WNXM Price

WNXM (WNXM) is a wrapped version of NXM tokens from Nexus Mutual, an Ethereum-based decentralized insurance protocol. Currently ranked #710, WNXM trades at $56.89 with a 24-hour change of -5.67%. As an ERC-20 token, WNXM allows NXM to be freely traded on decentralized exchanges, unlike native NXM which can only be used within the Nexus Mutual platform. WNXM has a market capitalization of $26.15M with 459.69K WNXM tokens in circulation. The 24-hour trading volume stands at $11.96K, with prices ranging between $55.12 and $60.58 during this period. WNXM operates in the DeFi insurance sector, providing a tradable representation of NXM governance tokens. Since its launch on July 28, 2020, WNXM has become an important part of the Ethereum ecosystem, enabling broader access to Nexus Mutual's insurance protocol benefits without platform restrictions.

WNXM was created on July 28, 2020. It was launched as an ERC-20 token on the Ethereum blockchain, designed to represent NXM tokens from the Nexus Mutual platform in a wrapped format. This wrapping mechanism allows NXM tokens, which are normally restricted to the Nexus Mutual ecosystem, to be freely traded on various decentralized exchanges and used within the broader DeFi ecosystem. WNXM maintains a 1:1 peg with the native NXM token while providing greater liquidity and accessibility to users who want exposure to Nexus Mutual's insurance protocol without directly participating in the platform.

WNXM was created by Nexus Mutual, a decentralized insurance protocol founded by Hugh Karp. WNXM is a wrapped version of the native NXM token, designed to provide greater liquidity and accessibility. While Hugh Karp is the primary founder of Nexus Mutual, the wrapped token implementation was developed by the Nexus Mutual team to allow NXM tokens to be traded freely outside the Nexus Mutual platform. The wrapped version was launched on July 28, 2020, enabling broader market participation while maintaining the underlying utility of the original NXM token within the Nexus Mutual ecosystem.

WNXM operates as a wrapped version of NXM tokens, making them ERC-20 compatible and freely tradable on decentralized exchanges. While native NXM tokens can only be traded within the Nexus Mutual platform, WNXM allows users to access NXM liquidity across the broader Ethereum ecosystem. The token functions as a 1:1 representation of NXM, currently priced at $56.89 with a -5.67% change in the last 24 hours. With a market cap of $26.15M and 459.69K WNXM in circulation, WNXM enables users to participate in the Nexus Mutual ecosystem without the restrictions of the native token. As a DeFi insurance token, WNXM inherits NXM's utility while adding trading flexibility. The token has seen significant growth, with a $11.96K trading volume in the past day. WNXM operates on the Ethereum blockchain, making it compatible with various DeFi protocols and wallets while maintaining its connection to Nexus Mutual's insurance services.

WNXM operates on a wrapped token architecture built on the Ethereum blockchain. Technically, WNXM is an ERC-20 compliant token that represents NXM tokens from the Nexus Mutual protocol in a tradable format. The underlying smart contract (address: 0x0d438f3b5175bebc262bf23753c1e53d03432bde) enables 1:1 wrapping of NXM tokens, allowing them to be freely traded on decentralized exchanges while the native NXM tokens remain restricted to the Nexus Mutual platform. The wrapping mechanism works through a deposit/withdrawal system where users can deposit NXM to receive WNXM or burn WNXM to retrieve NXM. This architecture solves the liquidity problem of the native token while maintaining its utility within the insurance ecosystem. The total supply of WNXM is capped at 985.55K WNXM, with all tokens currently in circulation. As part of the Ethereum ecosystem, WNXM benefits from Ethereum's security model and interoperability with other DeFi protocols.

WNXM future is closely tied to the Nexus Mutual ecosystem, focusing on decentralized insurance solutions. The roadmap includes expanding coverage options beyond smart contract failures to include custody risks and exchange hacks. By 2027, WNXM aims to implement cross-chain functionality, allowing users to access insurance products across multiple blockchains. Key developments planned include: • Enhanced governance mechanisms giving WNXM holders more voting power • Improved liquidity solutions to address the current 459.69K WNXM supply constraints • Integration with more DeFi protocols to increase utility The team is also working on reducing gas fees for transactions and improving the claims assessment process. With the growing demand for DeFi insurance products, WNXM is positioned to potentially reach $56.89 × 3-5 within the next few years if market adoption continues. The long-term vision includes becoming the standard for decentralized insurance in Web3, with potential price appreciation correlating with the overall growth of the DeFi insurance sector, which remains underdeveloped compared to traditional insurance markets.