Wrapped NXM (WNXM) — price, overview & secure storage

What is Wrapped NXM and who created it?

Wrapped NXM (wNXM) is a token designed to facilitate the trading and ownership of NXM tokens outside the Nexus Mutual platform. The NXM token is primarily used within the Nexus Mutual protocol, and its holders are required to undergo a Know Your Customer (KYC) process. To broaden accessibility and enhance liquidity, the wrapped version, wNXM, was created. This allows users to own and trade the token without the need for KYC, making it more accessible to a wider audience.

Key features of Wrapped NXM blockchain

The primary feature of Wrapped NXM is its ability to be traded freely on various exchanges, such as Uniswap and Binance, without the restrictions imposed by the Nexus Mutual platform. This enhances the token's liquidity and provides more opportunities for users to engage with the token in the broader cryptocurrency market. The wrapping process essentially decouples the token from the Nexus Mutual platform's bonding curve, allowing it to be more widely distributed and traded.

How Wrapped NXM transactions work

To utilize the wNXM token, it must first be unwrapped into the native NXM token by a registered member of Nexus Mutual. Once unwrapped, the token can be used as a normal NXM token within the Nexus Mutual platform. This process ensures that while the token can be freely traded outside the platform, it retains its utility and functionality within the Nexus Mutual ecosystem when converted back to NXM.