| Stat | Value |
|---|---|
| Ticker | NXM |
| Price | $60.06 |
| Market Cap | $109.71M |
| 24h Change | +0.8% |
| Circulating Supply | 1.83M NXM |
| All-Time High | $185.97 |
| Contract (Ethereum) | 0xd7c4...cf3b |
What Is Nexus Mutual?
Nexus Mutual is a decentralized alternative to insurance built on Ethereum. It operates as a member-owned discretionary mutual — meaning coverage claims are assessed and voted on by NXM token holders, not a centralized insurer. Members can purchase protection against smart contract exploits, exchange hacks, and protocol-specific risks.
How Coverage Works
Purchasing Cover: Members buy coverage by paying a premium (usually in ETH or DAI) for a specific protocol or exchange, a specified amount, and time period. Coverage is available for protocols like Aave, Compound, Uniswap, and centralized exchanges like Coinbase.
Claims Assessment: If a covered event occurs (e.g., an exploit draining a protocol’s funds), the member submits a claim explaining the loss. Claim assessors — NXM stakers specifically tasked with evaluating claims — vote on whether to approve or deny. Approved claims are paid from the mutual’s capital pool.
Risk Assessment: NXM holders can stake tokens against specific protocols, signaling risk confidence. More staking on a protocol makes coverage cheaper and increases capacity. If a covered protocol suffers an exploit, stakers risk losing some of their staked NXM.
NXM Token
NXM uses a bonding curve pricing mechanism instead of open market trading. Its price is determined by the ratio of capital in the mutual pool to active coverage obligations:
- As the capital pool grows relative to cover, NXM price increases
- As cover obligations grow relative to capital, NXM price decreases
- NXM can only be bought/sold through the mutual itself, not on open exchanges
wNXM (Wrapped NXM) exists as a freely tradable ERC-20 for exchange trading but cannot be used directly in the protocol.
Notable Payouts
Nexus Mutual has paid claims for several major DeFi exploits including bZx, Yearn Finance, and the Compound oracle incident, establishing itself as crypto’s primary decentralized risk coverage provider.