Introducing: WNXM Shield Pool

Originally published
December 15, 2020

In light of the recent hack of ~$8M of Nexus Mutual tokens, a WNXM Shield Pool has been created in CertiKShield, offering WNXM holders the opportunity to purchase Shields to protect their crypto against future hacks and code malfunctions.

WNXM is a wrapped version of the native token of Nexus Mutual (NXM), a decentralized alternative to insurance. The NXM token is namely used for governance, risk and claims assessment, and coverage purchases from the mutual.

Individuals who seek to protect their WNXM can join CertiKShield and purchase a WNXM Shield of their desired size.

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For each Shield purchased, a portion of the decentralized collateral pool is reserved, ensuring that all Shields are fully collateralized.

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The fees paid to purchase Shields are rewarded directly to the decentralized pool of Collateral Providers, who provide their own crypto as collateral to be used to pay out approved claims.

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The CertiKShield system enables an additional layer of protection, providing peace of mind for short term and long term holders of cryptocurrencies.

If you’re a WNXM holder, consider joining CertiKShield to mitigate the impact of any blockchain security event resulting in lost, stolen, or inaccessible WNXM.

For more information, please see or check out the Definitive Guide to CertiKShield. To get started with your CertiKShield membership, please visit the “Shield” tab in DeepWallet.