Withdraw nxm in platform

Nexus Mutual Updates General questions
1

Hi
I have use my nxm in the app.nexusmutual.Io platform

How to withdraw my nxm? Withdraw button is not possible ?

But total funds of nxm still remains in platform?

Hope for you help
Thank you

2

Hey mlee,

You can wrap your NXM to wNXM and sell on a DEX.

wNXM is a 1-to-1 backed token that can only be generated by wrapping genuine NXM.

NXM can only be traded among members. wNXM is fully tradeable but can’t be used at all within the Nexus Mutual platform.

Only Nexus Mutual members can wrap/unwrap NXM here: wNXM Token

Right now, members are not able to swap NXM for ETH directly through the Nexus Mutual app because the MCR% is <=100%. The Minimum Capital Requirement (MCR) is the minimum amount of funds the mutual needs to be confident all claims can be paid. The MCR% is the ratio of capital pool funds to the Minimum Capital Requirement.

When the MCR% is <=100%, members are prevented from redeeming NXM for ETH to ensure the mutual has the capital to pay claims. If the mutual were to allow some members to redeem NXM for ETH and lower the MCR% below 100%, then we would be compromising the integrity of our cover products for members who hold active cover policies.

You can read about the about the bonding curve and MCR to get a better understanding of the capital model. You can also check Nexus Tracker to see the level of funds in the capital pool and the current MCR%.

Let me know if I can clarify anything else. Hopefully this helps!

1 Like
3

Hi, thank you very much. Its very technical , and not sure i undesrtand the procedure correctly. Can you help guide me how to proceed step by step. Which dex can i use? Uniswap?
thank you so much

4

HI BNDEFi
Okay, i just read through your script, and it gets cleaer now! Thank you !

1 Like
5

Hi Brave
I tried wrapping via your link, but it says insuficient allowance. Do i need membership to wrap?
Thank you!

6

Two things:

  1. You’ve got to do one txn to approve the dApp to interact with your wallet.
  2. You can only wrap whole amounts of NXM.

So 10 NXM → 10 wNXM = :white_check_mark:
10.25 NXM → 10.25 wNXM = :no_entry_sign:

1 Like
7

Thank you, but i need to be a member? how to become member?

8

Okay, just tried Approving first, and wrap after. okay loading

9

You have to be a member to hold NXM. If you already have NXM in your wallet, you’re already a member.

The time it takes the txn to go through will be dependent on the gas costs. Let me know if you have any issues.

10

Hi Brave! amazing, t worked out! you are great Brave! Thank you so much for your kindness and good heart! Wish you a nice summer.
Cheers!

1 Like
11

Happy you had luck! No problem. I’m happy to help :v: :turtle:

12

Hi @BraveNewDeFi ,

When I try wrap NXM with your link it says:

Can Wrap

No insufficient allowance
image

Can you help me getting forward please?

13

Hey @Tiijay,

When you use the Nexus Wrapper, you first need to approve the amount of wNXM you want to unwrap.

Once you do that, you’ll need to execute the unwrap function, to unwrap your wNXM to NXM. See the screenshot below, where I’ve highlighted the Approve button with the blue box.

First, you’ll need to approve the amount of wNXM you want to unwrap. It should be a whole number (i.e., 1 wNXM, not 1.05 wNXM).

Once you submit the approval transaction and it’s confirmed on-chain, you can then proceed to unwrap your NXM, which will be a separate transaction that you can initiate by selecting the Unwrap button that is highlighted with the red box.

Wrapper
Wrapper707Ă—525 22.7 KB

14

Hey @BraveNewDeFi ,

So my purpose is to get NXM → wNXM only.

I try to wrap amount of 10 and it looks like this:

wrap2
wrap2734Ă—421 18 KB

When I click approve there’s that transaction and after 12hrs it got dropped:
https://etherscan.io/tx/0xc3bb42e164dd091fef618e2de87d8f3ba47a5843acdbea2170b1a96b728ab8c5

Any more help?

15

By the looks of it, you have four (4) approve transactions pending. You’ll need to speed up this transaction, and you can read the Replacing / Cancel Pending Transactions guide on Etherscan for more information on how to either speed up or replace a transaction.

Once you speed up or replace the transaction with a nonce of 70, you will be able to proceed to wrap your NXM to wNXM.

16

Hello, I also need some help please, having the same problem. Trying to wrap my NXM but the transaction is pnding since 16 hours.
I already spped up twice.
and cancelled once. Nothing changed. Could you help me please?
Also can you tell me if I could try this wrapper, is it legit or not?

Thanks and kind regards
Robibart

17

Hey @robibart,
I can see pending wrap transactions from a few addresses, but all of them seem to have the same issue: it doesn’t appear that any of the additional transactions replaced the original, which is why you see the There is a Pending txn with a lower account nonce. This txn can only be executed after confirmation of the earlier Txn Hash# message on the other transactions. See an example of two of these transactions below:

  1. Original transaction, submitted with 1 gwei gas.
  2. Additional transaction, which did not replace the original transaction.\

Before you can submit another transaction, this one will need to be processed, so you’ll need to either speed up, cancel, or replace the original transaction.

To replace or cancel a transaction, you see can the Etherscan How To article, which links to guides for several different wallet interfaces.

Once you’ve replaced or cancelled your original transaction, you’ll be able to submit another transaction to do whatever you’d like. If you’re wrapping your NXM in the future, you can either:

An additional note: you can also redeem your NXM for ETH through the Nexus Mutual UI, as well, on the NXM page.