What is NXM

What is NXM?
NXM is the governance token for the Nexus Mutual protocol. It is used to buy cover, vote on governance decisions, and participate in Risk and Claims Assessments. It is also used to encourage capital provision and represents ownership to the mutual’s capital. As the mutual’s capital pool increases, the value of NXM will increase as well. 

The token’s price is determined using a bonding curve which is affected by both the amount of capital the mutual has and the amount of capital it needs to meet all claims with a certain probability. 
The NXM token is not traded on any exchange and is only used as an internal token for Nexus Mutual. To obtain the NXM token, one must register as a member of Nexus Mutual and go through the platform’s KYC and AML processes. 

A one-time membership fee of 0.002 ETH will also be charged. Once approved though, members can then obtain coverage and enjoy all the benefits that the NXM token provides. 

There is a "wrapped" version of the NXM token called Wrapped NXM (wNXM) that is freely transferable and can be bought on the open market through cryptocurrency exchanges. However, to make use of the wNXM token, it first needs to be unwrapped into NXM by a registered member of Nexus Mutual. After it is unwrapped, wNXM becomes NXM and can be used as usual on the platform.


What is Nexus Mutual?
Nexus Mutual is a decentralized insurance protocol built on Ethereum that currently offers cover for smart contracts on the Ethereum blockchain, currently covering all the main defi protocols. Nexus Mutual offers coverage against smart contract failures, which protects against potential bugs in smart contract code. 

The coverage intends to provide protection against financial losses that may be incurred due to hacks or exploits in the smart contract code. Note that smart contract cover only protects against “unintended uses” of smart contracts, so security events such as the loss of private keys or centralized exchange hacks are not covered. In December 2020, it released custody cover covering centralised custodians and lenders such as Celsius, Blockfi, and Nexo. 
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