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## What is Wrapped NXM?
Wrapped NXM (wNXM) is a unique 1-to-1 backed token exclusively generated by wrapping genuine Nexus Mutual (NXM) tokens. While NXM is limited to trading among Nexus Mutual members, wNXM serves as a fully tradable token but cannot be utilized within the Nexus Mutual protocol itself. The creation of the Nexus Wrapper, allowing NXM to be converted into a tradable token, was driven by the desire of Nexus Mutual members to engage in decentralized and centralized exchanges.

The Nexus Wrapper application is the brainchild of the PepperSec team, providing a solution for members seeking the flexibility to trade NXM on various exchanges. Both the Nexus Wrapper and the wNXM token are under the management of Nexus Mutual DAO community members, ensuring community-driven governance and oversight.

## Nexus Mutual Protocol
Nexus Mutual, a decentralized insurance alternative, enables members to share and mitigate risks collectively. Built on the [Ethereum](https://coinrotator.app/coin/ethereum) blockchain, the Nexus Mutual protocol facilitates the purchase of cover products, risk underwriting, claims assessment, and the development of risk management businesses.

The Foundation, comprising Engineering, Business Development, and Product teams, and Nexus Mutual DAO members actively contribute to protocol development, awareness, and adoption. Independent contributors can seek grant funding to support the protocol's growth.

## NXM Token and Governance
The NXM token, backed by crypto assets in the capital pool, serves as a governance and utility token. Members use NXM for on-chain and DAO governance, staking, and claims assessment within the Nexus Mutual protocol. The token's supply, distribution, and ownership details are transparently presented through the Capital Pool and Ownership Dune Dashboard.

The protocol employs a Ratcheting [Automated Market Maker](https://coinrotator.app/category/AMM) (RAMM) model, ensuring the efficient minting and redemption of NXM tokens. RAMM, a two-pool system built on the Capital Pool, manages liquidity, cover underwriting, and asset-liability balance.

## Cover Products
Members can purchase cover products to protect against various risks. Cover capacity is sourced from staking pools, and tokenized cover, represented as an NFT, enhances flexibility. Tokenized cover allows for easy renewal, partial claims filing, and transferability to non-member addresses.

## Staking
Staking plays a pivotal role in the protocol, enabling NXM holders to delegate their stakes to risk experts or become staking pool managers. This participation unlocks cover capacity for other members, encouraging broader involvement in the risk assessment process. Staking periods, ranging from 91 days to two years, provide members with flexibility in managing their NXM holdings.

## Nexus Mutual Team Background

Hugh Karp, the founder of NXM, established the organization following a distinguished career at Munich Re, where he held senior positions, including the role of CFO for the life insurance business in the UK and Ireland.

## Project Development
In November 2023, Nexus Mutual protocol members voted to upgrade the token model, approving NMPIP-209 with over 1.18 million NXM votes. This significant decision led to the replacement of the Bonding Curve with the Ratcheting Automated Market Maker (RAMM) and the removal of the Minimum Capital Requirement Floor (MCR Floor).

The RAMM, introduced as part of NMPIP-209, is a two-pool system built on the Capital Pool. It enables members to freely mint and redeem NXM, resolving the MCR lock problem that the Nexus Mutual community had collectively addressed over the past year. The mechanism, implemented on the Capital Pool, ensures efficient capitalization and the ability to confidently pay claims in the event of a major loss.

For enhanced safety, Nexus Mutual Members have the option to unwrap Wrapped NXM (WNXM) to NXM directly within the UI, subject to reviewing and acknowledging the associated disclaimer. Additional details on WNXM and the NXM Wrapper are available on the Nexus Mutual [DAO](https://coinrotator.app/category/DAO) website. The successful execution of NMPIP-209 represents the community's collaborative effort in developing a scalable solution for token minting, redemption, and overall protocol improvement.

## {{name}} Price Analysis

As of {{month}} {{day}} {{year}} {{name}} has a marketcap of {{marketcap}}. 
This is {{percentagefromath}} from its all time high of {{ath}}. 
In terms of its tokenomics, there's a total supply of {{totalsupply}} with {{percentagecirculatingsupply}} currently outstanding. 
Keep in mind {{name}} has a fully diluted value of {{fdv}} which many investors might interpret as overvalued. 

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.

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