Nexus Mutual is the largest on-chain cover provider: a member mutual that pays on hacks, but at its own discretion, there is no legally enforceable claim.
Nexus Mutual is the largest on-chain cover provider for crypto. This profile combines live on-chain data with a sourced analysis of what is actually covered, who decides on claims, and which risks the buyer keeps. Facts, not advice.
Nexus Mutual is insurance without an insurer: three roles share one common capital pool. Pick a product, choose a case and click through, step by step.
Alice. Has money in the protocol, pays a premium, gets reimbursed if a covered loss hits.
NXM holders (risk capital providers) who put their stake on Uniswap v3 through a pool manager. In essence investors underwriting risk for yield, like reinsurance capital: their stake IS the capacity, they earn premium rewards and are first in line for losses.
Shared vault (ETH, stablecoins). Receives every fee, pays the claims. Shared across ALL products.
Three participants: Alice buys the cover, the staking pool provides capital from investors (risk capital providers), the capital pool backs every policy.
8 paid claims in this window (red = NXM burned). Hover a dot for details.
over 241 tracked days
derived: supply change + burn, same day
cover × annual price × term: $100,000 × 0.28% × 90/365 ≈ $70
The annual price is the market price of this listing. The pool manager sets a target price, the Advisory Board the starting price. Every purchase bumps the price up (0.2 percentage points per 1% of pool capacity used); without purchases it falls back 2 percentage points per day toward the target. High demand makes cover more expensive automatically, quiet times make it cheaper.
Of every premium, 50% is minted as fresh NXM for the staking pool (the manager fee comes off first, the rest streams to the investors over the cover period) and 50% flows into the capital pool that backs all covers. Technically the paid fee goes into the capital pool in full and the investors half is newly minted NXM; the 50/50 split is the economic summary the Nexus docs themselves use.
The payout is discretionary, not a legally enforceable claim, so the assessors can decline. And only specific events like an exploit are covered. The classic LP loss (impermanent loss) or a depeg are NOT covered.
Who this is for: DeFi users who want to cover their own positions (and teams via the builder products)
Transparent, battle-tested, well capitalised relative to active cover. The structural weakness is legal: payout is a discretionary member decision, not an enforceable claim.
How to read this page: where each value comes from
Only on-chain values are verifiable without trusting anyone. Everything off-chain, including binding documents, ultimately relies on trust in the source.
Reading the chain…
The key legal point: Nexus Mutual states explicitly that cover is not a contract of insurance. Members vote on claims; the mutual has discretion, not an obligation, to pay. The $18.5M claims record is real, but it is a track record, not a legal right.
Analysis as of 2026-07-14. Live figures update every 5 minutes from the contracts. Not affiliated with Nexus Mutual. Informational only, no legal, investment or insurance advice.