WNXM is a platform for decentralized finance that provides investors with secure insurance coverage against exploits of smart contracts. Recently, the token managed to rally by around 38% even as BTC and the wider market of crypto continued to go through price correction.
As it stands, there will always be multiple risks involved when cryptocurrency interaction is considered, and the recent evidence of this can be seen over the last couple of weeks as savvy hackers have managed to run away with millions of dollars worth of tokens from AscendEX, BitMart, and BadgerDAO exchange.
WNXM Price Sees An Increase
According to data that was received from TradingView and Cointelegraph Markets Pro, the price of WNXM does show a low of $46.59 on the 13th of December, after which the price went on to increase by 38% to a daily high of around $69.22 on the 14th of December.
There are a couple of reasons behind this sudden price movement of the protocol which also includes a host of new integrations and partnerships with the protocol of Nexus Mutual- along with the increasing total value locked within the ecosystem of the protocol. This coupled with the ability of the project to successfully provide coverage to victims who have been exploited by protocols- leading to the loss of funds.
Mostly, protocol integration and new partnerships with a bunch of decentralized finance platforms seem to be some of the major factors behind the recovery of WNXM. Recently, the developers behind the protocol held several community calls with Alpaca Finance, Notional Finance, Balancer Labs, mStable, and PoolTogether.
This has led to WNXM seeing an increase of 53% in the number of its policies that were sold between the 22nd of November and the 29th of November, with the total value of the coverage that was offered increasing by 121%.