Nexus Mutual (NXM)

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Tokenomics & Utility

Membership token with multiple roles

NXM is the mutual’s native token. Holding NXM entitles a person to participate as a member: buy cover, underwrite risk via staking, assess claims, and vote in protocol governance. Voting power on‑chain equals one vote per member plus a token‑weighted component capped at 5% of total supply per address to prevent outsized influence. (docs.nexusmutual.io)

Within the updated model:

• Minting/redeeming: Members can mint new NXM or redeem NXM for ETH through the RAMM within value‑accretive ranges around book value, subject to MCR constraints. (docs.nexusmutual.io)
• Staking rewards: When someone buys cover from a pool, 50% of the cover fee is minted as NXM rewards and streamed over the policy period to that pool’s stakers (after the manager’s fee). (docs.nexusmutual.io)
• Burns on claims: If a claim is approved, NXM staked against the relevant product is burned in proportion to the payout, based on the reserved capacity and a global capacity factor recorded at the time the cover was sold. (docs.nexusmutual.io)

Wrapped NXM (wNXM)

Because native NXM is restricted to members’ addresses inside the mutual, the community created Wrapped NXM (wNXM), an ERC‑20 representation that can move freely on exchanges. Only Nexus Mutual members can wrap and unwrap between NXM and wNXM; wNXM itself cannot be used to buy cover or vote. This split allows open market trading without bypassing the membership gating of the core token. (forum.nexusmutual.io)