Lloyd's of London has given DeFi insurance a rare stage — in December, during a speech, Nexus Mutual showcased what it means to attract traditional financial attention. A $500 billion annual premium market has for the first time introduced on-chain insurance protocols. The real highlight is the new product launched in January, which will be the first time traditional insurance capital truly lands on the blockchain. However, the market's reaction has been surprisingly lukewarm — since October, NXM has already fallen 35%, with a current quote of $71.55. This mismatch is quite interesting: as industry development progresses, the token is actually under pressure. Whether Lloyd's move can rewrite market expectations remains to be seen until the new product is truly operational.