Still have questions about the nexPrism lock drop? Join us with @Cephii1 as we talk through the event details together 🤝🙌
The lock drop event will be beginning at the same time (17:00 UTC), don't worry about rushing - you'll have 4 days to decide to participate ✅🔥

We have also put together a helpful FAQ for the event 👇

FAQ:
1. What is nexPrism?
NexPrism consists of 2 separate vaults in terms of user experience, yLuna and xPrism vaults. Each vault will be collecting their respective assets, and then using dynamic yield distribution, the vaults will be incentivizing accumulation of whichever asset is needed to achieve the optimal yLuna / Prism pairing.

The goal is for nexPrism to be the best place for yield on your xPrism and yLuna.


2. Why would I want to participate in the lockdrop?
If you're mid/longterm bullish on Prism, and you have newly acquired Prism or not enough yLuna to perfectly pair with your xPrism then the lockdrop event might be very attractive for you. If you have already been accumulating AMPS for awhile, and you maintain the optimal ratio of yLuna to xPrism each day, then the lockdrop might be something you consider more carefully.

As a reminder - when you unstake your xPrism, you will be resetting whatever AMPS you've already accumulated.


3. Why can't I calculate if destroying my AMPS is worthwhile for me to decide if I want to go into the lockdrop?
Although it is theoretically possible to calculate the tradeoff between destroying your AMPS and bringing your xPrism to nexPrism to participate in the lockdrop event, but practically, because there are many variables constantly changing (including number of AMPS & yLuna in the system atm), it's very difficult for individual users to calculate the trade off.


4. Whats in it for Psi governance stakers?
Psi governance stakers will initially receive 5% of the total yield which is coming from these vaults. We expect the revenue this product will generate to far outweigh the initial inflation effect needed to accumulate starting xPrism.


5. How does this fit into our overall strategy?
This is our first Vault that does not build on top of Anchor protocol. Despite Anchor is and will be crucial, we believe that shipping uncorrelated vaults is essential for strengthening Nexus protocol.
More vaults will come!

https://twitter.com/NexusProtocol/status/1521859534280667138?s=20&t=ltay95Vr6gLpj0aRexTUsg

We just a massive milestone for the nexPrism lockdrop event.

🎉 1M xPRISM are now locked ✅

If you have friends who have xPRISM and might be interested in participating in the event, please let them know about it! We want as many people with xPRISM to participate as possible 🤝

There are 3 days remaining where people can deposit their xPRISM 🚨

https://twitter.com/NexusProtocol/status/1522312612356239366?s=20&t=PXGb_VMVn0vv1TWmtq34LQ

🚨Please follow this account and share it amongst your circles. We want to work with builders from Terra to figure out next steps in some type of 'collective' rather than us having to go thru this space alone. We also want to provide a channel for community members to join in and be a part of whatever the builders of Terra do next.

We feel that over the past year we have grown close with many of you in the community, and we'd like to ensure that there is an avenue for us to remain connected (should you so choose) in the aftermath of this.

Just know that you are not alone. And the builders of Terra will continue on. Hopefully you will join us and help forge forward the next path. In the coming days and weeks we will be opening up a discord to the community to join and have group conversations.

https://twitter.com/TerraBuildersU/status/1524270880846606339?s=20&t=3HGfo5gcOA2eprP6SkHn_Q

Nodes are now out of sync meaning the bAsset vaults are no longer safe from liquidation.

If you have assets remaining in the vaults please withdraw them now.

You'll be hearing more from us soon.

To be clear. Liquidation has not yet happened. Node being out of sync does not mean liquidation. The vault is currently safe, but with the node being out of sync there is an increased risk for liquidation.

https://twitter.com/NexusProtocol/status/1524438229281173504?s=20&t=noL8EQCgyyYPXlujCCqrXw

Over the past 12 hours the Nexus vaults experienced a liquidation event. Below is the detail summary of our findings, and next steps. We will be working through the next steps related to this over the next couple of days. We will be sharing more updates as soon as more information is available.

Nexus Protocol Liquidation Event: After Action Report

Introduction:
It’s to our deep regret to inform you that our last communication was incorrect, and the bLuna, wasAvax, and bAtom vaults were liquidated sometime in the past 12 hours. The liquidations happened well before our last comms were sent out stating that no liquidations had happened. No liquidations have happened since those comms went out, and our node now appears to be working properly — but as you’ll read in the following text, we are advising people to withdraw from the bAsset vaults at this time.

The Events:
Based on our current assessment the vault has been liquidated an approximate total amount of 395k bLUNA’s, 70 amount of bATOM, and 1.9k amount of bAVAX as a result. We have noticed some odd behavior with the asset totals left in our vaults, so these numbers are only preliminary findings. In terms of why this has happened — Current analysis is that there were severe spamming activities on Terra Blockchain, which restrained several transactions to be sent for any protocols. Such spamming led to our node to be unsynced, leading to disablement of Nexus bots that ensure rebalancing of the vaults to prevent liquidation. Such issue, coupled with unprecedented price action on bLuna, led to liquidation of the asset within Nexus vaults.

The bEth vaults have not been liquidated yet. However, it is possible that these assets will also be at risk for liquidation in the event that the bEth price begins to fluctuate greatly or there is continued spamming of the Terra blockchain.

For that reason we are now blocking new deposits from entering into all bAsset vaults via our frontend, and recommend the users to withdraw their asset from our anchor vaults for now.

Next Steps:
We are deeply sorry for the damage you may have endured over the past 12 hours. We are going to take some time to reflect on next steps, find a method to rectify the situation and make sure the vaults are working properly around the clock until the funds have been unwound.

As of now we have ~$200k worth of (UST, nETH, and nLUNA) the total damage from the event was ~$600k. This assumes the current Luna price relative to UST. If Luna price falls relative to UST we can back back more of the damage, if Luna price rises relative to UST we can pay less of the damage. This means currently we will be able to pay back ~30% of the damages from this event, but again these numbers may change.

We have already raised a governance proposal to utilize the funds in the protocol treasury to make users as whole as possible (link). As soon as this is voted through we will process these remaining funds back to affected users.

To reduce potential risk at this point we will be lowering the borrow parameters to reduce risk in the vaults as much as possible. Once you withdraw from the liquidated Nexus vaults, you would have received less bAssets than you deposited due to liquidation. Once the remedy proposal is passed, we will track and compare burnt nAssets and redeemed bAssets, and provide as much of the difference as possible to each user via airdrop to recoup as much of the damage as we can.

https://twitter.com/NexusProtocol/status/1524478274671300610?s=20&t=pNxAfTX-LRiRI5dXqNzQqQ

Hi everyone,

We received confirmation that nLuna will be considered 1:1 for the "Pre-Attack" snapshots, nLUNA/Psi LP's will be unwound, and the nLUNA portion will be considered 1:1 for the snapshot as well.

We are still working through what our next steps will be, as soon as our plans are solidified we will share a comprehensive update.

Hope you all are doing well - hoping to share more soon 🤝

Hi everyone 👋

Over the last year our team has built some of the most used applications on Terra. At our peak we had over 11k unique wallets interacting with the Nexus smart contracts daily. Just prior to the crash we had just successfully launched EthNexus & the lockdrop for nexPRISM, and we were excited to continue on building towards the rest of our product roadmap for the year.

Through building on Terra, the Nexus team amassed considerable skills and experience developing robust DeFi applications for thousands of users on the Terra blockchain. On top of developing a strong team cohesion, we developed a very close relationship with many active community members who helped shape Nexus. The collapse of Terra and Luna shook us to our core. Our hearts are with everyone who has been impacted by the events of the past few weeks. Some of us are still grieving, we know some of you out there are too. You are not alone.

Ultimately, while we support the builders who are choosing to stay and build on Terra2, we’re making the decision to bow out of participating in the Terra2 chain.

With regards to Nexus Protocol on Terra Classic, we will stop servicing https://terra.nexusprotocol.app/ as of 18th June 2022 00:00:00 UTC. If you have any bETH which needs to be withdrawn please make sure to withdraw by this date, if you don't withdraw before then you’ll need to interact with the smart contracts yourself to pull any remaining bETH out after that. We’ve been in talks with many ecosystem teams and currently we feel that we can build something much larger with a much higher impact than if we were to stay & continue building on Terra2. We'll continue regular and frequent updates until we’ve fully committed to a new home. We hope you’ll be joining us on our next steps.

We’ve taken snapshots for Psi, staked Psi, Psi-UST, nLuna-Psi, nETH-Psi from block 7544910 (2022–05–07 14:59:37 UTC), and will use these snapshots to include the Nexus community in the next step of our journey as builders in this space. Nexus has always stood for ethical and transparent development practices. We intend to carry that forward with us wherever we go.

We'll be closing down the public chat channels as of today, but we will be leaving both Discord & TG announcement channels open to share further updates. Ultimately we’re sure that this step in our journey will help bring us to the next level in this space. We’re extremely excited for what comes next.

If you’ve been with us since the beginning you’ll know just how much we’ve put into Nexus Protocol, and whatever happens next we plan on elevating our standards even more.

Let’s build together.

We’ll be sharing more with you soon.

https://twitter.com/NexusProtocol/status/1533870972767305728?s=20&t=Adk3N06TubE7mVb_XIqjDA