## What Is NXM (NXM)?

Launched in May 2019, Nexus Mutual is a decentralized insurance alternative protocol built on Ethereum that allows members to join and share risk. It offers users the ability to buy cover for smart contract, technical failure, custodial, ETH staking, and other risks.

The Nexus Mutual protocol provides the infrastructure for members to buy cover, underwrite risk, assess claims, and build risk management businesses. Within the protocol, the native token NXM is used to share risk and participate within the mutual. 

Nexus Mutual tries to disrupt the insurance industry by transitioning the power over the pooled resources to the individual members. Anyone is allowed to participate, as the mutual is owned by its members. Users can contribute Ethereum ([ETH](https://coinmarketcap.com/currencies/ethereum/)) to the pool for NXM.

### Who Are the Founders of NXM?

NXM was founded by Hugh Karp. Before founding NXM, he worked at Munich Re in senior roles, including CFO of the life insurance business in UK and Ireland.

#### What Makes NXM Unique?

Nexus Mutual allows people to buy cover and protect against on-chain and off-chain risks. In the event a loss occurs, someone with cover can file a claim, have their claim reviewed by members, and have their claim paid out if they provide proof of loss.

Nexus Mutual’s first product was smart contract cover that provided protection against smart contract failures.

The NXM token represents the membership rights in Nexus Mutual, along with the ability to participate within the ecosystem through buying cover, governance, staking, and claims assessment. The token leverages a bonding curve to determine the price, which is driven by how much capital the mutual has and how much capital it needs to meet all claim obligations with a certain probability.

Users can stake NXM to vote on claim assessments and on whether or not a certain claim is valid and should be paid out. The members who decide to vote in accordance with the consensus are rewarded with NXM, whereas the ones that vote against it have their tokens locked for a longer period of time. Members who submit fraudulent votes on claims can have their NXM burned and the fraudulent decision can be overturned.

You can review the [Nexus Mutual Dune Dashboard](https://dune.com/rchen8/nexus-mutual) made by Richard Chen for the mutual's key performance indicators. 

#### How Many NXM (NXM) Coins Are There in Circulation?

NXM has a circulating supply of 6,762,588.28 tokens as of February 2023. There is no maximum supply, as the NXM supply is determined by how much capital is contributed to or withdrawn from the Nexus Mutual capital pool. 

### How Is the NXM Network Secured?

Nexus Mutual is a decentralized network that uses Ethereum to help people share risk without the need for an insurance company. Members coordinate with one another through the Nexus Mutual protocol in order to buy cover, stake NXM, assess risk and claims, and participate in governance.


### Where Can You Buy NXM (NXM)?

As of February 2023, the only available market for NXM is Nexus Mutual. Note that only wrapped NXM [(wNXM)](https://coinmarketcap.com/currencies/wrapped-nxm/) tokens are freely tradable outside of the Nexus Mutual protocol.


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