Price for today
57,454 USD 2,05%
0,00201746 BTC 2,05%
Name: NXM
Symbol: NXM
Circulating supply: 6 594 068 $
Max supply: 0 $
Cmc rank: 217
Volume 24h: 95 899 $
Percent change 1h: 0,15 %
Percent change 24h: 2,1 %
Percent Change 7d: 4,8 %
It is an insurance system based on smart contracts, which aims to distribute the risk between the maximum number of participants, insure the risk for a certain category of participants and, accordingly, create certain sources of income for other participants. Nexus idea works the way that the participants in mutual insurance buy NXM tokens, which allows them to participate in a Decentralized Autonomous Organization (DAO). All decisions are voted on by members of the organization who are interested in paying for genuine claims. But anyone can become a member by paying a nominal contribution in ETH.
The main idea lies in the creation of a liquidity pool that will be able to cover different types of risks, while liquidity does not have to be at the level of 100% of the risk. The main task is to insure participants of smart contracts of decentralized systems in case of hacking.
Since its release in May 2019, 3 million NXM tokens have been created and distributed to the company and its investors. You can buy more tokens on the site at any time, but when Nexus fulfills its insurance obligations, the price of the token will be higher.
Nexus Mutual is a decentralized platform that focuses on insurance in the DeFi space. The platform’s official cryptocurrency is also called Nexus Mutual (NXM). If you want to learn more about this ecosystem, keep reading.
It describes itself as a people-powered insurance alternative that covers crypto enthusiasts against exchange hacks and similar cyberattacks. By sharing risks among people, Nexus Mutual offers a different way to protect yourself against various dangers in the crypto space without having to contact an insurance agency. In the future, Nexus Mutual’s team plans to bring its services to non-crypto spheres.
The NXM token is an essential part of the platform. It’s basically a membership token and gives rights to its owners to take part in the ecosystem. Users need to stake the NXM crypto in order to gain the right to vote whether certain claims need to be paid out. Moreover, members who staked the NXM token can use it to assess smart contracts.
This is a very interesting approach to staking and to insurance in general. Of course, it gets a bit more complex than that, but the point is that you can be rewarded for your participation.
The Nexus Mutual price is similar to other cryptocurrencies in terms of consistency — it’s inconsistent and volatile. Thus, the best way to learn the latest NXM price is to use our exchange. You can even track the NXM live price change using one of the charts features on this page. Godex uses the popular candlestick NXM price chart, where every vertical line represents one day, and the candle on that line depicts the change in the price of the NXM coin for that day.
You’ll notice that the candlestick chart has two different colors. The green one shows the price increase, whereas the red color indicates the opposite.
The NXM coin started trading in 2020, and it immediately started drawing attention, resulting in an increase in price right from the beginning. It turned out that the hype lasted for a short time, after which the price started going down again. However, in 2021, the NXM coin’s price started increasing once again, as more investors than ever bought the popular coin thanks to the great platform it supports.
Even though it has its share of supporters and enthusiasts, the NXM is not as popular as some of the leading cryptocurrencies like Bitcoin and Ethereum. On the other hand, it’s also a much younger crypto, meaning plenty of things can happen in the future that can affect its price and popularity.
The main factor that influences NXM price today is the popularity of its platform and how much money it has. Simply put, if the Nexus Mutual platform performs well, the price of NXM is bound to increase.
Apart from that, the price is affected by the overall state of affairs in the crypto sphere, which is the case with many other cryptocurrencies. For instance, the increase of BTC prices usually leads to other cryptos going up as well.
Converting any token to NXM cryptocurrency is a simple and easy process if you’re using Godex. The first step is to select the crypto that you want to sell (NXM in this case) and the token you want to buy. Let’s say Bitcoin, for example. Therefore, pick NXM in the You Sell field and BTC in You Get.
The next step is to enter the amount you’d like to sell and let the Godex calculator tell you the best rate based on the latest BTX and NXM coin price.
The third step is to enter your BTX wallet address and proceed with the exchange.
Finally, you’ll be required to enter the NMX wallet address to make the deposit and let Godex swap the coins for you.
Trading with Godex is great as the platform offers several nice features, with anonymity being the most important one. There’s no need to open an account or leave any type of sensitive data when trading with Godex.
Moreover, Godex has fixed rates and unlimited trading. It’s one of the best services for exchanging crypto these days.
You can mine NXM using an ASIC mining rig that only consists of a motherboard, a cooling system, and an ASIC chip developed for certain types of mining. It’s part of the Ethereum platform and is mineable as such. However, it’s much more profitable to trade NXM than mine it, given that the coin is still not as popular as BTC or other similar currencies. Thus, making a profit on mining may not be possible. However, please read more about this before spending money on any mining equipment.
Nexus Mutual is basically a decentralized insurance platform that lets its members (NXM owners who staked the coin) share the risk and vote on which claim gets to be paid out.
The platform aims to revolutionize the way we look at insurance. It provides a level of protection to users in the DeFi space, especially with smart contracts, which are still very vulnerable. On top of that, this UK-based protocol paved the way for many more possibilities that can further reshape the world of insurance.
There’s no maximum limit on how many NXM can ever be created.
Wallet Investors have pretty positive predictions for this coin. They believe that in five years, its price will reach $514!
Nexus Mutual definitely has some potential, as the idea behind this protocol is pretty original and groundbreaking. However, it’s still a very young platform and the number of investors isn’t that big to be able to make any final statements. It’s as risky as any other new cryptocurrency.
