Wrapped NXM
Crypto Overview
Project Overview
Wrapped NXM (WNXM) is an ERC-20 token that represents a wrapped version of NXM, the native token of Nexus Mutual, a decentralized insurance protocol. WNXM was created to provide better liquidity and wider access to NXM tokens, as the original NXM has certain restrictions on trading and requires KYC verification.
Intended Utility
The primary purpose of WNXM is to provide a tradeable version of NXM that can be easily bought and sold on decentralized exchanges. While NXM holders must go through KYC and can only sell through Nexus Mutual's internal bonding curve, WNXM allows for unrestricted trading while still maintaining exposure to NXM.
Actual Utility
WNXM is actively traded on various decentralized exchanges and serves its intended purpose as a liquid wrapper for NXM. The token maintains a 1:1 relationship with NXM through a wrapping mechanism. Users can wrap their NXM tokens to get WNXM and unwrap WNXM to get back NXM (if they pass KYC requirements).
Token Distribution and Governance
WNXM tokens are created only when NXM tokens are wrapped, meaning there is no pre-mine or initial token distribution. The supply of WNXM is directly tied to the amount of NXM that users choose to wrap.
Crypto Impact
To assign a comfort level investing in Wrapped NXM from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Wrapped NXM.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.