Wrapped NXM

WNXM Price

What is wNXM?

NXM token itself is created solely for internal use within the Nexus Mutual protocol and all of its holders must go through KYC. As such, a wrapped version is created to allow more users to own the token without having to do KYC. In the meantime it also improves its liquidity outside the protocol’s bonding curve by being listed on exchanges such as Uniswap and Binance. 

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 a normal token on the Nexus Mutual 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. In December 2020, it released custody cover covering centralised custodians and lenders such as Celsius, Blockfi, and Nexo. 

How do I wrap/unwrap my NXM token?

1. After obtaining NXM token through the Nexus Mutual protocol, head to https://je45e4c2q4x52s66qenp5aeyfonfsvkvupkf4ipefkzs364gbera.arweave.net/STnScFqHL91L3oEa_oCYK5pZVVWj1F4h5CqzLfuGCSI/#/

2. Connect with Ethereum wallet. 

1. Four new categories will appear: NXM balance, wNXM balance, Can Wrap and Can Unwrap. Fill in the exact amount of NXM tokens that are planned to be wrap/unwrap. Click the approve button and wait for the Ethereum transaction to go through. Then, Can Wrap/Can Unwrap will be updated with the amount approved. 

1. Proceed to click Wrap/Unwrap and allow the Ethereum transaction to go through. 

Can the price of wNXM deviate from NXM?

Yes, wNXM’s price may deviate from NXM’s price. wNXM’s price follows market supply and demand while NXM’s price follows a bonding curve. This bonding curve is explained further on our Nexus Mutual page. 

During normal periods, price deviation will be cancelled out by arbitrageurs. However, when Nexus Mutual’s Minimum Capital Requirement (MCR%) hits 100%, wNXM’s price can drop much lower than NXM’s price. 

This happens when there is a rush to sell wNXM during a liquidity crunch. When the Minimum Capital Required (MCR%) hits 100%, NXM can no longer be sold for ETH through the bonding curve. The only way to sell NXM is to wrap it into wNXM and sell it at an exchange. 

For further information, please refer to https://nexusmutual.gitbook.io/docs/users/docs.

Where can I buy wNXM?

wNXM can be obtained through Uniswap (DEX) or Binance (CEX). 

Where can you buy Wrapped NXM?

WNXM tokens can be traded on decentralized exchanges. The most popular exchange to buy and trade Wrapped NXM is Uniswap V3 (Ethereum), where the most active trading pair WNXM/WETH has a trading volume of $66,682.22 in the last 24 hours. Other popular options include Uniswap V2 (Ethereum) and Bancor (V2).

What is the daily trading volume of Wrapped NXM (WNXM)?

The trading volume of Wrapped NXM (WNXM) is $98,694.37 in the last 24 hours, representing a 648.90% increase from one day ago and signalling a recent rise in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for Wrapped NXM (WNXM)?

Wrapped NXM (WNXM) reached an all-time high of $130.82 and an all-time low of $7.78. It’s now trading -47.70% below that peak and 780.10% above its lowest price.

What is the market cap of Wrapped NXM (WNXM)?

Market capitalization of Wrapped NXM (WNXM) is $27,183,266 and is ranked #- on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of WNXM tokens (400 Thousand tokens are tradable on the market today).

What is the fully diluted valuation of Wrapped NXM (WNXM)?

The fully diluted valuation (FDV) of Wrapped NXM (WNXM) is $27,183,266. This is a statistical representation of the maximum market cap, assuming total number of 400 Thousand ETH tokens are in circulation today.

How does the price performance of Wrapped NXM compare against its peers?

With a price increase of 10.90% in the last 7 days, Wrapped NXM (WNXM) is underperforming the global cryptocurrency market which is up 13.30%, while underperforming when compared to similar Crypto-Backed Tokens cryptocurrencies which are up 11.60%.

How to add Wrapped NXM (WNXM) to MetaMask?

Adding Wrapped NXM (WNXM) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import WNXM as a token. You can copy WNXM’s contract address (0x0d438f3b5175bebc262bf23753c1e53d03432bde) and import it manually, or if you've installed MetaMask's chrome extension, add WNXM to MetaMask with one click on CoinGecko.

Add WNXM to MetaMask.