What's actually covered?
Each of our cover products has a 'cover wording document' that details what cover includes and excludes. This is a guide for our members who can stake NXM to vote on a claim, and have the discretion to take the specifics of a particular event into account when voting. Voting is always down to the members who are rewarded for voting honestly.
How do I know my claim will get paid?
The core purpose of Nexus Mutual is to protect members from loss. Any member can stake NXM to vote on claims. Members are rewarded for voting in line with the consensus and incentivised to vote honestly. If they deny legitimate claims their staked NXM could get burned. Although in the short term paying out claims would reduce the value of the capital pool and therefore the value of NXM tokens, members who vote (claims assessors) are incentivised to take a long-term view because of the staking (lock up) requirement.
Have you already paid claims?
Yes, we've already paid over $17M+ to members who suffered a loss due to exploits and technical failures. Full details on claims history can be seen on Nexus Mutual docs here.
Who owns the money?
Our members. Only members can hold NXM which represents proportional ownership of the mutual, including the capital pool (the money).
How can I launch a staking pool?
Anyone can build a staking pool business on top of Nexus Mutual. If you have risk expertise in a particular area you can launch a staking pool, asses the risks and set your management fees. Contact us for more information and we will help you getting started.
What is wNXM?
wNXM is wrapped NXM, a community-managed project. It is a 1:1 backed token that can only be generated by wrapping genuine NXM. Whereas NXM can only be traded among members, wNXM is fully tradeable but can't be used at all within the Nexus Mutual platform (such as staking or voting on claims). Nexus Mutual members can wrap/unwrap NXM here.
Why can't I withdraw my NXM?
When MCR% <= 100%, NXM cannot be sold. MCR% is minimum capital requirement, the amount of money the mutual needs to be confident that any claims could be paid. The mutual needs capital to back risks and this mechanism distributes risk to members, removing the need for a centralised entity. MCR% increases when funds go into the capital pool through investment earnings, NXM buys and cover premiums.