WrappedNXM (wNXM) is a 1-to-1 backed token generated by wrapping genuine NXM. In brief, wrapped tokens are the cryptocurrencies that are pegged or attached to the value of another crypto or assets. Thus, it bypasses the limitation of transferring native coins, i.e., tokens that reside on native blockchains. Here, NXM is an ERC20-compatible token of the Nexus Mutual protocol, a decentralized alternative to insurance. Nexus Mutual is a digital cooperative that complies with the relevant laws and regulations of the country from where it accepts members. The project aims to provide the community members with simple, transparent, accessible, and affordable financial protection against their risks. Although fully tradable, wNXM cannot be used within the Nexus Mutual platform. Since NXM is traded only among members, only Nexus Mutual members can wrap/unwrap NXM.

According to the website, the key features of the NXM project seek to be the following:

In addition, the NXM token aims to bind together the internal economics of the mutual by seeking to reward the active members for participating in the day-to-day operations of the mutual. Besides this, token-driven economic incentives aim to enforce claims payments. Token also works as a capital provider to the mutual. As the mutual’s capital pool increases, the value of NXM seeks to also increase. 

Nexus Mutual was founded by Hugh Karp. He is an insurance professional with experience in a broad range of insurance and reinsurance roles. Also, he has been a blockchain enthusiast since 2011.

We update our Wrapped NXM to USD currency in real-time. Get the live price of Wrapped NXM on Coinbase.

The current market cap of Wrapped NXM is $33.275M. A high market cap implies that the asset is highly valued by the market.

The all-time high of Wrapped NXM is $134.14. This all-time high is highest price paid for Wrapped NXM since it was launched.

Over the last 24 hours, the trading volume of Wrapped NXM is $72.82K.

Assets that have a similar market cap to Wrapped NXM include Universal ETH, Amnis Staked Aptos coin, DeFi Pulse Index, and many others. To see a full list, see our comparable market cap assets.

The current circulating supply of Wrapped NXM is 478 thousand.