Wrapped NXM (WNXM) is a tokenized version of the Nexus Mutual token (NXM) that can be used on other platforms that support the Ethereum blockchain moreWrapped NXM (WNXM) is a tokenized version of the Nexus Mutual token (NXM) that can be used on other platforms that support the Ethereum blockchain. It was created to provide easier access and liquidity to the NXM token. The benefits of Wrapped NXM include:
1. Increased liquidity: WNXM can be traded on decentralized exchanges, making it easier for individuals to buy, sell, and exchange NXM tokens.
2. Lower barriers to entry: By converting NXM into WNXM, users can avoid the costly and time-consuming process of purchasing NXM from the Nexus Mutual platform, which includes completing KYC and waiting for their request to be approved.
3. Access to new markets: WNXM can be used in the growing DeFi ecosystem, enabling users to participate in a range of decentralized financial services.
The WNXM token itself also has several functions. It can be used to vote on proposals related to the governance of the Nexus Mutual platform, and holders of WNXM can earn rewards for staking their tokens in the platform's risk pool. Additionally, WNXM can be used to purchase coverage from Nexus Mutual's insurance pool.
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