Full disclosure, I hold membership in Nexus Mutual, but I don't hold any NXM or policies at present.
I'd love to see coverage for OlympusDAO on Nexus Mutual, personally.
I've confidence in how OlympusDAO works at the design level, and I know there have already been two audits, but in a project so young, I still have some concerns about the potential for contract bugs, which has kept me from putting a larger portion of my portfolio into (staked, naturally) OHM than I currently have.
As I understand things, at a high level, there's two main phases in getting a project covered on Nexus Mutual. It's also important to note that this can be done without any funding from the OlympusDAO side of things, and leaves the choice for acquiring coverage or not up to individual users (i.e. there's no burden on Olympus). I imagine NXM holders would probably provide cover for OlympusDAO on their own impetus in the long run once Olympus is larger and has been around longer.
- Nexus Mutual governance (NXM holders) has to approve the project for coverage.
- Risk assessors (NXM stakers) have to stake NXM in the coverage pool for the project, which serves to fund potential claims, and there's an inverse correlation between amount of NXM staked in the pool and the premium cost (more NXM staked = risk assessors feel the project is lower risk = lower premium).
- There's also "Shield Mining" which helps bootstrap things, where the partnering project (e.g. OlympusDAO in this scenario) offers a budget of their tokens as a bonus reward to those who stake their NXM to provide insurance coverage of OlympusDAO. Given this would require treasury funds, there would have to be an OIP, naturally. This is entirely optional - it just helps get an insurance pool established faster.
I've also recently learned of some newcomers in this space, but I'm not familiar enough with them to comment.
It'd be great to see more discussion on this topic! 😃