About NXM Defi Coins
NXM Defi Coins price today is $31.85 USD with a 24-hour trading volume of $19,447,756 USD. NXM is up 0.24% in the last 24 hours. The current CoinMarketCap ranking is #93, with a market cap of $184,749,540 USD. It has a circulating supply of 5,801,350 NXM coins and the max. supply is not available.
The top exchanges for trading in NXM are currently Binance, Huobi Global, Binance.KR, BiKi, and OKEx. You can find others listed on our crypto exchanges page. Nexus Mutual uses Ethereum so that people can pool risk together without the need for an insurance company.
Quick Fact About NXM Network
|DEFI Coin Name||NXM Defi Coins|
|Circulating Supply||5,801,350 NXM|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To Visit|
|Twitter Group||Click Here To Visit Twitter Group|
|Documentation||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
Nexus Mutual has been set-up as a company limited by guarantee in the United Kingdom and will operate under a discretionary mutual structure. A discretionary mutual structure means that all insurance claims are paid at the discretion of the Board (i.e. Nexus Mutual members). The company has raised an undisclosed amount from blockchain-based venture capital firms such as Kenetic, KR1, MilliWatt and 1kx.
The Nexus Mutual team has close to 10 members led by Hugh Karp who has over 15 years of experience in the insurance industry, including the role as CFO of UK Life Operations. Other notable team members include Board Member, Gareme Thurgood, who has 17 years of extensive experience launching mutuals in the UK and prominent Ethereum community member, Evan Van Ness.
A blockchain based solution
NXM Defi Coins Mutual uses the power of Ethereum so people can share risk together without the need for an insurance company.
Smart Contract Cover
Secure risk and potential bugs in smart contract code. Be covered for events like The DAO hack or Parity multi-sig wallet issues. Purchase Smart Contract Cover.
Mutuals to replace insurance
NXM are building an alternative risk sharing platform. In the future we plan to offer crypto wallet cover, as well as more standard products, like earthquake cover.
No insurance company. Nexus Mutual is run entirely by its members. Only members can decide which claims are valid. All member decisions are recorded and enforced by smart contracts on the Ethereum public blockchain.
Benefits of Purchasing Smart Contract Cover
Right now buying coverage is the primary activity of Nexus Mutual members. The cover is often purchased to protect against common smart contract risks. After the coverage is purchased the cover amount goes to the Capital Pool, and that improves the financial position of the entire mutual group. The coverage amounts are priced in a way that will generate a surplus in the Capital Pool over time, and that surplus is then shared among the member base of the mutual.
Tokenised membership rights in Nexus Mutual
Membership rights will be represented by tokens. Tokens can be used to purchase cover as well as participate in claims assessment, risk assessment and governance. All funds raised from token purchases belong to members.
The NXM token represents membership rights in the mutual along with the ability to participate in the ecosystem through claims assessment, risk assessment, and governance. The token model leverages a bonding curve (or a continuous token model) to determine the price of NXM driven by two main factors:
- How much capital the mutual has
- How much capital the mutual needs to meet all claims within a certain probability.
A bonding curve allows tokens to be purchased at any time at variable prices based on the amount of capital is locked in the mutual and how much of the capital is needed to payout the covers within the system. Moreover, members are entitled to a share of any capital held in excess of what’s necessary to pay potential claims. In other words, the more capital in the mutual, the higher the price of NXM.
An NXM Defi Coins key requirement for operating a well-run mutual entity is providing members, potential members and other interested parties with accurate information regarding the financial health of the mutual. Blockchain technology lends itself quite naturally to transparency due to the public ledger. As such, a website interface will be developed which reports on key metrics in real-time.