Nexus Mutual $NXM

Nexus Mutual is a progressive, decentralized insurance protocol that operates on the Ethereum blockchain. Primarily designed to offer insurance cover for smart contracts on the Ethereum blockchain, Nexus Mutual caters to some of the major defi protocols. The unique feature of Nexus Mutual is its specialized coverage against smart contract failures, safeguarding against potential glitches in the smart contract code.

Nexus Mutual Smart Contract Protection

The principal objective of this coverage is to grant protection against potential financial adversities that may occur due to smart contract hacks or exploits. It's important to understand that the smart contract cover only shields against "unintended uses" of smart contracts. This implies that it does not extend to security issues such as the loss of private keys or centralized exchange hacks.

Expansion of Nexus Mutual Coverage

In December 2020, Nexus Mutual expanded its service offerings to include custody cover. This additional coverage specifically targets centralized custodians and lenders like Celsius, Blockfi, and Nexo. This expansion has marked Nexus Mutual's growth and adaptability in the rapidly evolving cryptomarket.

The Value of Nexus Mutual in Cryptosphere

As one of the decentralised insurance protocols, Nexus Mutual plays a crucial role in the stability and security of the blockchain. By providing a financial safety net for smart contract users, it instills trust and confidence in utilising blockchain technology, thereby promoting widespread adoption and growth in the sector.