Nexus Mutual is an insurance protocol for providing additional security to users' digital assets. This information is from community cryptodefix. Nexus Mutual provides insurance against smart contract errors and hacking. The platform supports more than 200 tokens and protocols that users can insure.
Nexus Mutual’s insurance covers potential errors in the smart contract code or hacking. Loss of private keys or hacking of a centralized exchange are not covered by insurance. To start working with Nexus Mutual, you need to attach your wallet. Then you can select an asset, select the insurance period and the amount to be insured.
The cost of insurance with Nexus Mutual depends on several factors: the characteristics of the smart contract to be insured; the sum insured; the insurance period and the value of the assets put by the risk assessors on the smart contract. To purchase insurance and participate in the valuation, an NXM token must be purchased. It is used to perform transactions within the platform.
Specific features of Nexus Mutual
- Insurance for users’ smart contracts
- Own NXM token for transactions within the platform
- Protection against hacking and errors in smart contracts
- User participation in risk assessment
- Rewards for participation in assessment