Buy Wrapped NXM (WNXM)
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:
- Decentralized Insurance: WNXM provides coverage against smart contract failures.
- DeFi Collateral: WNXM can be used as collateral in DeFi platforms such as Aave or Compound.
- DApp Integration: It can be used within various DApps on Ethereum to enhance NXM utility.
- 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.
Coin Contract Addresses
Related Assets
Resources
Learn More About Wrapped NXM
Frequently Asked Questions (FAQs)
What is the current price of Wrapped NXM (WNXM)?
The Wrapped NXM price is $113.97 AUD, representing a -5.24% from the day prior.
Where is the best place to buy Wrapped NXM (WNXM) in Australia?
The best place to buy Wrapped NXM (WNXM) 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 Wrapped NXM (WNXM) 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 Wrapped NXM (WNXM)?
The trading volume of Wrapped NXM (WNXM) is $849.7K AUD in the last 24hrs, representing a -5.24% from the day prior.
How can I buy Wrapped NXM (WNXM)?
Wrapped NXM (WNXM) 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 Wrapped NXM (WNXM)?
The current market cap of Wrapped NXM (WNXM) is $129.7M AUD.
Can I convert Wrapped NXM (WNXM) to cash?
Yes - With Coinstash you can convert your Wrapped NXM (WNXM) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Wrapped NXM (WNXM) are there?
The current circulating supply of Wrapped NXM (WNXM) is 1.2M.
Is Coinstash a safe place to buy Wrapped NXM (WNXM) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Wrapped NXM (WNXM) 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.