Wrapped NXM is a token built for the Nexus Mutual ecosystem. Hosted on Ethereum, Nexus Mutual provides multiple protections designed to safeguard funds. The platform’s goal is to help users defend their financial holdings in a way that’s easier to understand and remains cost-effective.

NXM tokens reflect proportional participation in the mutual. wNXM is supported 1:1 by NXM and can be used and exchanged beyond the Nexus Mutual platform. The token launched on 17 July 2020. It’s a community-led initiative aimed at extending Nexus Mutual token functionality outside its home platform.

What are Nexus Mutual’s key features and how does it work?

Nexus Mutual’s platform operates like an insurance framework, giving users several options to secure digital assets. Participants only have to rely on the mutual platform itself, not on other members involved in the system.

Through the platform, members can select cover options intended to reduce losses when funds move across different protocol smart contracts or when money is held by a custodian. Coverage options include:

What can WNXM be used for?

The Nexus Wrapper-along with the wNXM token by default-was created by members of the Nexus Mutual community so that NXM could be traded on decentralized and centralized exchanges. Nexus Mutual community does not operate the Wrapper or the wNXM token.

Because only Nexus Mutual members can hold NXM, only members can swap NXM for wNXM. That said, wNXM remains fully tradable, including with non-members, but it cannot be used inside the Nexus protocol. wNXM is backed 1:1 by the NXM token.

The NXM token is purchasable only through the Nexus app. Pricing is based on a bonding curve, sometimes called a continuous token model. Two primary elements influence NXM’s value: the mutual funding level and the amount of capital needed to back the covers that are issued.

Even with a 1:1 backing to NXM, wNXM trades with a different price that reflects market conditions, since it can be bought and sold openly.

Where can you buy WNXM?

WNXM can be traded on the CEXs and DEXs listed here. The most widely used venues with the greatest liquidity are Binance, Huobi Global, and OKX. WNXM pricing may change based on the selected exchange and broader market conditions. For the latest and historical WNXM market figures, refer to the price charts on this page.