KR1 February Update 🐢

Nexus Mutual Comes of Age

We have been waiting for this moment for a while: Nexus Mutual, a startup we seed-funded and where we were also the almost first ETH contributor to their ETH Capital Pool, has had its first successful smart contract cover claim and payout after the bZx exploit. This means a claim was made by someone, who purchased protection for funds lost specifically to the bZx smart contracts, and after careful analysis by a decentralised committee, all on the blockchain, the claim was approved and paid out. The bZx attack is well documented so we won’t go into it in detail, you can read Kayleigh’s & the Nexus Mutual development team’s post or it was also featured on Coindesk. The takeaway: the whole Nexus Mutual flow is proving itself and there is nothing stopping the mutual to scale to dizzying heights.

Nexus Mutual: Active Cover Amounts to Capital Pool Size Ratio (Thanks to Richard from 1confirmation for the cool Nexus Mutual Tracker page)

Another item to highlight is the Nexus Mutual capital pool and the active cover amount that people purchased. The capital pool is a smart contract with ETH and DAI funds and acts as the reserve where payouts are coming from in case of a successful claim. Active cover amounts is the total amount of ETH and DAI protection that people purchased in case of faulty smart contracts. Over the last few months since launch, this ratio has increased dramatically and finally passed 100%, meaning the mutual is undercollateralised and very capital efficient. That does not mean that people, who purchase cover, are not protected. There are strict capacity limits and risk parameters in place that limit a single or even a few smart contract failures from draining the whole pool.

Concluding on Nexus, following the attention on Nexus for the bZx claims and payout, a smart contract security researcher found an exploit in the Nexus Mutual smart contracts themselves but reported it to the Nexus development team. Hugh, Roxana and the team were quickly on it and it was resolved drama free.

KR1 & Awards

We are pleased that KR1 is nominated for the ADVFN Awards 2020 for ‘Most Exciting Listed Blockchain Company’. We won last year, so fingers crossed.

We are also nominated for the City A.M. 2020 Incubator VC Award alongside OV and Coinsilium.

KR1 Portfolio Updates

Melon Protocol


Vo1t IBM Partnership

KR1 in the Media

KR1 is Europe’s leading digital asset investment company supporting early-stage decentralised and open-source blockchain projects. Founded in 2016, KR1 has been a notable first investor in many key projects that will power the new wave of decentralised platforms, digital assets and protocols.

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KR1 plc is Europe's leading publicly listed investment company focused on blockchain and decentralised technologies (KR1:AQSE). KR1 was founded in March 2016.