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  "documentTitle": "Nexus Mutual Investment Memo August 2019",
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      "text": "2) The total addressable market for smart contract insurance will grow significantly. Currently there is 2.6M ETH locked in DeFi. If Nexus Mutual covered 10% of DeFi today then total market value of NXM would grow 5X+.",
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      "text": "1) Insurance is important for new users adopting DeFi products and there's a big competitive advantage to being the first DeFi insurance product to market.",
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      "text": "3) Hugh can attract talent around the project and navigate the regulatory landscape. Hugh comes from the insurance world and has done a lot with a little to date.",
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      "text": "From The DAO hack to the Parity multisig bug, Ethereum smart contracts have a history of losing money for users. Security audits are one solution to mitigate the damage of smart contract hacks but audits are not foolproof. Compound and 0x, for instance, have seen critical vulnerabilities discovered even after robust security audits.",
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      "text": "Users are increasingly demanding ways to insure money sitting in smart contracts, which Nexus provides. We are becoming a member of the mutual and purchasing $1M worth of NXM tokens. $200K will go to the capital pool and $800K will go to the foundation to fund development of Nexus. In addition, we will take a board seat on the foundation to support founder and CEO Hugh Karp and govern how foundation funds are allocated.",
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      "text": "Nexus Mutual is an Ethereum-based insurance mutual. Smart contract cover is the first product the mutual is offering. Since launch on July 12th, there's been close to $1M of smart contract funds covered.",
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