Wrapped NXM (WNXM)
Wrapped NXM Tokens that are Freely Transferable.- WNXM represents wrapped NXM tokens that are freely transferable and only KYC-ed members of the Nexus Mutual are able to wrap and unwrap NXM.
- Regular NXM tokens are membership tokens of the Nexus Mutual, a blockchain based mutual where Smart Contract Cover can be purchased from.
- NXM tokens accord members of the Nexus Mutual governance, risk and claims assessment rights.
- NXM can also used be used to purchase cover from the mutual, of which 90% of NXM used to purchase cover is burned, with 10% retained by the member and can be used as deposit when submitting claims.
- Nexus Mutual uses a Continuous Token Model and the price of NXM depends on how the mutual is performing financially.
- The NXM price is formula driven and its variables are based on the Minimum Capital Requirement (MCR) and MCR%, which is determined by the members of the Nexus Mutual.