- Nexus Mutuals have announced that they become the latest Ethereum project to surpass Lightning Network on the DeFi pulse.
- Nexus mutuals surpassed the Lightning Network in terms of the total value locked in USD and became the latest Ethereum based DeFi protocol to do so.
- It is in the 19th position just after Loopring whose total locked value is $11.1 million.
Nexus Mutuals have announced that they become the latest Ethereum project to surpass Lightning Network on the DeFi pulse.
We just became the latest Ethereum project to pass lightning network on Defi Pulse ? pic.twitter.com/Ww7WcjJshF
— Nexus Mutual ? (@NexusMutual) July 24, 2020
Nexus Mutuals, A Risk Assessment Platform On The Ethereum Blockchain
As mentioned in the tweet, Nexus Mutuals is a platform that is based on the Ethereum blockchain. It is a platform that allows people to share risk together and eradicates the requirement of any centralised insurance company. This London based platform was established in the year 2017 and was founded by Hugh Karp. Furthermore, the entire risk-sharing platform is managed by the users themselves who decide which proposals are valid and enact upon them using the smart contracts. Moreover, The membership rights of all the members are safeguarded by legal agreements.
Ranked 19th By Defi Pulse On The Basis Of The Total Value Locked (TVL)
Recently, it surpassed the Lightning Network in terms of the total value locked in USD and became the latest Ethereum based DeFi protocol to do so. Hence, the total locked value of Nexus stands at $10 million. As per the DeFi pulse rankings, Nexus Mutuals is in the 19th position just after Loopring whose total locked value is $11.1 million. DeFi Pulse provides insightful rankings of DeFi protocols. It refreshes the total value locked (TVL) every hour by calculating the Ether (ETH) and ERC-20 tokens balance in the DeFi protocols. Furthermore, then they multiply the total balance with the current value of them in USD.
Uses An Unique Approach To Provide Insurance Policies In The Ethereum Blockchain
The membership rights of the users are represented by the TXM token. The current value of the TXM token is $8.60 and is up by 3.4% in the last 24 hours. It is ranked 114th in terms of market capitalisation and the total market capital stands at $71,636,667. The daily trade volume of TXN is $1,083,331. The NXM token allows the Nexus members to participate in the platform by claiming risk assessments and governance. Moreover, Members can very easily contribute Ethereum (ETH) into the Nexus pool and get NXM Token in return.
Nexus Mutuals has implemented a very different method to provide the insurance feature to the users in the Ethereum Blockchain. Being able to use the insurance policies through smart contracts is the main reason why Nexus is seeing a rise in its growth and the total locked value.