Skip to main content

NXM Token

The NXM token is a governance and utility token backed by crypto assets held in the capital pool contract. When someone contributes ETH or DAI to the capital pool in the Nexus Mutual user interface, NXM is minted and transferred to their wallet.

Members can custody and use NXM within the protocol to participate in:

  • On-chain governance. NXM holders use the token to vote in on-chain governance, where members make critical decisions about protocol upgrades, capital pool investment allocations, and how capital pool assets are used. Learn more in the Governance section.
  • DAO governance. Members decide how DAO treasury funds are used by discussing proposals and voting with their NXM. Learn more in the Governance section.
  • Staking. NXM powers the underwriting process, where members can stake and delegate their NXM to a pool or assess risk and manage a staking pool. By staking NXM, they create open capacity for other members to buy cover. When cover is purchased, NXM stakers are rewarded with a share of the cover fee in NXM. Learn more in the Staking section.
  • Claims assessment. Members stake NXM and participate in the claims assessment process. When someone stakes NXM, this is subject to a lockup period, which allows the protocol to protect against any attacks on the assessment process. Those who vote fraudulently can have their staked NXM burned by the Advisory Board. Learn more in the Claims Assessment section.

For a detailed breakdown of the NXM supply, number of NXM holders, NXM distribution and more, see the Capital Pool and Ownership Dune Dashboard created by the R&D and Marketing DAO teams.

The token model, which is used to control capitalization and determine the NXM price, is reviewed in the following section.

NXM token contract​

The NXM token contract can be found on Etherscan: 0xd7c49CEE7E9188cCa6AD8FF264C1DA2e69D4Cf3B

The NXM token contract was created when Nexus Mutual first launched in 2019; it was deployed by the Nexus Foundation. The NXM token contract is immutable and owned by the Foundation address: 0xFC64382c9Ce89bA1C21692A68000366a35fF0336