Buy Nexus Mutual (NXM)
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.
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Frequently Asked Questions (FAQs)
What is the current price of Nexus Mutual (NXM)?
The Nexus Mutual price is $0 AUD, representing a 0% from the day prior.
Where is the best place to buy Nexus Mutual (NXM) in Australia?
The best place to buy Nexus Mutual (NXM) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Nexus Mutual (NXM) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Nexus Mutual (NXM)?
The trading volume of Nexus Mutual (NXM) is $0 AUD in the last 24hrs, representing a 0% from the day prior.
How can I buy Nexus Mutual (NXM)?
Nexus Mutual (NXM) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Nexus Mutual (NXM)?
The current market cap of Nexus Mutual (NXM) is $0 AUD.
Can I convert Nexus Mutual (NXM) to cash?
Yes - With Coinstash you can convert your Nexus Mutual (NXM) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Nexus Mutual (NXM) are there?
The current circulating supply of Nexus Mutual (NXM) is 0.
Is Coinstash a safe place to buy Nexus Mutual (NXM) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Nexus Mutual (NXM) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.