### What is Nexus Mutual?

Nexus Mutual is a decentralised insurance alternative protocol built on the Ethereum blockchain. It allows members to join and share risk by purchasing cover against risks such as smart contract failures, technical issues, custodial risks, and Ethereum staking risks. It offers a community-driven approach to insurance, providing a platform where members can collectively manage risk without the need for traditional insurance companies.

### How does Nexus Mutual work?

Nexus Mutual operates using a native token, NXM, which acts as both a governance and utility token backed by crypto assets in its capital pool. When members contribute ETH or DAI to this pool, they receive NXM tokens. These tokens are used to participate in governance, stake for capacity on cover purchases, and for claims assessment. Members can submit proposals and vote on changes to the protocol using NXM, ensuring that decisions are guided by the active community.

### What are the potential use cases for Nexus Mutual?

Nexus Mutual can be utilised for several purposes, particularly within the DeFi sector:  
- **DeFi Cover:** Protection against risks involved in DeFi platforms including contract vulnerabilities and governance attacks.
- **Smart Contract Insurance:** Mitigating financial losses due to smart contract bugs or exploits.
- **Custody Cover:** Protecting assets held in custodial wallets from losses due to hacks or theft.
- **Community Governance:** Engaging in decision-making processes to influence protocol developments and claim assessments.

### What is the history of Nexus Mutual?

Nexus Mutual was founded in 2017 by Hugh Karp, an insurance professional with extensive experience in the industry, driven by a vision to leverage blockchain for community-driven insurance solutions. The need for such a solution in DeFi became apparent following the 2016 DAO hack. The platform was launched in May 2019, and since then, it has grown to offer over 100 DeFi cover products. Nexus Mutual is structured as a DAO, with a modular system of smart contracts, and integrates with protocols like Chainlink for price feeds, positioning itself as a pioneer in the decentralised insurance market.

Nexus Mutual

Deposits are not currently available for this coin.

Important Notice

PHALA

Gains Network

Nakamoto Games

Hifi Finance

Vaiot

GraphLinq

Matrix AI Network

Hello Labs

Vai Stablecoin

KOMPETE

Ternoa

Cream

Nexus Mutual (NXM)

Similar Coins

PHA

GNS

NAKA

HIFI

VAI

GLQ

MAN

HELLO

VAI

KOMPETE

CAPS

CREAM

Resources

Nexus Mutual (NXM) Price Index

Resources