wNXM
Reputation Ratings

wNXM NXM

Wrapped NXM 2-5 years
Website https://nexusmutual.io/
Browser
OTH RELPs
Github
White Paper
Avg Price
0.00%
1D

$ 0.00 USD

$ 0.00 USD

Market Cap

$ 101.376 million USD

$ 101.376m USD

24h trading volume

$ 20.951 million USD

$ 20.951m USD

7d Vol

$ 327.006 million USD

$ 327.006m USD

Circulating supply

1.278 million NXM

Related information

Issue Time

2020-07-10

Platform pertained to

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Current price

$0.00USD

Market Cap

$101.376mUSD

Volume of Transaction

24h

$20.951mUSD

Circulating supply

1.278mNXM

Volume of Transaction

7d

$327.006mUSD

Change

24h

0.00%

Number of Markets

87

Github Messages

More

Warehouse

None

Github's IP Address

[Copy]

Codebase Size

5

Last Updated Time

2021-01-04 00:33:55

Language Involved

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Agreement

--

Token conversion

/

Current Rate0

Available

0.00USD

Calculate

Historical Price

Introduction

Markets

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1D

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Aspect Information
Short Name wNXM
Full Name Wrapped NXM
Founded Year 2020
Main Founders Hugh Karp
Supported Exchanges Binance, Huobi, Uniswap,CoinCodex,MEXC,CoinGecko,CoinMarketCap,Pinoex,Cointree,CoinCarp
Storage Wallet Metamask, Trust Wallet
Customer Support https://twitter.com/nexusmutual

Overview of wNXM

Wrapped NXM (wNXM) is DeFi token known as Wrapped NXM that was founded in 2020 by Hugh Karp. It functions as a wrapped version of NXM, offering users the ability to trade NXM on various platforms.

Supported by exchanges like Binance, Huobi, and Uniswap, wNXM provides liquidity and accessibility to users seeking exposure to Nexus Mutual (NXM) without the need for direct interaction with the protocol.

It is compatible with popular storage wallets such as Metamask and Trust Wallet, ensuring secure storage and easy access for users.

Additionally, wNXM boasts a supportive community and accessible customer support through its Twitter account, offering users assistance and updates regarding the token's developments and ecosystem.

To obtain more information, you can visit their website:https://nexusmutual.io/ and try to log in or register to use more services.

overview

Pros and Cons

Pros Cons
Ethereum ecosystem compatibility Reliance on the stability of NXM
Listed on multiple exchanges Crypto market volatility
Accessibility to a larger audience Dependent on the success and acceptance of the NXM token
Can be stored in various wallets Associated transaction fees

Pros:

1. Ethereum Ecosystem Compatibility: wNXM was created to interact harmoniously with the Ethereum ecosystem, i.e., it is ERC-20 compatible. This compatibility allows for seamless transactions, inclusive trading, and the leveraging of Ethereum's established network.

2. Listed on Multiple Exchanges: The token is available on multiple popular cryptocurrency exchanges like Binance, Huobi, and Uniswap. This not only provides liquidity but also enhances access and convenience for potential buyers.

3. Accessibility to a Larger Audience: That the token is wrapped and consequently compatible with the Ethereum network increases its accessibility. It allows anyone familiar with Ethereum and its operations to easily adapt to using wNXM.

4. Storage in Various Wallets: wNXM tokens can be securely stored in a variety of digital wallets – from browser extensions like Metamask to mobile applications like Trust Wallet.

Cons:

1. Reliance on the Stability of NXM: The value of the wrapped NXM token is tied to that of the original NXM token. Therefore, the stability of wNXM depends on the performance and stability of NXM. This could be a drawback if NXM undergoes unfavorable performance.

2. Crypto Market Volatility: Like any other cryptocurrency, wNXM is susceptible to the volatility of the crypto market. Price fluctuations can be significant, possibly leading to financial risk.

3. Dependency on the Success of the NXM Token: Due to the inherent connection between wNXM and NXM, the success (or lack thereof) of wNXM is closely tied to the acceptance, adoption, and success of NXM in the marketplace.

4. Associated Transaction Fees: While this is a common trait among all cryptocurrencies, it is still notable. Any transaction involving wNXM may be subject to transaction fees, which may deter some potential users or investors.

Pros and Cons

wNXM Wallet

The Wrapped NXM (WNXM) Wallet is a versatile cryptocurrency wallet designed for managing a variety of digital assets, including Wrapped NXM, Ethereum, XRP, Litecoin, XLM, and over 1000 other coins and tokens.

With a user-friendly interface and robust features, this wallet provides users with the ability to securely store, send, and receive their assets.

Trusted by over 5,000,000 users worldwide, the WNXM Wallet offers peace of mind through its reliable performance and broad asset support. It can be downloaded on Google store and IOS APP Store.

wallet

What Makes wNXM Unique?

The innovation of Wrapped NXM (wNXM) lies in its nature as a wrapped token - a form that allows it to be easily interchangeable and integrated within the Ethereum network. This compatibility provides a conduit for greater participation and operational ease for those familiar with the Ethereum ecosystem.

Unlike many cryptocurrencies that are standalone entities, wNXM is directly related to its base token, NXM. This relationship means that the performance and value of wNXM are tied to NXM, making it different from other independent cryptocurrencies. Furthermore, NXM is a token belonging to Nexus Mutual, a people-powered alternative to insurance built on Ethereum, and wNXM represents the wrapped form of this unique risk-sharing token.

Another differing factor is that its wrapped nature allows for a wider range of exchange listings. As a wrapped token adhering to Ethereum's ERC-20 standard, wNXM enjoys the benefit of being listed on a vast array of exchanges that support the ERC-20 format.

Markets & Price

Coin AirdropThere haven't been any confirmed recent airdrops for WNXM.

Circulation

WNXM has experienced significant price fluctuation since its launch in 2021. Its price peaked at an all-time high of $130.82 on May 12, 2021, but then crashed to a low of $7.78 on July 20, 2021. Since then, its price has recovered somewhat, but it is still trading at a fraction of its all-time high.

How Does wNXM Work?

Wrapped NXM (wNXM) operates as a wrapped version of the NXM token. This means that it represents an equivalent amount of NXM but in a format compatible with the Ethereum network, following its ERC-20 standard.

The creation of wNXM involves a process known as “wrapping,” whereby NXM tokens are locked in a smart contract and an equivalent amount of wNXM tokens are issued. Since it shares an inherent 1:1 relationship with NXM, the value of wNXM is directly tied to the value of NXM.

Unwrapping wNXM back to NXM is also possible. This process involves burning the wNXM tokens and releasing the equivalent amount of NXM tokens.

One significant advantage of its working principle is its compatibility with the Ethereum ecosystem. Wrapped versions like wNXM are more accessible for trading on various exchanges and can be easily integrated into DeFi applications built on the Ethereum network.

How does it work?

Exchanges to Buy wNXM

1. Binance: This is a leading cryptocurrency exchange globally that lists wNXM. The exchange supports wNXM/BTC, wNXM/ETH, and wNXM/USDT trading pairs.

2. Huobi: With a high trading volume, Huobi is another prominent exchange where you can trade wNXM. Available trading pairs include wNXM/BTC and wNXM/ETH.

3. CoinCodex: This decentralized exchange platform also supports wNXM. Here, you can primarily trade in the wNXM/ETH pair.

See this link for details on how to buy wNXM:https://coincodex.com/how-to-buy-wrapped-nxm/

To buy Wrapped NXM (WNXM) on CoinCodex, follow these six simple steps:

  • Navigate to CoinCodex:

    Visit the CoinCodex website and navigate to the section where you can buy Wrapped NXM. CoinCodex provides a user-friendly platform for purchasing various cryptocurrencies, including WNXM.

  • Create an Account:

    If you don't already have an account on CoinCodex, you'll need to sign up. This typically involves providing your email address, creating a password, and agreeing to the platform's terms of service.

  • Complete Verification (if required):

    Depending on CoinCodex's policies, you may need to complete a verification process to access all features and make transactions. This process often involves providing personal information and verifying your identity.

  • Deposit Funds:

    After creating and verifying your account, you'll need to deposit funds into your CoinCodex wallet. CoinCodex typically supports various payment methods, such as bank transfers, credit/debit cards, or cryptocurrency deposits.

  • Place an Order:

    Once your account is funded, navigate to the WNXM trading section on CoinCodex. Here, you can place an order to buy Wrapped NXM. Specify the amount of WNXM you wish to purchase and review the order details before confirming.

  • Store Your WNXM:

    After purchasing WNXM, you'll want to store it securely. CoinCodex may offer wallet services, but it's generally recommended to transfer your WNXM to a personal wallet for added security. Consider using a hardware wallet, software wallet like MetaMask, or any other trusted wallet compatible with WNXM.

  • 4. MEXC: A decentralized exchange, it also supports wNXM tokens. The popular trading pair here is wNXM/ETH.

    See this link for details on how to buy wNXM:https://www.mexc.com/zh-CN/how-to-buy/WNXM

    Exchanges to buy it
    Exchanges to buy it

    5. 1inch: As a decentralized exchange aggregator, 1inch supports wNXM, and the common trading pair is wNXM/ETH.

    6. Curve Finance: A decentralized exchange optimized for stablecoin trading, Curve Finance supports wNXM. The primary trading pair you can find on this platform is wNXM/ETH.

    7. Balancer: Another decentralized automated portfolio manager and trading platform, Balancer supports wNXM/ETH and other token pairs with wNXM.

    8. CoinEx: As a global and professional digital coin exchange service provider, CoinEx offers wNXM/BTC and wNXM/ETH trading pairs.

    9. Poloniex: Known for its advanced trading features, Poloniex supports wNXM trading. The exchange offers wNXM/USDT as a commonly traded pair.

    10. OKEx: This is a world-leading cryptocurrency spot and derivatives exchange that supports trading of wNXM. Common trading pairs include wNXM/BTC, wNXM/ETH, and wNXM/USDT.

    How to Store wNXM?

    Wrapped NXM (wNXM) is an ERC-20 token, which means it operates on the Ethereum network. Because of this, it can be stored in any wallet that supports Ethereum and its token standard.

    Here are a few types of wallets you can use to store wNXM:

    1. Web Wallets: These wallets can be accessed through a web browser. Metamask is a popular web wallet that supports wNXM.

    2. Mobile Wallets: These wallets are apps on your mobile device. Examples include Trust Wallet and Coinomi. Both of these wallets support Ethereum and its ERC-20 tokens and hence can be used to store wNXM.

    3. Desktop Wallets: These wallets are downloaded and installed on a PC or laptop. They can only be accessed from the computer they were installed on. Examples include Atomic Wallet and Exodus. These wallets also support ERC-20 tokens, making them suitable for storing wNXM.

    4. Hardware Wallets: These physical devices store your private keys offline. These are considered the safest method for storing cryptocurrencies. Examples include Ledger and Trezor. Since these wallets support Ethereum, they can be used to store wNXM.

    5. Paper Wallets: These are physical documents that contain both your public and private keys. While these can be quite secure if properly stored, they can be less convenient and more cumbersome for regular transactions.

    Is It Safe?

    When considering the safety of Wrapped NXM (WNXM), several factors contribute to its security:

    • Hardware Wallet Support: Wrapped NXM (WNXM) can be stored securely using hardware wallets, which provide an extra layer of protection against unauthorized access and cyber threats. By storing WNXM in a hardware wallet, users can safeguard their assets offline, reducing the risk of hacking and theft.

    • Exchange Security Standards: The security of WNXM on exchanges depends on the platforms where it is traded. Exchanges like Binance, Huobi, and CoinEx, among others, support WNXM trading and are expected to adhere to industry-standard security measures to protect users' funds. It's essential to choose reputable exchanges with robust security protocols and a track record of safeguarding users' assets.

    • Token Address Encryption: The token address for transferring WNXM is encrypted, ensuring the security of transactions involving Wrapped NXM. This encryption helps prevent unauthorized access to users' wallet addresses and adds an additional layer of security to the token transfer process, mitigating the risk of fraudulent activities.

    • How To Earn wNXM?

      Earning Wrapped NXM (wNXM) can be accomplished through various methods, including:

      • Staking: Some platforms allow users to stake their wNXM tokens to earn rewards. Staking involves locking up a certain amount of wNXM in a smart contract to support the network's operations. In return, participants receive additional wNXM tokens as rewards for their contribution to the network's security and stability.

      • Liquidity Provision: Users can provide liquidity to decentralized exchanges (DEXs) by depositing wNXM and another cryptocurrency into liquidity pools. In exchange for providing liquidity, users earn a share of the trading fees generated by the DEX. This method allows users to earn passive income while helping to facilitate trading activities on the platform.

      • Yield Farming: Yield farming involves participating in liquidity mining programs offered by DeFi platforms. Users can earn wNXM tokens by depositing their assets into liquidity pools or yield farming protocols. In return, they receive rewards in the form of wNXM tokens and other incentives provided by the platform.

      • Incentivized Programs: Some projects and protocols offer incentivized programs or airdrops to encourage users to engage with their platform or contribute to specific initiatives. Users may earn wNXM tokens by completing tasks, participating in governance activities, or promoting the project through various channels.

      • Referral Programs: Certain platforms offer referral programs where users can earn wNXM tokens by referring new users to the platform. Participants receive rewards based on the trading volume or activity generated by their referrals, providing an additional avenue for earning wNXM tokens.

      • Participation in Governance: Some DeFi projects allow wNXM token holders to participate in governance activities by voting on proposals and decisions that impact the platform's development and operations. In exchange for their participation, users may receive rewards in the form of wNXM tokens or other governance tokens.

      • Overall, earning wNXM tokens involves active participation in various DeFi activities such as staking, liquidity provision, yield farming, incentivized programs, referral programs, and governance participation.

        Conclusion

        Wrapped NXM (wNXM) is a unique cryptocurrency, deriving its significance from its wrapped nature, allowing it to be integrated with the Ethereum network. T

        his compatibility with the Ethereum ecosystem broadens its listing potential on numerous exchanges and also increases its accessibility to a larger audience, specifically those already versed in Ethereum and its operations.

        The value and development prospects of wNXM are largely attached to the performance of its parent token, NXM. Therefore, any potential for appreciation or depreciation would primarily depend on the performance of NXM within the market.

        As the field of cryptocurrency continues to develop and evolve, wNXM, like other cryptocurrencies, holds potential for growth and offering lucrative opportunities to investors. However, it's important to navigate this landscape with objectivity, preparedness, and due diligence.

        FAQs

        Q: How does the value of Wrapped NXM (wNXM) relate to the value of NXM?

        A: The value of wNXM is directly tied to the value of its parent token, NXM, following a 1:1 relationship.

        Q: Can Wrapped NXM (wNXM) be stored in any digital wallet?

        A: Yes, as an ERC-20 token, wNXM can be stored in any wallet that supports Ethereum, such as Metamask and Trust Wallet.

        Q: Is there any fluctuation risk associated with Wrapped NXM (wNXM)?

        A: Like any other cryptocurrency, wNXM is exposed to the inherent volatility and risks associated with the global cryptocurrency market.

        Q: Who are the potential investors for Wrapped NXM (wNXM)?

        A: Potential investors could include cryptocurrency enthusiasts, those active in the Ethereum ecosystem, and those who are open to taking financial risks in the hope of return.

        Q: What should one consider before investing in Wrapped NXM (wNXM)?

        A: Prior to investing, it's essential to research the market, understand the risks involved, diversify your portfolio, and ensure the safety of your investment.

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Ufuoma27
Wrapped NXM (wNXM) is a wrapped version of NXM (Nexus Mutual), a decentralized insurance protocol built on the Ethereum blockchain. wNXM is an ERC-20 token that represents NXM in a fungible form, allowing it to be traded more easily on decentralized exchanges (DEXs) and integrated into various DeFi (Decentralized Finance) applications.
2023-12-22 06:53
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