wNXM is a token that can only be generated by wrapping genuine NXM, which is only tradable among Nexus Mutual members. wNXM is fully tradable but cannot be used within the Nexus Mutual protocol. The Nexus Wrapper was created by Nexus Mutual members who wanted the option to wrap NXM into a token that could be traded on centralized and decentralized exchanges. The application was created by the PepperSec team and is managed by Nexus Mutual DAO community members. The Nexus Mutual protocol provides infrastructure for members to buy cover and build risk management businesses. The token price is determined by a bonding curve which is driven by how much capital the mutual has and how much it needs to meet claim obligations.