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wrapped nxm  (WNXM)

Wrapped NXM (WNXM)

$57.42 0.7%
0.00159062 BTC 1.8%
0.02562446 ETH 0.4%
4,569 people like this
Market Cap
$122,131,537
24 Hour Trading Vol
$10,568,043
24h Low / 24h High
$55.96 / $58.60
Circulating Supply
2,127,347 / 2,127,347
Fully Diluted Valuation
$122,131,537
Max Supply
2,127,347

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Wrapped NXM Price and Market Stats

Wrapped NXM Price
WNXM Price $57.42
Market Cap $122,131,537
Market Cap Dominance 0.01%
Trading Volume $10,568,043
Volume / Market Cap 0.0872
24h Low / 24h High $55.96 / $58.60
7d Low / 7d High $57.15 / $65.15
Market Cap Rank #254
All-Time High $130.82 -56.0%
May 12, 2021 (about 1 month)
All-Time Low $8.14 607.6%
Jul 27, 2020 (11 months)
Affiliate disclosures
# Exchange Pair Price Spread +2% Depth -2% Depth 24h Volume Volume % Last Traded Trust Score
1 WNXM/BNT
$58.32
16.3364926118818 BNT
0.6% $173,523 $198,949
$46,082
790.233 WNXM
0.44% Recently
2 WNXM/USDT
$57.63
57.48 USDT
0.64% $86,959 $129,829
$50,486
876.067 WNXM
0.48% Recently
3 WNXM/USDT
$57.64
57.475 USDT
0.23% $13,639 $76,408
$563,581
9778.262 WNXM
5.32% Recently
4 WNXM/USDT
$57.16
57.12 USDT
0.38% $5,377 $85,511
$685,696
11995.814 WNXM
6.48% Recently
5 WNXM/USDT
$57.42
57.42 USDT
1.15% $42,468 $44,410
$4,755,126
82813.286 WNXM
45.00% Recently
Show More
* Anomaly - Trading price is an outlier against the average
** Inactive - No trades in the last 3 hours

Wrapped NXM Coin Price & Market Data

Wrapped NXM price today is $57.42 with a 24-hour trading volume of $10,568,043. WNXM price is up 0.7% in the last 24 hours. It has a circulating supply of 2.1 Million WNXM coins and a max supply of 2.13 Million. If you are looking to buy or sell Wrapped NXM, Bancor Network is currently the most active exchange.

 

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. 

wnxm wrap unwrap nxm

  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. 

wnxm wrap unwrap nxm

  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). 

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