Have you been searching for a reliable and new platform built on the network of Ethereum? Or are you looking for a platform that brings decentralized insurance to decentralized finance? If yes, then availing Nexus Mutual is the best platform for you to grab right now!
With the help of this project, users will be able to insure all their smart contract positions using the native token, NXM. Do you want to know more about Nexus Mutual?
Let’s get into the discussion of the Nexus Mutual guide!
What Is A Decentralized Insurance Company?
Nexus Mutual is an interesting concept which is built on the network of Ethereum. This system is eventually bringing decentralized insurance to decentralized finance.
All the insurance policies can be written as decentralized smart contracts. Under these policies, individuals will agree to pay specific insurance company’s money. This money will be a return for the company’s promise to cover a person’s future costs of medical.
If the user wants to move the cryptocurrencies into mainstream acceptance, it is essential to determine whether the funds will stay secure. There should be a way to protect the funds against any loss or theft before the system accepts them.
Is There A Need For Defi Insurance?
The whole concept of Defi insurance is coming in response to the recent history of all high-profile hacking scam cases. These all cases result from stolen coins or the loss of the client’s private keys or access.
If the crypto wants to progress towards the mainstream, there is a need to mitigate all these losses from certain attacks. All those users who have been self-custody all their funds have zero protection over the holdings. Plus, some Defi smart contracts are unaudited, and they even hold some security vulnerabilities.
What Is Nexus Mutual?
Let’s talk about Nexus Mutual; it works as a discretionary mutual where it offers an alternative to insurance for the Ethereum users. Users who become part of mutual will be their members. Members will be able to protect themselves against all sorts of hacks within the smart contract code. Therefore, as it is mutual, each member can smoothly hold the tokens that define their membership rights.
Nexus Mutual Project Details
| Project Name | Nexus Mutual |
| Ticker Symbol | NXM |
| Total Supply | 5,737,803 |
| Official Website | Nexusmutual.io |
| Based On | Insurance Finance |
| Launch on | 2019 |
| Exchange Masks | Bibox, Uniswap, MXC, Hoo |
| Wallet | Metamask |
Who Is The Founder Of Nexus Mutual?
Hugh Karp is the owner of Nexus Mutual who launched it in 2019.
How To Insure With Nexus Mutual?
For purchasing Smart Contract Cover, you should be:
- Indicating the smart contract address on which you want to do the coverage.
- Highlight the time frame, amount, and currency which you need for the coverage.
- You need to generate a specific quote.
- Plus, you have to buy the coverage by fully authorizing the transaction with a Metamask wallet. After it, you have to finalize the payment with different currencies, i.e., NXM, ETH, or DAO.
Why Does Nexus Mutual Use KYC?
Nexus Mutual makes the use of Ethereum blockchain so that the people can share the risk without the help of any insurance company. Nexus Mutual also owns some membership tokens, which are “Regular NXM Tokens.” wNXX wraps the NXM tokens, which are freely transferable, and just the members who finished their KYC of Nexus Mutual can wrap and unwrap the NXM.
What Is An NXM Token?
NXM token works as a governance token for Nexus Mutual protocol. You can use this token to buy the cover, vote on the governance decisions, or participate in Risk and Claims Assessments.
NXM token even plays a vital role in encouraging capital provision and representing the ownership to a mutual capital. Once the Nexus Mutual capital pool starts to increase, NXM value will equally start to increase. You can determine the price of tokens with the help of the bonding curve.
How Does Nexus Mutual Token Work?
Nexus Mutual token works by using a Continuous Token Model. The price of NXM will depend on the fact that how a certain mutual has been performing financially. You can purchase or redeem the NXM directly from the platform.
If the Mutual funds have adequate funds, then it is obvious that the token price will rise. You can even call it another AMM or Defi app with which users can freely exchange the token, earn fees and provide liquidity. It is working through the Binance Smart Chain, where it has become the current most recommended system of staking on the Binance Smart Chain.
Nexus Mutual MCR – Minimum Capital Requirement
MCR is a specific level of funds in which all the claims need to be paid. During the launch, a minimum value is set for the MCR, which stays the same all the time.
MCS is a major element of a token model, redemption condition, and influencing price.
With the help of Nexus Mutual MCR, token holders will have the power of risk management, claim assessment, and governance. MCR or Minimum Capital Requirement is the minimum funds you require to be confident all insurance claims can be serviced.
Under the ecosystem of Nexus Mutual, the user has the potential to lower their operational costs and increase the premiums.
How Can I Get NXM Coins? Where Can I Buy NXM?
For purchasing NXM (NXM) on various cryptocurrency exchanges, you should already have Ethereum or Bitcoin to start trading with.
The best thing about this whole Nexus Mutual Buying process is that you can purchase it at Coinbase by using a Bank account or credit card. You can also look for some other places for purchasing ETH and BTC online.
NXM Use Cases
Nexus Mutual is incorporating the use of smart contract vulnerability. This Smart Contract Cover provides the user with specific protection to avoid any loss or fraud. Hence, the NXM is clear about what needs to be covered and how the payout is carried out.
In this way, users of Nexus Mutual crypto will be able to review the terms and conditions of any coverage that the user wants to purchase. Nexus Mutual Coverage will never payout in any networking event, which causes a problem. The insurance will never cover those entities which are external in the contract, including oracles and miners.
NXM in Governance
NXM is the voting weight in governance. By participating in the voting, a user can earn some NXM rewards. Voting will lock the tokens from the redemption and will transfer for a specific period.
NXM in De-risking Assets
With de-risking, a user can secure their accumulated wealth and protect it from volatility in various equity assets. Once the goal is closer, equity markets will witness a certain fall, making a huge dent within the accumulated corpus.
To keep yourself safe from such a condition, you can leave minimum funds to get exposed to equity. In this way, you can protect the corpus. This de-risking process is part of those entire investment portfolios built with the market-linked investment products, including mutual funds or unit-linked insurance plans (Ulips).
NXM in Claim Assessment
In the claim assessment, all the mutual members will act as the claim assessor and cast their vote against any claim submitted on the platform. Through this claim assessment system, users will have vast flexibility and discretion. It might be possible that the claim can be denied based on certain conditions and terms
in some situations.
Nexus Mutual token system will work smoothly if the user has enough incentives to vote on staking claims. Strong disincentive will prevent fraudulent claims.
NXM – Purchasing Cover
Nexus Mutual coin is currently offering one product, Smart Contract Cover. This contract cover provides certain protections against the materials that are lost through the unintended use of smart contract code.
Smart contract cover does not include exchange hacks or loss of personal keys due to the users’ negligence. Every single smart contract cover has its own fixed amount, which is the coverage amount. This amount is later approved through the claim assessment process.
Nexus Mutual Cover – Smart Contract Covers
Buying the coverage is the significant activity of the Nexus Mutual token members. A user can also purchase the cover to protect against any common smart contract risks. Once a user has purchased the coverage, that specific cover amount goes into the Capital Pool.
This whole process of Nexus Mutual securities will gradually help you signify the entire mutual group’s certain financial position.
How To Buy Nexus Mutual Smart Contract Cover?
You can buy the Next Mutual crypto smart contract cover by visiting the official website of Nexus Mutual by following the simple steps mentioned below:
- Select the option “Get a Quote” from the official website.
- Now select the option “Buy Cover” from the main dashboard.
- You have to enter the smart contract address for which you have to purchase the cover.
- Now enter your amount in Ether or Dai (USD), your fixed cover amount.
- At last, enter the time duration until which you want to perform the coverage.
Pros and Cons of Nexus Mutual Smart Contract Cover
| Nexus Mutual Smart Contract Cover Benefits | Risks of Nexus Mutual Smart Contract Cover |
| Easy to hold the tokens that represent the users membership rights. | For starters, it does not protect the user against long-term liability or car damage. |
| Any individual can become the member of Nexus Mutual by buying various NXM tokens. | Newcomers will face some token wallet malfunctioning or fat-finger errors. |
| Higher Bandwidth in staking. | A user will face certain phishing attacks during stacking. |
How To Submit A Claim With Nexus Mutual?
During the coverage period, a user can make an easy claim on the specific cover. This claim can only be made within 35 days once the coverage period comes to an end. There is no specific determination that needs to be carried out based on the cover holder’s damage. For submitting a claim, the cover holder has to stake a minimum value of 5% of their NXM tokens.
The impermanent loss will pose a huge threat to different high expectations of automated market-making. This impermanent Loss threat is visible if there is some sizable change in the overall price of the assets that farmers have staked into the liquidity pool.
How Does Claims Assessment Work With NXM Holders In Nexus Mutual?
In any traditional insurance company, a claim is denied or approved by the centralized group. But when it comes to a Nexus Mutual, the claims are rejected or approved through decentralized member voting.
Mutual members will act as the claim assessor and cast a vote on any claim submitted on the specific platform. This voting process will either reject or approve the claim payment and the final decision pops-up. A user cannot escalate a claim to any higher authority.
Nexus Mutual Login Process
The process of signing up for Nexus Mutual is simple and straightforward. You can either do it independently or do it as a part of purchasing the Smart Contract Cover.
For the Nexus Mutual login, you can visit the official website https://nexusmutual.io/ and create your account. By using the official website, you can fully automate the records and have a clear understanding of the tax liability. The process of withdrawal is the same, just like you deposit your stakes in the wallet.
Nexus Mutual Staking
The staking system of Nexus Mutual Blockchain works is based on the knowledge you have from the insurance industry. But it does not work according to the expectations of the users. There is a need for systems that can encourage the members to stake on the contracts they think secure.
This new Nexus Mutual staking system has increased the rewards, performed a better distribution of the rewards among members, and decreased the lock-up periods.
Nexus Mutual Price Prediction
Now moving on to the next portion, let’s discuss Nexus Mutual price prediction in the coming few years
Nexus Mutual Short Term Price Prediction
According to the short-term price prediction, the value of Nexus Mutual will possibly increase by -3% to almost $54.96 from $56.78.This price can further increase if the system introduces some advanced liquidity pools and has more participants.
Nexus Mutual Price Prediction 2021
By March 2021, the value of Nexus Mutual on Ethereum will be almost USD 49.97. The maximum price will be $54.96, and the minimum price will be $47.47.This price can often change based on the huge volatile nature of cryptocurrencies. If you don’t know what is the best crypto exchange to buy NXM, we recommend you use the world’s largest exchange Binance.
Nexus Mutual Price Prediction 2023
By 2023, the value of Nexus Mutual token will be almost $97.5. The maximum price will be $58.96, and the minimum price will be $43.47.
Nexus Mutual Long Term Price Prediction
According to the long-term price prediction, the value of Nexus Mutual will possibly increase by 100% to almost $115 from $55.
Nexus Mutual Price Prediction 2025
If we step into 2025, then the price prediction of Nexus Mutual is expected to be around USD 197.99. This price can often change based on the results of staking.
Nexus Mutual Price Prediction 2030
By 2030, the value of Nexus Mutual will be almost USD 249.43. The maximum price will be $260.96, and the minimum price will be $245.47.
Wrapped Nexus Mutual – WNXM Token
Nexus Mutual works as a Decentralized Autonomous Organization (DAO) in which the token holders will have the power of risk management, claims assessment and governance! Nexus Mutual Ecosystem will lower the operational costs and increase the premiums returns to the customers. This is done through decentralized governance and NXM Token.
wNXM works as a wrapped version of NXM which is transferable. This token can be wrap and unwrap by only NXM members.
How to Connect Coinbase Wallet to Nexus Mutual?
To easily connect the Coinbase wallet to Nexus Mutual Coinmarketcap, you have to follow the below steps carefully:
- Open the Coinbase Wallet on your android.
- Tap the settings at the bottom.
- Click the Connect option to Coinbase.
- Follow the remaining steps to connect all your accounts.
- After it, you have to sign in to your Coinbase.com account for further procedure.
Is Nexus Mutual Safe?
It is safe to become a Nexus Mutual fund member by purchasing Nexus Mutual native token, NXM. You can use NXM for purchasing insurance coverage and for participating in the governance process of Nexus Mutual Blockchain. Users can assess all the risks which are covering a smart contract to claim to assess.
You can even make some significant investments through increasing volumes on decentralized exchange and Binance support which plays a vital role.
Nexus Mutual Social Media Handles
- Nexus Mutual GitHub
- Nexus Mutual Medium
- Nexus Mutual Twitter
- Nexus Mutual Discord
- Nexus Mutual Telegram
- Nexus Mutual Forum
Takeaway – Nexus Mutual Review
To sum up the whole discussion, it’s clear that Nexus Mutual ico is an extraordinary project which makes this system a considerable staking platform. Since the start, this system is paying a huge focus on smart contracts, which seems to be growing with time. No doubt, the future of this system is quite bright. This was all about the Nexus Mutual guide!
Although many obstacles are coming in the way of Nexus Mutual coin, expanding the coverage is the most notable one. Advancements are being made to let the Nexus Mutual be the topmost recommended staking platform. But it is a strong project in a Blockchain niche. It is clear from Nexus Mutual guide that good progress is yet to expect in the coming few years.
You can check out our Opyn review, which can also act as an insurance but it is actually an option contract to limit your Ethereum downside.
