Nexus Mutual

Insurance

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Description

Nexus Mutual is a decentralized insurance protocol on the Ethereum blockchain that leverages smart contracts to offer transparent and efficient coverage against smart contract failures, DeFi protocol hacks, and more. Unlike traditional insurers, Nexus Mutual democratizes insurance by enabling members to share risks without an intermediary company, embodying decentralization. The native NXM token facilitates governance, claims assessment, and risk sharing within the community, with KYC procedures required to hold NXM. A wrapped version, wNXM, enhances liquidity and is available on major exchanges. In December 2020, Nexus Mutual broadened its scope to include custody cover for centralized custodians like Celsius and Blockfi. Trading activity for wNXM is robust, reflecting its wide acceptance. More details are at https://nexusmutual.io/

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FAQ

What is the primary purpose of Nexus Mutual?

Nexus Mutual is designed to disrupt the traditional insurance industry by offering decentralized insurance cover products on the Ethereum blockchain. It allows members to share risk without the intervention of a traditional insurance company, thus democratizing insurance purchasing. The platform mainly protects users against financial losses due to smart contract failures in the DeFi space.

How does Nexus Mutual utilize blockchain technology?

Nexus Mutual leverages Ethereum's blockchain and smart contract technology to offer transparent and efficient insurance coverage. Smart contracts facilitate claims assessment and payouts, ensuring trust and fairness. The decentralized nature allows members to control governance, claims handling, and risk sharing, with tokens like NXM playing a central role in ecosystem facilitation.

What is the difference between NXM and wNXM tokens?

NXM is the native token of Nexus Mutual for internal protocol use, requiring users to complete KYC procedures to hold it. In contrast, wNXM is a wrapped version available on exchanges like Uniswap and Binance, offering improved liquidity and broader ownership. Registered Nexus Mutual members can unwrap wNXM back into NXM for standard protocol use.

What types of coverage does Nexus Mutual provide?

Nexus Mutual offers coverage primarily for smart contract failures and unintended uses in the DeFi sector. It expanded to cover centralized custodians like Celsius and Blockfi, yet notably excludes events like private key loss and centralized exchange hacks. This offers targeted financial security for investors in the crypto ecosystem.

How does Nexus Mutual improve upon traditional insurance?

Nexus Mutual decentralizes the insurance process, replacing traditional profit-focused companies with a member-driven model. It offers transparent and community-governed risk-sharing facilitated by blockchain technology, aiming to prioritize member benefits over company profits, thus aligning with the decentralization ethos.

Why is Nexus Mutual relevant in the crypto industry?

Nexus Mutual addresses a critical need for security in the volatile crypto market by providing decentralized insurance. It enhances trust within DeFi by offering users risk mitigation against smart contract exploits, improving overall market stability and participant confidence in digital asset management.

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