Modified on: Fri, 22 Sep, 2023 at 11:52 AM
Launched in May 2019, Nexus Mutual is a decentralized insurance protocol built on Ethereum that currently offers coverage for smart contracts on the Ethereum blockchain; Nexus Mutual currently covers all the major DeFi protocols on the Ethereum network. Nexus Mutual offers coverage against smart contract failures, which protects users against potential bugs in smart contract code by using a risk-sharing pool that allows any user to purchase coverage or contribute their ETH to the pool in return for future rewards. Nexus Mutual is attempting to disrupt the insurance industry by offering a decentralized, blockchain-based alternative to the traditional insurance industry that is dominated by large institutions. WrappedNXM (wNXM) token represents rights on the protocol and can be used to purchase coverage as well as participate in claims assessment, risk assessment, and governance.
Did you find it helpful?
Sorry we couldn't be helpful. Help us improve this article with your feedback.