Withdraw nxm in platform

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

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!

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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

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

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

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:

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

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

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.

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!

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