First
I'm a long-term member of Nexus Mutual for around one year and this is pretty long for crypto these days. I'm not involved in the governance/community and things I describe may be underway.
The creation of yInsureNFT from yearn and the possibility to buy/sell cover on an open market is a development in the right direction.
I also do write this with yieldfarming.insure in mind because they are fresh and want to move forward. I do not hold or farm $safe right now.
To stream money, not send, is the nature of crypto.
The idea of sending money in large chunks is outdated. I assume that in the future money is not sent, but continuously streamed. I strongly see blockchain technology itself as a medium and every medium has some sort of natural properties and will eventually diverge to this properties. The natural way for the medium blockchain is that money is streamed, not sent.
Nexus Mutual cover model is not cryptonized
So if you look at Nexus Mutual, you have to buy a cover for a certain time, and when you don't need the cover anymore because you decide to move one, you just have to keep it. At least everyone can make a claim holding an insurance for a protocol. If you make a claim no proof having actual money in the protocol is required.
Yinsure.finance did change that: With yNFT you can sell the claim if you don't use it anymore.
Money streamed leads to insurance streamed
But we want a stream insurance model anyway, that's what the costumer in me wants. I'm imaging the following product:
If I have the need for a cover for a protocol, I give the insurance trusted access to my account, and they just stream the needed payment to them. If my risk level changes on that protocol the stream is adjusted the payment accordingly. Depending on my risk tolerate level and my funding I can set a percent of cover and adjust this anytime.
Final goal is to auto-balancing insurance cover for all my holdings
If this works, it's effortless to create the product I really want: A auto-balancing cover for all the protocols and values on my ethereum address which I can manually adjust anytime without to make any payment, just streamed.
Disscuss here
https://twitter.com/martinkrung/status/1305900781724471296?s=20
Links:
Nexus Mutual https://nexusmutual.io
yNFT: https://yinsure.finance/
yNFT Stats: https://stats.finance/yinsure
Farming $safe: https://yieldfarming.insure