Goldfinch announced last Tuesday, October 5, through its Twitter account, its new partnership with Nexus Mutual, to offer smart contract coverage for senior group liquidity providers and sponsors.
“Safety is a top priority for the Goldfinch community. Previously, Certik audited the Goldfinch protocol (see audit results). Goldfinch is now working with Certik and Trail of Bits on audits, and recently announced the launch of a Bug Bounty program in partnership with Immune.fi (click here for details). The new partnership with Nexus Mutual will offer an additional layer of security for providers and sponsors of liquidity in the protocol”, he said through an article published on the Medium platform.
How to participate in Nexus Mutual coverage:
• Buy coverage – Protocol participants who have USDC in place at Goldfinch can purchase coverage through Nexus Mutual to get reimbursed for a potential loss of funds due to smart contract issues. Covered smart contracts include, but are not limited to, Senior Fund and Individual Borrower Pools. Note that the coverage does not extend to any problem related to credit risk, that is, a borrower cannot pay. More details on how to access coverage: https://www.notion.so/goldfinchfinance/Nexus-Mutual-How-to-buy-coverage-3a349dde97794304942854a1c3f2a51c.
• Provide coverage: Earn income by providing coverage to buyers by staking NXM tokens and receiving the coverage premium as performance. The protocol has committed 50,000 USDC as a reward for the first NXM Stakers. Find out more about how to bet on Goldfinch here: https://app.nexusmutual.io/staking.
It is a decentralized credit platform for unsecured crypto loans. This is the missing piece that finally unlocks crypto loans for most of the people in the world.