contracts yourself to pull any remaining bETH out after that. We’ve been in talks with many ecosystem teams and currently we feel that we can build something much larger with a much higher impact than if we were to stay & continue building on Terra2. We'll continue regular and frequent updates until we’ve fully committed to a new home. We hope you’ll be joining us on our next steps.
We’ve taken snapshots for Psi, staked Psi, Psi-UST, nLuna-Psi, nETH-Psi from block 7544910 (2022–05–07 14:59:37 UTC), and will use these snapshots to include the Nexus community in the next step of our journey as builders in this space. Nexus has always stood for ethical and transparent development practices. We intend to carry that forward with us wherever we go.
We'll be closing down the public chat channels as of today, but we will be leaving both Discord & TG announcement channels open to share further updates. Ultimately we’re sure that this step in our journey will help bring us to the next level in this space. We’re extremely excited for what comes next.
If you’ve been with us since the beginning you’ll know just how much we’ve put into Nexus Protocol, and whatever happens next we plan on elevating our standards even more.
Let’s build together.
We’ll be sharing more with you soon.
https://twitter.com/NexusProtocol/status/1533870972767305728?s=20&t=Adk3N06TubE7mVb_XIqjDA
Hi everyone,
We received confirmation that nLuna will be considered 1:1 for the "Pre-Attack" snapshots, nLUNA/Psi LP's will be unwound, and the nLUNA portion will be considered 1:1 for the snapshot as well.
We are still working through what our next steps will be, as soon as our plans are solidified we will share a comprehensive update.
Hope you all are doing well - hoping to share more soon 🤝
Over the past 12 hours the Nexus vaults experienced a liquidation event. Below is the detail summary of our findings, and next steps. We will be working through the next steps related to this over the next couple of days. We will be sharing more updates as soon as more information is available.
Nexus Protocol Liquidation Event: After Action Report
Introduction:
It’s to our deep regret to inform you that our last communication was incorrect, and the bLuna, wasAvax, and bAtom vaults were liquidated sometime in the past 12 hours. The liquidations happened well before our last comms were sent out stating that no liquidations had happened. No liquidations have happened since those comms went out, and our node now appears to be working properly — but as you’ll read in the following text, we are advising people to withdraw from the bAsset vaults at this time.
The Events:
Based on our current assessment the vault has been liquidated an approximate total amount of 395k bLUNA’s, 70 amount of bATOM, and 1.9k amount of bAVAX as a result. We have noticed some odd behavior with the asset totals left in our vaults, so these numbers are only preliminary findings. In terms of why this has happened — Current analysis is that there were severe spamming activities on Terra Blockchain, which restrained several transactions to be sent for any protocols. Such spamming led to our node to be unsynced, leading to disablement of Nexus bots that ensure rebalancing of the vaults to prevent liquidation. Such issue, coupled with unprecedented price action on bLuna, led to liquidation of the asset within Nexus vaults.
The bEth vaults have not been liquidated yet. However, it is possible that these assets will also be at risk for liquidation in the event that the bEth price begins to fluctuate greatly or there is continued spamming of the Terra blockchain.
For that reason we are now blocking new deposits from entering into all bAsset vaults via our frontend, and recommend the users to withdraw their asset from our anchor vaults for now.
Next Steps:
We are deeply sorry for the damage you may have endured over the past 12 hours. We are going to take some time to reflect on next steps, find a method to rectify the situation and make sure the vaults are working properly around the clock until the funds have been unwound.
As of now we have ~$200k worth of (UST, nETH, and nLUNA) the total damage from the event was ~$600k. This assumes the current Luna price relative to UST. If Luna price falls relative to UST we can back back more of the damage, if Luna price rises relative to UST we can pay less of the damage. This means currently we will be able to pay back ~30% of the damages from this event, but again these numbers may change.
We have already raised a governance proposal to utilize the funds in the protocol treasury to make users as whole as possible (link). As soon as this is voted through we will process these remaining funds back to affected users.
To reduce potential risk at this point we will be lowering the borrow parameters to reduce risk in the vaults as much as possible. Once you withdraw from the liquidated Nexus vaults, you would have received less bAssets than you deposited due to liquidation. Once the remedy proposal is passed, we will track and compare burnt nAssets and redeemed bAssets, and provide as much of the difference as possible to each user via airdrop to recoup as much of the damage as we can.
https://twitter.com/NexusProtocol/status/1524478274671300610?s=20&t=pNxAfTX-LRiRI5dXqNzQqQ
To be clear. Liquidation has not yet happened. Node being out of sync does not mean liquidation. The vault is currently safe, but with the node being out of sync there is an increased risk for liquidation.
https://twitter.com/NexusProtocol/status/1524438229281173504?s=20&t=noL8EQCgyyYPXlujCCqrXw
Nodes are now out of sync meaning the bAsset vaults are no longer safe from liquidation.
If you have assets remaining in the vaults please withdraw them now.
You'll be hearing more from us soon.
🚨Please follow this account and share it amongst your circles. We want to work with builders from Terra to figure out next steps in some type of 'collective' rather than us having to go thru this space alone. We also want to provide a channel for community members to join in and be a part of whatever the builders of Terra do next.
We feel that over the past year we have grown close with many of you in the community, and we'd like to ensure that there is an avenue for us to remain connected (should you so choose) in the aftermath of this.
Just know that you are not alone. And the builders of Terra will continue on. Hopefully you will join us and help forge forward the next path. In the coming days and weeks we will be opening up a discord to the community to join and have group conversations.
https://twitter.com/TerraBuildersU/status/1524270880846606339?s=20&t=3HGfo5gcOA2eprP6SkHn_Q
We just a massive milestone for the nexPrism lockdrop event.
🎉 1M xPRISM are now locked ✅
If you have friends who have xPRISM and might be interested in participating in the event, please let them know about it! We want as many people with xPRISM to participate as possible 🤝
There are 3 days remaining where people can deposit their xPRISM 🚨
https://twitter.com/NexusProtocol/status/1522312612356239366?s=20&t=PXGb_VMVn0vv1TWmtq34LQ
Still have questions about the nexPrism lock drop? Join us with @Cephii1 as we talk through the event details together 🤝🙌
The lock drop event will be beginning at the same time (17:00 UTC), don't worry about rushing - you'll have 4 days to decide to participate ✅🔥
We have also put together a helpful FAQ for the event 👇
FAQ:
1. What is nexPrism?
NexPrism consists of 2 separate vaults in terms of user experience, yLuna and xPrism vaults. Each vault will be collecting their respective assets, and then using dynamic yield distribution, the vaults will be incentivizing accumulation of whichever asset is needed to achieve the optimal yLuna / Prism pairing.
The goal is for nexPrism to be the best place for yield on your xPrism and yLuna.
2. Why would I want to participate in the lockdrop?
If you're mid/longterm bullish on Prism, and you have newly acquired Prism or not enough yLuna to perfectly pair with your xPrism then the lockdrop event might be very attractive for you. If you have already been accumulating AMPS for awhile, and you maintain the optimal ratio of yLuna to xPrism each day, then the lockdrop might be something you consider more carefully.
As a reminder - when you unstake your xPrism, you will be resetting whatever AMPS you've already accumulated.
3. Why can't I calculate if destroying my AMPS is worthwhile for me to decide if I want to go into the lockdrop?
Although it is theoretically possible to calculate the tradeoff between destroying your AMPS and bringing your xPrism to nexPrism to participate in the lockdrop event, but practically, because there are many variables constantly changing (including number of AMPS & yLuna in the system atm), it's very difficult for individual users to calculate the trade off.
4. Whats in it for Psi governance stakers?
Psi governance stakers will initially receive 5% of the total yield which is coming from these vaults. We expect the revenue this product will generate to far outweigh the initial inflation effect needed to accumulate starting xPrism.
5. How does this fit into our overall strategy?
This is our first Vault that does not build on top of Anchor protocol. Despite Anchor is and will be crucial, we believe that shipping uncorrelated vaults is essential for strengthening Nexus protocol.
More vaults will come!
https://twitter.com/NexusProtocol/status/1521859534280667138?s=20&t=ltay95Vr6gLpj0aRexTUsg
Recently there has been many discussions on Terra regarding the Astro wars, Nexus is excited to be leading the space on the Prism wars. Prism is one of the most innovative teams on Terra working on yield & principle separation of digital assets.
We will be providing an optimized service for Prism holders & users; introducing, nexPrism ✅
Lockdrop for $xPrism holders will begin May 4th 🔒💧
What is nexPrism?:
nexPrism will provide a convex like service on top of Prism as a base. The core users who will benefit from this are xPRISM/PRISM holders without much yLuna exposure, or yLuna holders without much xPRISM/PRISM exposure.
Through nexPrism you will be able to monetize your prism AMPS with Nexus :nexus:
https://forum.nexusprotocol.app/t/nexprism-nexus-boosted-prism-farming-details/267
In order to jumpstart this product, we need xPRISM holders to forgo their current AMPS in favor of transitioning to our nexPrism model. In order for that to be worthwhile for users we are incentivizing this process through a lock drop mechanism.
We will be distributing 25M $Psi over the coming months to acquire a sizable staked asset base of xPRISM.
This lock drop will begin on May 4th.
https://terra.nexusprotocol.app/lockdrop
Once users have migrated their xPRISM to nexus, nexPrism will take care of all the heavy lifting of maximizing your yield from your AMPS. Nexus will be the place to earn the highest yield possible on yLuna without users also owning equal amount of Prism, and visa versa.
Additionally Nexus will take care of claiming all AMPS for users, so no more daily grind of smashing the AMPS button :pepepray:
We believe nexPrism will play a huge role in bringing value to the Prism ecosystem. Again the lockdrop is starting on May 4th (Star Wars day), so may the 4th be with the nexPRISM Lockdrop :partying_face:
https://twitter.com/NexusProtocol/status/1519755278954250243?s=20&t=Znk4E_oCY7IGFQoFOmlfFQ
EthNexus has officially been pushed to PROD 🤟
Along with EthNexus, the following updates have also been shipped 🔥
✅ EthNexus
✅ Nexus Auto-compounder
✅ nAVAX
✅ Vault Re-design
Details on why this is HUGE for the Terra ecosystem below👇
EthNexus is now the easiest path for users to bridge their native $ETH from Ethereum to Terra. Users can begin earning $ETH on $ETH yield at 6.39% APY (variable) thru the $nETH vault on Nexus with NO restrictions. We need your help to educate people on how to use EthNexus for anyone wanting to bring their $ETH to Terra for higher yields.
To make this process even easier we have developed a native auto-compounder thru Nexus which will offer the option for users who wish to auto-compound their $LUNA, $ETH, or $AVAX instead of receiving $Psi as a medium of yield distribution. This auto-compounder will be automatically enabled for users bridging their $ETH from Ethereum to Terra. This native auto-compounder does not take any additional fees for providing this service beyond tx costs.
If you're using the SpecProtocol auto-compounder you will need to withdraw your bAssets, and re-deposit into the Nexus vault with the auto-compounder box checked ✅ to use this service. The primary reason you'd want to do this is to avoid higher fees on 3rd party services.
You'll also notice that the wasAVAX vault is also now live along with a design overhaul of our vault layouts 😁
The APR for this vault is not properly displaying right now, we will have that resolved within the next 24hrs ✅
The combination of these products represent a huge accomplishment for our team, but we are literally just getting started. The next quarter for Nexus will be insane, and we are so excited for you to be on the journey with us.
Another announcement coming soon...
- Cheers
https://twitter.com/NexusProtocol/status/1514679335537545217?s=20&t=mJgwV7jPrsQkefnIy23k5A
🚨Hey guys, please be careful, we’ve seen multiple reports of someone impersonating Tundra trying to scam people in our official discord.
No mod or team member from Nexus will ever reach out to you first, or ask you for anything. If you ever feel anything even remotely suspicious, don’t proceed.
As always, please be safe!!
📣Five new governance proposals are now live: https://terra.nexusprotocol.app/gov
1️⃣ EthNexus deploy to production
2️⃣ Bond Issuance deploy to production
3️⃣ bATOM vault
4️⃣ Nexus Autocompounder
5️⃣ Update to how $Psi is airdropped to $ANC stakers in the future (nexANC)
Each of these proposals with the exception of EthNexus contains a link to a forum post where you can find more information about the proposals. We believe each of these initiatives will help deliver more value to our community.
As always we welcome discourse on these proposals via our discord, or directly on the Nexus community forum: https://forum.nexusprotocol.app/
https://twitter.com/NexusProtocol/status/1511879643766444039?s=20&t=1AqGsiDBlOSnFKldUN9M3A
Hi everyone 👋
Last night we distributed the overflow yield in the form of an airdrop to users of the nAsset vaults. If you are eligible, you should be able to claim that airdrop now.
We used hourly snapshots from the Jan 29 to calculate each users avg nAssets in the vaults, and used that info to distribute the overflow yield accordingly.
In total 8.8M Psi has been purchased & distributed for airdrop to nETH & nLuna holders during the period. This airdrop won't expire so no rush on claiming it.
If you deposited your nLuna or nETH with Spectrum protocol's autocompounder, the overflow yield has been distributed directly to the SPEC vaults, thus no claim is needed.
If you're having trouble claiming the airdrop on the Nexus front end, you can also claim thru https://www.terradrops.io/.
Again, we apologies for any inconvenience this caused you. Stay tuned for some more product updates later today.
Hi everyone,
We wanted to provide an update on the overflow yield distribution we previously communicated.
The time to fully sync the node dating back to Jan 29th has taken a bit longer to process than we initially thought. Based on the current block height, we will be ready to distribute the yield in 4 days. We expect roughly an additional day worth of work to process the data & actually push this yield out to users. Hence in total we expect to distribute the overflow yield 5 days from now.
Hope everyone's having a good week so far. We will update you again on this once the yield as been distributed and becomes claimable 👍
Hi Everyone,
The bug fix that was causing the yield for the nAsset vaults to be distributed incorrectly was deployed last night, and the problem itself is now resolved. This is step 1/2 completed for rectifying the situation.
The last step will be to distribute the overflow yield to users. Timing on this is still by the end of this upcoming week (no changes).
In other news:
- nAVAX will be launching on the Nexus front end in the next few days.
- EthNexus moving to mainnet will be right around the corner.
- NexPrism schedule is currently to be shipped in April. We are pushing to be ready for the beginning of the Prism unlocks from the yLuna farm.
Additionally,
Many users have been reporting issues with transaction speeds on the Nexus front end. There was an announcement made on this in our Discord and TG channels here:(https://discord.com/channels/846172558017691659/889912326734626908/951521107352125441).
We have deployed another server to serve as our own public node, and Nexus users now will interact with Nexus public node instead of ecosystem public node. This will help alleviate the congestion issues on the Nexus front end. We are monitoring the bandwidth of this new infra now, but it appears to have solved the issue. Please let us know if you're still having issues with tx speed in our Discord.
We’ll communicate again once the overflow yield is distributed to impacted users, and continue to keep you updated on progress on our upcoming product launches
https://twitter.com/NexusProtocol/status/1506723769426972675?s=20&t=W015I-7d97ROow-wqN54Pw
Hi everyone,
We wanted to provide an update and some clarity on how the yield distribution from this will follow:
We will be using snapshots taken multiple times per day dating back to January 29th to distribute the overflow yield. This is the furthest record back we have access to for nAsset holders. We plan to distribute the yield within 1 week from today. This will be claimable via airdrop, except for Spec holders who will have their yield automatically rolled into their vault position. We will be pushing the vault fix to remedy the ongoing yield in the next 24 hours.
We will continue to share updates / info as we close out this process. If you have questions or concerns about this info, please connect with us on discord.
https://twitter.com/NexusProtocol/status/1505930769872527361?s=20&t=KyivnQ_34K_a5gkcolvJAA
Hi everyone,
Recently a few community members notified us that they were observing a lower APY interest rate from the nAsset vaults than what was being displayed on the Nexus front end. After investigation from our side it looks like the Nexus smart contract has been withholding the some yield coming from the Anchor Earn portion of the deposits.
This unpaid yield has been accumulating in the Nexus smart contract. We have created a distribution system for compensating users for the missing yield to make them whole. At the moment, we cannot disclose the method for how this yield will be paid out due to risk of abuse.
The smart contract issue which caused this withholding of interest paid is thankfully a relatively simple fix. We plan to have the issue fully resolved within the next 48 hours. We will notify the community when the issue is resolved on the smart contract side & when the unpaid yield has been distributed to impacted users.
We apologize for the inconvenience this may have caused you, and sincerely thank you for being a part of the Nexus community.
https://twitter.com/NexusProtocol/status/1505659104060084227?s=20&t=V4sjFBgq-SjK72PIC1_QUA
If you would like to help with this testing process we would ask that you prioritize jumping in over the next couple of days. We want to close the testing window for the desktop UI sometime around the middle of the week 👍
Hi everyone,
We are now opening our testnet for our community to help test EthNexus. The Nexus team will be actively managing our discord server to field any issues or bugs that may be identified during the testing period. Testnet is currently only available on Desktop, we will be opening mobile access later this week.
NOTE: The Ethereum based testnet we are using for EthNexus (Ropsten) is currently undergoing heavy network congestion. This may cause various parts of the process to be slower than usual while testing. This may also affect your ability to get Eth added in testnet using the faucet mentioned below.
Testnet access information:
staging address - https://staging.nexusprotocol.app/ login/pass - testuser/exyxpN5SHEzbBz2tKqGp4BuTkR2zmX
Setup:
Setting up Testnet Wallets ~
1. Need a Metamask wallet set to the Ropsten Test Network. You can enable this by toggling the “Show test networks” option in the advanced settings menu for Metamask. Once you have enabled this, the Ropsten Test Network should be visible as a network option from the dropdown at the top of your Metamask wallet.
2. Need to switch your Terrastation wallet to Testnet. This can be easily down through the setting option within your extension wallet.
Getting testnet assets ~
1. Ropsten testnet Eth: You will need Ropsten testnet Eth in order to process the Ethereum based transactions. You can get this testnet Eth by using this faucet (https://ropsten.oregonctf.org/). Depending on network congestion it may take some time for the testnet Eth to appear in your wallet.
2. Testnet Luna: You will need testnet Luna to complete the Terra based transactions. You can use this faucet to get testnet Luna (https://faucet.terra.money/).
Once you have set your wallets to the correct testnet settings (Ropsten & standard testnet for Terra), and you have testnet assets (Eth and Luna) in those wallets, you are ready to begin testing 🥳.
Testing Instructions:
To test EthNexus, visit theVault tab on the Webapp, and select the Ethereum network located at the top of the page. This page will have more information regarding the process once it gets deployed to Mainnet. From there the process should be fairly straightforward, just follow the prompts.
What we need from you:
Please report any feedback you have on the process. Specifically we are interested in any found bugs, and errors, but would also love to hear feedback on overall experience and process flow from a users perspective.
Thank you for being a part of the EthNexus testnet. Your feedback and help in testing is vitally important 🤝✅
Hey everyone,
we are so excited to announce that EthNexus will available live for Testnet on Monday March 14. We will share login information on Monday so you can start playing around.
We built EthNexus to be the easiest way for Eth native users to bridge their assets to Terra and begin earning yield.
This will be the single largest update to Nexus since we launched our first vaults.
As a part of the upgrade we have completely re-designed the vault page interface to show users much more information about what is happening within each specific strategy. Additionally, Auto-compounding in the nAsset vaults will be enabled as an option within the vault page UI. Future vaults will have this same layout to provide a consistent user experience.
In the future, EthNexus will be expanded to other chains and Nexus will become the “gateway” for users of other L1 chains to access the Terra ecosystem with their native APEX assets.
This has been in the making for a long time, and has taken considerable development resources to build out. We hope you will enjoy, see you on Monday 🎊
https://twitter.com/nexusprotocol/status/1502712702023593989?s=21
We have had a number of reports from users that tx results have been slow to populate on the Nexus frontend.
Tl;Dr:
- This issue is purely related to how quickly results from tx's are being displayed on the Nexus front end. All smart contracts are working normally. Please give some time for the front end to populate. We are monitoring the situation and hope to have it resolved soon.
Detailed Recap:
- The current issue is due to issue with Public LCD: We utilize our own nodes to the power protocol side of the functions, such as indexer. However, we direct client's server to a public LCD to check their balance and status because 1) normally it's sufficient 2) not heavy usuage/load on public LCD 3) can save cost for us 4) not much room for error (miscalculation et al). Because of this, many Terra protocol atm are also experiencing similar issues.
- Public LCD is being maintained by public LCD providers, so we believe the issue should be resolved soon.
- In the future, although we would be maintain to use public lcd for client side, we would consider to switching to run the client side on our own nodes as well if this issue continues to happen often.
Go check out Spectrum's governance proposal to activate an auto-compounder for our $nLuna vault ✅ 🗳️
This vault will add even more yield than we could offer from auto-compounding on our own thanks to the additional $SPEC rewards 💪
VOTE YES
https://twitter.com/NexusProtocol/status/1500538707979341825?s=20&t=zp6P27srrEp30cND-5MMGw
Hey everyone
We hope everyone is doing well and staying safe during these dark times. Our thoughts and prayers go out to anyone effected by whats happening in Ukraine.
It has been awhile since our last update. As such we wanted to provide some updates on the development status for our key priorities. There have been some unexpected challenges which have lead to the launch timeline for EthNexus & the bAsset vault upgrade specifically to be pushed back a couple weeks.
If you have any questions about these updates, feel free to hit us up in #general or other channels in our Discord👍
---
EthNexus:
- EthNexus will be the next core product offering we ship. We built this to be the easiest way for Ethereum native users to bridge their assets to Terra and begin earning yield. In the future, if the demand is evident, EthNexus V2 will provide a single button deposit and withdraw of stETH or ETH holders with Metamask wallet users. Nexus will also be expanded to other chains in the future and Nexus will become the “gateway” for users of other L1 chains to access the Terra ecosystem with their native assets and familiar wallets. This past week we came across an issue related to the Wormhole SDK which we need to bring EthNexus to life. We are in direct contact with the Wormhole team working to resolve the issue, but it has caused a delay in our launch timeline for this product. The revised timeline for EthNexus is now the 2nd week of March.
bAsset vault upgrade:
- We are upgrading our vaults to automatically switch between purely holding bLuna (collecting yield), and utilizing bLuna as a collateral to execute Anchor Borrow yield strategy based on whichever strategy has higher expected returns at some given point in time. We will also be including the option for users to receive their yield auto-compounded back into more nLuna and nEth. We plan to ship this upgrade alongside the launch of EthNexus (2nd week of March).
Bond Issuance Program:
- One of the other initiatives we’ve been working on is PoL (our Bond Issuance Program). Establishing protocol owned liquidity is still a key priority for Nexus. We see this as being important for the longterm health and sustainability of the protocol. This product is now complete from a development standpoint. However, in terms of timing of releases we would prefer to ship products which attract more TVL before shipping our Bond Issuance Program. As such we will be targeting the back half of March for a launch date for this program.
More details and related government proposal will be presented in advance (very Early March) to accommodate necessary updates.
Additional Updates:
- Development on the LP Money Market, and the Mirror Short Leveraged aUST farm has begun. We have been working on the back end schematics for the Cephii on-chain grid bot, which will be moving into development shortly. We are tentatively targeting Q2 for release of all three products. We have also been working on designs for a new product which we consider to be a huge opportunity. We will share more about this after we ship the products & upgrades we are currently working on.
Hi everyone 👋
We have seen many questions in our Discord regarding the absence of the Mirror Delta Neutral vault and the Optimal Mode upgrade in our Roadmap 2.0. While we did address this publicly on Twitter spaces, for those of you who missed that you may not have gotten the full picture on why those items have been de-prioritized.
We hope this provides some more context on the subject. Would also like to add that our team is currently working full steam ahead on all major priorities, and I could not be more bullish on Nexus as a whole. Our team consists of 13 badasses, and I really believe wagmi 🤝
---
Update on the Mirror Delta Neutral strategy:
- When we initially set out to create this vault the price of mirror was able to support a delta neutral yield output that was significantly higher than the Anchor Earn rate. As time passed and the MIR rewards became more diluted per mAssets & the price of mirror fell, the strategy became less useful to the point where our simulations couldn't produce consistent returns higher than Anchor Earn with even a small amount of capital being deployed.
Update on the Optimal Mode upgrade:
- Similarly for the Optimal Mode upgrade, as the net distribution apr falls within Anchor, the incremental benefit of raising the LTV from the vault becomes significantly smaller. Our latest simulations produced an increase of less than 1% apr for bringing the LTV ratio of the bAsset vaults up to 99% LTV. The risk that our users absorb by by making this upgrade is not negligible, especially considering Anchor price oracle is planning to use new logic via Chainlink. Thus we believe that the optimal mode should be revisited and weighted with benefit against the risk once the new price oracle mechanism for Anchor is fully implemented, settled and tested.
Important Note:
- Neither the Mirror Delta Neutral vault or the upgrade to Optimal Mode are not permanently off the table for us to build. We have simply prioritized products and upgrades that we think will deliver significantly more value to our community in the short and long term. We are confident that the products we have laid out in Roadmap 2.0 are much less susceptible to having their utility be impacted by hyper volatile profit parameters (part of the reason we have increased them on the priority list for us). In the future if it makes more sense to prioritize working on the Mirror Delta Neutral vault, or the Optimal Mode upgrade, we will do so as we already have preliminary schematics for the builds.
Hope this overview provides some clarity on why we de-prioritized the Mirror Delta Neutral strategy and the Optimal Mode upgrade. As always, open to conversation around this if you have any questions or concerns.
Please make sure to vote on gov proposal #11 to increase the LTV for the bAsset vaults based on the recent LTV update on Anchor Protocol ✅
See this forum post for more details:
https://forum.nexusprotocol.app/t/proposal-adjusting-recognized-maximum-ltv-parameter-for-bluna/121
No one from our team will ever send you a DM, beware of scammers. If you are having some issues and need assistance we HIGHLY reccomend submitting a request ticket on Discord.
We're excited announce that we are partnering with Galactic Punks for their upcoming GalacticGridz x Colonies_nft mint 🔥
Eligibility Criteria:
- 10 wallets that are staking at least $500 UST worth of $Psi by Monday Jan 31 will be randomly selected as winners ✅
- We will be publishing the winning wallets early next week ✅
GL!!! 🔥 🤝
https://twitter.com/NexusProtocol/status/1487212004112617473?s=20&t=3qTmac-rN593LaNU68eV9Q
The time has come to migrate your liquidity from Terraswap to Astroport.
We have tried to make this a very simple 3 step process. You can see the 3 step process in the attached Tweet.
🚨Make sure you complete these steps if you have liquidity to migrate because as of now you will no longer receive $Psi rewards for liquidity if you do not migrate to Astroport. 🚨
Once you have migrated, you will begin receiving dual incentives ($Psi and $Astro).
NOTE: The displayed APR on our front end only shows APR from the $Psi rewards, but you are actually receiving $ASTRO on top of those rewards. We are working with the Astroport team on updating our UI to also show the $ASTRO rewards in the displayed APR.
https://twitter.com/nexusprotocol/status/1485691957812744192?s=21
We are opening up two new channels on our Discord: (1. 🐲│labs , 2. ⚖│lp-money-market). The purpose of these channels will be to discuss product ideas, feedback, and suggestions for each of the respective product categories.
Nexus Product Categories:
- Vaults: Safer, more stable & predictable yields
- Labs: More risky, higher upside products
- LP Money Market: Self explanatory
See the forum here (https://forum.nexusprotocol.app/t/nexus-2022-plans/26) to learn about how each of the new products we are working on is categorized into these buckets.
We are also regularly checking & engaging on the forum as well, so if you want to post questions or feedback directly on the forum we will be responsive there as well.