### What is Wrapped NXM?

Wrapped NXM (WNXM) is a cryptocurrency token representing a wrapped version of the NXM token, which is native to the Nexus Mutual protocol. It is used to provide a decentralized insurance service that covers smart contract failures on the Ethereum blockchain. WNXM enables users to own and trade NXM tokens without undergoing the Know Your Customer (KYC) process required for native NXM tokens.

### How does Wrapped NXM work?

WNXM operates on the Ethereum blockchain as an ERC-20 token. It is created by wrapping genuine NXM tokens on a 1-to-1 basis. This is done via a smart contract that allows NXM tokens to be traded on various exchanges, thereby increasing liquidity outside the Nexus Mutual protocol. To use these tokens within the Nexus Mutual ecosystem, they must be unwrapped into NXM by a registered member.

### What are the potential use cases for Wrapped NXM?

Wrapped NXM can be used for several purposes, including:

1. **Decentralized Insurance:** WNXM provides coverage against smart contract failures.
2. **DeFi Collateral:** WNXM can be used as collateral in DeFi platforms such as Aave or Compound.
3. **DApp Integration:** It can be used within various DApps on Ethereum to enhance NXM utility.
4. **Trading:** The tokens are freely tradable on different exchanges, boosting liquidity and accessibility for investors.

### What is the history of Wrapped NXM?

Wrapped NXM was created to enable easier trading and transferability of Nexus Mutual's NXM tokens. The Nexus Mutual protocol was founded in May 2019 by Hugh Karp and is aimed at decentralized insurance. WNXM bridges the accessibility gap by eliminating the KYC requirements associated with NXM. It has been strategically integrated into the DeFi ecosystem to broaden its use cases and has experienced significant market interest and integration with various DeFi platforms.

Wrapped NXM

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Wrapped NXM (WNXM)

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