WNXM represents wrapped NXM tokens that are freely transferable and only KYC-ed members of the Nexus Mutual are able to wrap and unwrap NXM.
Regular NXM tokens are membership tokens of the Nexus Mutual, a blockchain based mutual where Smart Contract Cover can be purchased from.
NXM tokens accord members of the Nexus Mutual governance, risk and claims assessment rights.
NXM can also used be used to purchase cover from the mutual, of which 90% of NXM used to purchase cover is burned, with 10% retained by the member and can be used as deposit when submitting claims.
Nexus Mutual uses a Continuous Token Model and the price of NXM depends on how the mutual is performing financially.
The NXM price is formula driven and its variables are based on the Minimum Capital Requirement (MCR) and MCR%, which is determined by the members of the Nexus Mutual.