Nexus Mutual wallet

What is Nexus Mutual (NXM)?

NXM is a membership token before it is anything else. Nexus Mutual is organised as a mutual: the people who join underwrite cover for each other against events like smart contract failure or the collapse of a custodian, and NXM represents a share in the pool that backs those claims. Because membership is gated, the token is restricted at the contract level. It moves only between addresses the mutual has whitelisted as members, and a transfer to an address outside that list will not go through.

That restriction is the reason wNXM exists. wNXM is a wrapped form anyone can hold and move freely; it is not a member's NXM, and unwrapping it back requires membership. The two appear under near-identical names and are easy to mix up, so it is worth establishing which of them is actually in your wallet before planning anything with it.

One more mechanic: NXM is minted and redeemed against the mutual's capital pool by formula, in step with how much capital the mutual holds, rather than being issued as a fixed supply.

Because the private key is created inside the card and stays in the chip, the address you registered as a member remains yours through phone changes and wallet restores, and a paired second card reproduces it if the first one is gone. Re-doing a whitelisted address is exactly the kind of chore worth never facing. Supported networks in Tangem (1): Ethereum.