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Wrapped NXM (WNXM) is a cryptocurrency token that represents a wrapped version of the NXM token, native to the Nexus Mutual Protocol. It is an Ethereum-based decentralized insurance protocol that provides coverage against failures for smart contracts on the Ethereum blockchain. WNXM tokens are freely transferable and can be traded outside of the Nexus Mutual platform, unlike native NXM tokens which are only available within the platform and require Know Your Customer (KYC) verification.
Wrapped NXM (WNXM) is a 1-to-1 backed token generated by wrapping genuine NXM tokens. It is designed to allow more users to own and trade NXM tokens without having to go through the Know Your Customer (KYC) process required for native NXM tokens. WNXM tokens are fully tradable on various exchanges such as Uniswap and Binance, improving liquidity outside the Nexus Mutual protocol's bonding curve.
To use WNXM tokens, they must first be unwrapped into NXM tokens by a registered member of Nexus Mutual. Once unwrapped, the tokens can be used as normal NXM tokens within the Nexus Mutual platform. This platform offers decentralized insurance services, including coverage for smart contract failures and centralized custodians.
WNXM tokens can be managed through MetaMask by importing the token's contract address. They can also be bought and sold on various crypto exchanges, making them accessible for investment and trading purposes. Overall, WNXM tokens provide a more accessible and liquid alternative to native NXM tokens, while still maintaining their value and functionality within the Nexus Mutual ecosystem.
To store Wrapped NXM (WNXM) tokens, you have several options based on your needs and preferences. Here are the main methods:
Centralized Exchange (CEX): You can store your WNXM on a centralized exchange like KuCoin, which provides convenient access to various investment products and features such as spot and futures trading, staking, lending, and more. The exchange will securely hold your funds, but make sure to choose an exchange with strict security measures.
Non-Custodial Wallets: For enhanced security and control, you can store your WNXM in a non-custodial or self-custodial wallet. This grants you complete control over your private keys. You can use various types of wallets, including hardware wallets, Web3 wallets, or paper wallets. Be sure to store your private keys securely to avoid losing your assets.
Atomic Wallet: Atomic Wallet is a trusted option for managing WNXM, along with other cryptocurrencies like Ethereum, XRP, Litecoin, and over 1,000 other coins and tokens. It is available for both desktop and mobile devices and has been trusted by over 5 million users worldwide.
- Other Wallet Options: You can also explore other wallet options that support WNXM, ensuring you choose a reliable and secure wallet that meets your needs.
Remember to always prioritize security and manage your private keys carefully to protect your Wrapped NXM assets.
To buy Wrapped NXM (WNXM) tokens, you can follow these steps:
Buying on a Centralized Exchange- Choose a Centralized Exchange (CEX): Select a reliable and trustworthy crypto exchange that supports Wrapped NXM (WNXM) purchases. Consider factors such as ease of use, fee structure, and supported payment methods.
- Create an Account: Enter the required information and set a secure password. Enable two-factor authentication (2FA) for added security.
- Verify Your Identity: Complete Know-Your-Customer (KYC) verification, which may require different information based on your nationality and region.
- Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment methods.
- Buy Wrapped NXM (WNXM): Use fiat currency to buy WNXM directly if supported, or first purchase a popular cryptocurrency like USDT and then exchange it for WNXM.
- Choose a Crypto Wallet: Select a reliable and reputable crypto wallet that supports Wrapped NXM (WNXM).
- Download the App: Download the wallet application from the Google Play Store, App Store, or as a browser extension.
- Create a Wallet: Create a new wallet address or import an existing one. Record the seed phrase and keep it secure.
- Buy Wrapped NXM (WNXM): Purchase WNXM using a supported payment method. Be aware that fees may be higher than those on exchanges.
- Swap for Wrapped NXM (WNXM): If the wallet doesn't support direct fiat-to-WNXM purchases, buy a popular cryptocurrency like USDT and then exchange it for WNXM through the wallet or on a decentralized exchange.
- Pionex: Create a free account, pass KYC verification, and choose from various payment methods like credit/debit cards, bank wire, and ACH transfer.
- MEXC: Click on the "Buy Crypto" link on the MEXC website and follow the instructions.
- Swyftx: Deposit Australian dollars (AUD) via various methods, then buy WNXM instantly. Note that direct credit card purchases are not supported, but credit and debit card deposits are.
Remember to check fees, security measures, and user reviews before selecting an exchange or wallet.
Wrapped NXM (WNXM) is a tokenized version of Nexus Mutual (NXM), a decentralized insurance protocol built on the Ethereum blockchain. The NXM coin market cap is $77,998,012, and the entire supply is in circulation, consisting of 1,676,964 WNXM tokens.
The history of Wrapped NXM began in July 2020, when the NXM cost started at a little more than $10. Until the beginning of spring 2021, the price never dropped lower than that level. The first peak value of NXM to USD was registered on August 21, 2020, when the NXM cost exceeded $65. After a couple of days, the price stabilized at the level of $40 and held that position for almost half a year. Then, the price jumped to $60 and, in February 2021, even beat its record with a $70 value.
Wrapped NXM was created to make NXM tokens easier to trade and use in different ways, providing stability and security for investors and expanding the reach of the Nexus Mutual ecosystem. By wrapping the NXM tokens, WNXM allows users to easily trade their NXM holdings on decentralized exchanges, improving liquidity and accessibility for NXM token holders.
Wrapped NXM (WNXM) is a unique cryptocurrency that represents wrapped NXM tokens. These tokens are freely transferable, but only members of the Nexus Mutual who have undergone Know Your Customer (KYC) verification can wrap and unwrap NXM tokens.
Wrapped tokens, in general, are designed to address the issue of interoperability between different blockchains. They allow users to trade on another blockchain without having to sell their original assets. This is achieved by "wrapping" the original tokens, which are then secured in a digital vault. The user can still retrieve their original assets by unwrapping the tokens, effectively destroying the wrapped token in the process.
Wrapped NXM tokens are part of the Nexus Mutual project, which provides blockchain-based solutions for smart contract cover. The tokens can be used to purchase cover, participate in claims assessment, risk assessment, and governance within the Nexus Mutual ecosystem.
The wrapped token mechanism allows for more flexibility in trading and liquidity management. For instance, users can wrap their NXM tokens to use them on other blockchains while keeping them linked to the original environment. This approach helps optimize and balance the liquidity of different token types without cross-blockchain trading limitations.
However, wrapped tokens also come with some risks, such as security concerns, dependence on provider platforms, and the potential for manipulation during the conversion process.
Wrapped NXM (WNXM) is a tokenized representation of Nexus Mutual (NXM), a decentralized insurance platform built on the Ethereum blockchain. The strengths of WNXM include:
- Improved Liquidity: WNXM allows users to trade and interact with NXM in a more efficient and easily transferable manner, enhancing liquidity and accessibility on decentralized exchanges.
- Easier Access to DeFi Platforms: WNXM enables users to use NXM as collateral in various DeFi platforms, expanding the potential use cases for NXM holders.
- Fractional Ownership: WNXM allows for fractional ownership, enabling users to hold smaller units of NXM to suit their investment needs.
- Security: WNXM follows strict security protocols and standards, ensuring the safety of users’ assets through regular audits by reputable security firms.
These strengths make WNXM an attractive option for investors and users looking to leverage the benefits of NXM in a more flexible and accessible way.
Wrapped NXM (WNXM) carries several financial risks:
Counterparty Risk: The parties involved in transactions, such as issuers, custodians, or reserve managers, may fail to fulfill their obligations, potentially leading to losses.
Centralization Risk: WNXM is issued by a single central authority, which can lead to a lack of decentralization and potential vulnerabilities.
Regulatory Risks: New laws or regulations may restrict or prohibit WNXM, impacting its trading and redemption.
Technical Risks: Smart contract bugs, hacking attempts, network congestion, or other technical issues can affect WNXM and the blockchains it operates on.
Liquidity Risks: The ability to sell WNXM at any given time is not guaranteed and depends on market supply and demand.
Operational Risks: Failures such as technology outages, cyber-attacks, and commingling of funds can cause delays and make it difficult to sell WNXM.
Market Volatility: The value of WNXM can drop rapidly due to market fluctuations, making it a high-risk investment.
Lack of Protection: WNXM is not protected by the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS), leaving investors without recourse in case of issues.
These risks highlight the importance of thorough research and caution when investing in WNXM or any other cryptocurrency.
- Wrapped NXM (WNXM) Team: The team behind Wrapped NXM (WNXM) includes the developers and founders of Nexus Mutual, a decentralized insurance protocol built on the Ethereum blockchain. These team members are responsible for creating and maintaining the tokenized version of NXM, which enables easier trading, liquidity, and accessibility for NXM holders.
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