Wrapped NXMWNXM#359

Wrapped NXM (WNXM) tokens are transferable, wrapped versions of NXM tokens – the membership tokens native to members of the Nexus Mutual ecosystem. Nexus Mutual is a risk-sharing platform that offers a blockchain-based alternative to insurance, securing risk and potential bugs with smart contract cover. Only NXM members are permitted to unwrap NXM tokens, which means that they are traded exclusively between Nexus Mutual users. WNXM tokens are permitted to be owned by any Ethereum-based wallet address. Meanwhile NXM tokens can only be acquired by Nexus Mutual members with approved Ethereum wallet addresses. Before the availability of WNXM tokens, all NXM tokens had to be acquired by users verified by the Know Your Customer (KYC) protocol. Although having a community of exclusively KYC’d members brings substantial security benefits, it does restrict the number of users prepared to undertake this groundwork. Instead, the WNXM tokens are freely tradeable and can even be bought and sold on automated market makers (AMMs) such as Uniswap and Balancer. Despite this, only Nexus Mutual members can unwrap WNXM tokens, ensuring the core supply complies with existing regulatory standards.