Wrapped NXM is a token which forms part of the Nexus Mutual platform. Running on Ethereum, the platform offers a range of solutions to protect funds. Nexus Mutual’s mission is to provide users with a simpler and more transparent way to protect their financial assets, whilst remaining affordable.NXM tokens represent proportional ownership of the mutual. wNXM is backed 1:1 to NXM and can be deployed and traded outside of the Nexus Mutual platform. The token was created on 17 July 2020. It is a community-managed project that was designed to give functionality to the Nexus Mutual token outside of its native platform.What are Nexus Mutual’s key features and how does it work?The Nexus Mutual platform works as a type of insurance system that offers users various ways to protect digital assets. Members of the mutual only need to trust the platform itself, and not other participating members.The platform allows members to purchase different types of cover to prevent losses when moving funds between different protocol smart contracts or funds held with a custodian. Some of the platform's coverage includes:<ul><li>Yield Token Cover This offers coverage for de-pegging of yield-bearing tokens</li><li>Protocol Cover This protects against potential hacks on protocols</li><li>Custody Cover This gives protection against delayed or halted withdrawals on funds that are stored on centralized exchanges</li></ul><h3>What can WNXM be used for?</h3>The Nexus Wrapper, and by default the wNXM token, was created by Nexus Mutual community members to allow NXM to be traded on decentralized and centralized exchanges. The mutual does not manage the Wrapper nor the wNXM token.Only members of the Nexus Mutual can hold NXM tokens, as such, only members can exchange NXM for wNXM. However, wNXM is full tradeable, including between non-members, but cannot be used within the Nexus protocol. wNXM is backed 1:1 to the NXM token.The NXM token can only be purchased via the Nexus app. Its price is determined using a bonding curve, also known as a continuous token model. Two main factors affect the price of NXM: mutual funding level and the amount of capital required to support the covers written.Although the wNXM is backed 1:1 to NXM, its price is different and is determined by market impacts since it is traded openly.<h3>Where can you buy WNXM?</h3>WNXM is available for trading on the following CEXs and DEXs listed <a href="https://cryptorank.io/price/wrappednxm/exchanges" rel="noopener noreferrer" target="_blank">here</a>. The most popular platforms with the highest liquidity are Binance, Huobi Global, and OKX. The price of WNXM will vary depending on the choice of exchange and overall market conditions. For up-to-date and historic data for WNXM market price, please view the price charts on this page.

Wrapped NXM

Nexus Mutual is a decentralised alternative to insurance

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