Exchange rate NXM:
Supply in circulation
Popularity by CMC
What is NXM?
Launched in May 2019, Nexus Mutual is a decentralized insurance protocol built on Ethereum. It offers users the ability to take out covers on smart contracts through the usage of its native token NXM.
Nexus Mutual uses a risk-sharing pool that allows anyone to purchase insurance cover or contribute their capital to the pool for future rewards. Nexus Mutual tries to disrupt the insurance industry by transitioning the power over the pooled resources to the individual people. Anyone is allowed to participate, as the mutual is owned by its members. Users can contribute Ethereum (ETH) to the pool for NXM.
Founders of NXM
NXM was founded by Hugh Karp. Before founding NXM, he worked as the CFO of Munich Re. He has also worked as an actuary in life insurance at MLC & Nab Health.
Features of NXM
Nexus Mutual is taking on the issue of smart contract vulnerability and provides users with a level of protection that can help avoid losses. It's first product was smart contract covers that provided protection for value storing contracts. In order for the project to start processing claims, it needed to reach a pool of 12,000 ETH, which was achieved two months after the launch.
The NXM token represents the membership rights in Nexus Mutual, along with the ability to participate within the ecosystem through claim and risk assessments and governance. The token leverages a bonding curve to determine the price, which is driven by how much capital the Mutual has and how much capital it needs to meet all of the claims with a certain probability.
Those holding NXM can vote on claim assessment and on whether certain claims should be paid out. A member who votes based on the consensus is rewarded with NXM, while a member who votes against it will have their tokens locked for a period of time.
Additionally, members can use their tokens to vote on smart contracts based on how secure they think they are. NXM staked on smart contracts is indicative of how safe they are viewed by most members. The more NXM staked on a contract, the cheaper it is to purchase cover for it.
Include on your website a calculator NXM and chart NXMUSD using the widgets below.
To run a calculator or chart on your site, please:
- Copy the code of the selected widget and paste it into the right place on your website
- You can also configure widgets as needed by modifying the parameters:
- data-crypto="" - enter a list of cryptocurrencies that will be available in the cryptocurrency calculator. Enter the cryptocurrency shortname. You can add many cryptos, e.g. BTC, ETH, TEO. You will find a list of available cryptocurrencies here. To add all cryptocurrencies - leave the tag empty.
- data-fiat="" - enter the list of FIAT currencies that will be available in the cryptocurrency calculator, you can choose multiple currencies by entering e.g. PLN, USD, EUR, GBP. To add all FIAT currencies - leave the field blank.
- Parameters are configurable for the cryptocurrency calculator. In the case of the chart, it is not possible to add many parameters (crypto or fiat).
- To use widgets, you must include a link to your source. The link is included in the above widget codes. The link should not contain the parameter rel = "nofollow".