WNXM Wrapped NXM

Wrapped NXM (WNXM) is a tokenized representation of NXM, the native asset of Nexus Mutual, a decentralized insurance protocol built on the Ethereum blockchain. Because NXM itself is restricted to members who complete identity verification, WNXM was introduced to broaden access by allowing anyone to hold and trade the asset without going through that process. WNXM exists primarily to improve liquidity for NXM outside of the protocol's internal bonding curve. By being listed on decentralized and centralized exchanges such as Uniswap and Binance, the wrapped version enables broader market participation and price discovery. To use WNXM within the Nexus Mutual ecosystem, a registered member of the protocol must unwrap it, converting the token back into standard NXM, which can then be applied to the platform's regular functions. As a wrapped asset, WNXM falls within the categories of wrapped tokens, crypto-backed tokens, and insurance-related assets, and it operates within the broader Ethereum ecosystem. Its defining characteristic is serving as a public-facing gateway to a membership-gated insurance protocol.