Vote with Armor's arNXM in favor for NXM's Operation TM12

Hi Armor Knights โ€“
I am sure most of you are well aware the community over at Nexus Mutual has been discussing the option of transferring 8,000 ETH from their pool to the community fund to do the following:

  • Providing liquidity for wNXM / ETH LP on Uniswap v3
  • Decrease MCR%, allowing the mutual to retain earnings and premiums
  • Funding new grants, encouraging growth and development
  • Conducting other services that would benefit the community

The proposal can be found here: Proposal : Operation TM12 - Governance - Nexus Mutual Community Forum

The forum is currently locked as the proposal is now being voted on their governance forum.

See here: Nexus Mutual

I believe this proposal is overall very positive for the development of NXM and since Armor finance is built upon NXM - we should consider voting in favor.

Armor financeโ€™s Vault currently possess over 339K NXM that are being used to stake on NXMโ€™s protocols.

There are some technical difficulties that would stop the team from implementing some mechanism of proxy-voting and therefore we need to decide as a whole if weโ€™re in favor or not.

As it seems, the proposal will reach quorum and passes but I think it is our duty to signal our support to the NXM community as one of the biggest staker on Nexus Mutual but also because weโ€™ve taken away the (technical) ability for these NXM holders to participate in Nexus Mutualโ€™s governance process.

Since we either vote for or against - please reply to this thread and let us know if youโ€™re supporting this proposal. I am hoping Armor will then be able to use the locked NXM to vote on this proposal on behalf of the Armor community.

Thanks!

Important disclosure: Our fund (Collider Ventures) are participants and large holders of both NXM and Armor. We obviously speak from a position but one that we think is mutually beneficial for both communities.

2 Likes

That makes a lot of sense. As a user of armor and arNXM I am in favor of this, big time !

This proposal will be beneficial to Armor itself because we hold a couple thousand NXM from arNFT profits that will be given a higher cash value.

The only downside will be a temporary price discrepancy of arNXM and wNXM, which will likely result in unstaked wNXM being arbitraged immediately and not be able to be withdrawn by users. This will only last until arNXM meets back up with wNXM and overall the vote will be very beneficial to holders.

User and community member of both Armor and Nexus here!

Strongly in favor :grinning_face_with_smiling_eyes:

Strongly in favor as well. Think it can only be beneficial.

Agree!! big fan of the proposal

Agree and in favor of arNXM for Armor

1 Like