A lot of craziness around $SAFE and $NXM / $wNXM. $SAFE is a governance token currently governing nothing. There& #39;s no protocol or anything, just a promise of more to come. It& #39;s being called "the $YFI of insurance". But is it really? https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">

The goal of $SAFE is to incentivize people to buy $wNXM (which indirectly incentivizes KYC members to buy NXM to stake on covers). This is all cool and nice, but here& #39;s something that doesn& #39;t sit too well with me... https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">

Whales have been buying covers that are not normally available on the yInsure UI, then staking them on pools 1 and 2, effectively monopolizing the farming of $SAFE. There are no more yNFT insurance to be bought now, so many are re-selling at 10x the price on $RARI (Rarible) https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">

This "mistake" has been "unfortunate", as described by the $SAFE creator. What this means thought is that a few whales are farming all the $SAFE, concentrating voting power in just a couple of hands. What& #39;s going to happen now? https://twitter.com/chefinsurance/status/1305299588690202624?s=20">https://twitter.com/chefinsur... https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">

A few whales will have majority voting power when $SAFE protocols are released. In my opinion, we might see a repeat of the $CRV fiasco, where admins had 70% voting power. In this case it might even be worse, with a few whales having the majority of the power. https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">

Overall, it is indeed "unfortunate" that this happened. Otherwise this might have been a great project. There is money to be made, but any comparison with $YFI is from people wanting to pump their bags. Don& #39;t trust them. I will personally be watching from the sidelines.