Launched in May 2019, Nexus Mutual is a decentralized insurance protocol built on Ethereum. It offers users the ability to take out covers on smart contracts through the usage of its native token NXM.
Nexus Mutual uses a risk-sharing pool that allows anyone to purchase on insurance cover or contribute their capital to the pool for future rewards. Nexus Mutual tries to disrupt the insurance industry by transitioning the power over the pooled resources to the individual people. Anyone is allowed to participate, as the mutual is owned by its members. Users can contribute Ethereum (ETH) to the pool for NXM.
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