Wrapped NXM (WNXM)

What is Wrapped NXM?

Wrapped NXM (WNXM) coin is a decentralized alternative to the insurance industry. Wrapped NXM (WNXM) uses blockchain technology to create a common pool (risk sharing pool) to give everyone the power of back insurance. The platform is built on the Ethereum network. This allows anyone to become a member and purchase insurance. It replaces the idea of a traditional insurance company as it is wholly owned by the members. The model encourages interaction as participants will receive economic incentives to participate in risk assessment, claims assessment, and governance.

Main features of the platform

• WNXM is bundled with NxM tokens, which are freely passable and only members of Nexus Mutual, ultimate KYC, wrapable and NxM Unwrap.
• NXM tokens provide Nexus Mutual members with governance, risk assessment, and claims rights.
• NXM can also be used to purchase insurance from a general company, where 90% of NXM is used to purchase burned coverage and 10% remains with the member and can be used as collateral when filing the claim.
• Nexus Mutual uses a persistent token model, and the price of NXM depends on the company's financial performance.
• The NXM price is determined by a formula and its variables are based on the Minimum Capital Requirement (MCR) and % MCR as determined by Nexus Mutual members.

Wrapped NXM (WNXM) is the main NXM token of the Nexus Mutual platform. The Nexus Mutual Ecosystem is a decentralized alternative to insurance built on blockchain. This platform allows people to abandon the traditional insurance system and hedge their own risk by creating a common pool. Essentially, the platform is an insurance company that is wholly owned by its members.

On the platform, NXM tokens are used to purchase insurance, participate in claims and assess risk. With their help, users can manage the Nexus Mutual protocol, propose or vote on changes.

Users who have completed the KYC process can also wrap NXM tokens and generate WNXM. Wrapped NXM tokens are essentially stablecoins pegged to NXM. Unlike regular Nexus Mutual tokens, they are freely transferable and used outside of the platform.

• Wrapped NXM cryptocurrency is the wrapped NXM token of the Nexus Mutual platform.
• Nexus Mutual users who have passed the identity verification process can generate WNXM tokens.
• The value of WNXM is tied to the value of NXM tokens, whose price depends on the financial performance of Nexus Mutual.

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