Wrapped NXM WNXM Price

What is Wrapped NXM (WNXM)?

Wrapped NXM (WNXM) is a token that allows NXM, the native token of the Nexus Mutual platform, to be traded on various exchanges. It was created on July 17, 2020, and is backed 1:1 by NXM. This means that each WNXM token is equivalent to one NXM token.

Nexus Mutual is a decentralized insurance platform on Ethereum. It offers protection for digital assets, allowing users to buy coverage against different risks such as:

Yield Token Cover: Protects against the loss of value in yield-bearing tokens.
Protocol Cover: Protects against hacks on blockchain protocols.
Custody Cover: Protects against issues with withdrawing funds from centralized exchanges.

How Does WNXM Work?
WNXM was created by the Nexus Mutual community to make NXM tradable on both decentralized and centralized exchanges. While only Nexus Mutual members can hold and convert NXM to WNXM, WNXM can be freely traded by anyone. However, WNXM cannot be used within the Nexus Mutual platform itself.

The price of NXM is set by a bonding curve model, which depends on the mutual's funding level and the capital needed for active insurance covers. WNXM's price, on the other hand, is determined by market conditions and can vary across different exchanges.

The Role of NXM in Nexus Mutual
NXM tokens represent ownership in the Nexus Mutual platform and have several roles:

Rewards: NXM rewards active members who participate in the platform's operations.
Capital Provision: As the mutual's capital pool grows, the value of NXM is expected to increase, helping to support the platform financially.

Nexus Mutual was founded by Hugh Karp, an experienced insurance professional and blockchain enthusiast. His goal was to create a transparent, accessible, and affordable way to protect digital assets.

Conclusion
Wrapped NXM (WNXM) allows the NXM token to be traded on various exchanges, increasing its utility and liquidity. Nexus Mutual provides a decentralized insurance solution, offering comprehensive protection for digital assets. Together, they represent an innovative approach to financial security in the digital age.
 

What is unique about Wrapped NXM (WNXM)?

Nexus Mutual is unique because it offers decentralized insurance solutions on the Ethereum blockchain, providing members with protection for digital assets against risks like protocol hacks and custody issues.
 

Who are the founders of Wrapped NXM (WNXM)?

Nexus Mutual was founded by Hugh Karp, an experienced insurance professional and blockchain enthusiast.
 

Where can I buy Wrapped NXM (WNXM)?

You can buy Wrapped NXM (WNXM) on Gate.io, MEXC, CoinEx, Uniswap V3 (Ethereum), Uniswap V2 (Ethereum) cryptocurrency exchanges.