Feat/nexus-mutual fee & revenue

[0x4r45h]

closes #4816
This is an insurance protocol. Members who want to buy insurance pay premiums to the protocol (fees). If an incident happens, claims are paid out from these collected premiums. I'm not sure where to show payouts data.

At first, I thought to deduct claims from premiums and show the remaining amount as revenue. But this approach seems naive , and on some days revenue could become negative if claims are high.

[llamabutler]

The nexus-mutual.ts adapter exports:

> [email protected] test
> ts-node --transpile-only cli/testAdapter.ts fees nexus-mutual.ts

🦙 Running NEXUS-MUTUAL.TS adapter 🦙
---------------------------------------------------
Start Date:	Thu, 11 Dec 2025 15:59:13 GMT
End Date:	Fri, 12 Dec 2025 15:59:13 GMT
---------------------------------------------------

------ ERROR ------
Error: Request failed with status code 401
    at _queryDune (/home/runner/work/dimension-adapters/dimension-adapters/helpers/dune.ts:219:22)
    at processTicksAndRejections (node:internal/process/task_queues:95:5)
Request failed with status code 401

[g1nt0ki]

hi @0x4r45h

• Can you instead use on chain data
• payouts can be treated as negative fees since we are treating the yield as fees
• I think there is some confusion, capital pool is where LPs deposit funds? if so, we treat the premium sent to them as supply side revenue, revenue = what goes to the stakers & team, and holder revenue is what goes to the stakers, protocol revenue is what goes to the team

[llamabutler]

The nexus-mutual.ts adapter exports:

> [email protected] test
> ts-node --transpile-only cli/testAdapter.ts fees nexus-mutual.ts

🦙 Running NEXUS-MUTUAL.TS adapter 🦙
---------------------------------------------------
Start Date:	Sun, 14 Dec 2025 16:34:06 GMT
End Date:	Mon, 15 Dec 2025 16:34:06 GMT
---------------------------------------------------

------ ERROR ------
Error: Request failed with status code 401
    at _queryDune (/home/runner/work/dimension-adapters/dimension-adapters/helpers/dune.ts:219:22)
    at processTicksAndRejections (node:internal/process/task_queues:95:5)
Request failed with status code 401

[0x4r45h]

hi @0x4r45h

• Can you instead use on chain data
• payouts can be treated as negative fees since we are treating the yield as fees
• I think there is some confusion, capital pool is where LPs deposit funds? if so, we treat the premium sent to them as supply side revenue, revenue = what goes to the stakers & team, and holder revenue is what goes to the stakers, protocol revenue is what goes to the team

Hey @g1nt0ki, thanks for your review.

1. First I tried to use on-chain data, but the CoverBought event has a productId. To find the exact amount paid for that productId, a lot of joins and historical calculations are needed to get the amount at the time the tx was executed. That is why I switched to Dune queries.

2. is it acceptable to have negative values in dailyFees and revenues on some days?

3. This one is a bit tricky for me.

• The capital pool is not a simple liquidity pool. it holds everything paid to the protocol, including cover fees and the assets paid to buy NXM.
• The NXM token is backed by the capital pool – it can be minted and redeemed against this pool.
• There are also staking pools, each of them sells covers for a variety of protocols. NXM holders can choose to stake on these pools to open cover capacity for new covers to be sold.

When someone buys a cover:
A. 50% of the paid fees goes to the capital pool.
B. The remaining 50% is minted as NXM and rewarded to stakers of the pool that sold the cover (not to be confused with the capital pool).

Now I can see this from two perspectives:

• A = HoldersRevenue: it benefits all NXM holders because their token value goes up.
• B = SupplySideRevenue: because those stakers made it possible for this cover to be sold (they are somehow like liquidity providers on a DEX).

OR

• A = SupplySideRevenue: considering the capital pool as a liquidity pool, so everyone holding NXM is somehow providing liquidity for the protocol.
• B = HoldersRevenue: although this is paid only to stakers of a specific pool, still count it towards Holders revenue.

Which one is better, or do you have any better suggestions?

[g1nt0ki]

1, hmm, can you keep it as v1, this way, we run it only once a day
2. yes, need to set the flag: allowNegativeValue with a comment explaining why it can be negative
3. I would say, fee going to capital pool would be holder revenue (as it is used to buy NXM which is good for everyone), and the part that goes to the stakers as supply side revenue

[llamabutler]

The nexus-mutual.ts adapter exports:

> [email protected] test
> ts-node --transpile-only cli/testAdapter.ts fees nexus-mutual.ts

🦙 Running NEXUS-MUTUAL.TS adapter 🦙
---------------------------------------------------
Start Date:	Tue, 16 Dec 2025 00:00:00 GMT
End Date:	Wed, 17 Dec 2025 00:00:00 GMT
---------------------------------------------------

------ ERROR ------
Error: Request failed with status code 401
    at _queryDune (/home/runner/work/dimension-adapters/dimension-adapters/helpers/dune.ts:219:22)
    at processTicksAndRejections (node:internal/process/task_queues:95:5)
Request failed with status code 401

[llamabutler]

The nexus-mutual.ts adapter exports:

> [email protected] test
> ts-node --transpile-only cli/testAdapter.ts fees nexus-mutual.ts

🦙 Running NEXUS-MUTUAL.TS adapter 🦙
---------------------------------------------------
Start Date:	Wed, 17 Dec 2025 00:00:00 GMT
End Date:	Thu, 18 Dec 2025 00:00:00 GMT
---------------------------------------------------

------ ERROR ------
Error: Request failed with status code 401
    at _queryDune (/home/runner/work/dimension-adapters/dimension-adapters/helpers/dune.ts:219:22)
    at processTicksAndRejections (node:internal/process/task_queues:95:5)
Request failed with status code 401

[llamabutler]

The nexus-mutual.ts adapter exports:

> [email protected] test
> ts-node --transpile-only cli/testAdapter.ts fees nexus-mutual.ts

🦙 Running NEXUS-MUTUAL.TS adapter 🦙
---------------------------------------------------
Start Date:	Thu, 18 Dec 2025 00:00:00 GMT
End Date:	Fri, 19 Dec 2025 00:00:00 GMT
---------------------------------------------------

------ ERROR ------
Error: Request failed with status code 401
    at _queryDune (/home/runner/work/dimension-adapters/dimension-adapters/helpers/dune.ts:219:22)
    at processTicksAndRejections (node:internal/process/task_queues:95:5)
Request failed with status code 401