Nexus Mutual, a decentralized finance (DeFi) insurance marketplace on the Ethereum blockchain, is selling the need for coverage for crypto-native risks like smart contract exploits and protocol hacks. The company has been building decentralized insurance since 2019 and now has around 10,000 members, including retail investors and institutional heavyweights. Capital holders deposit Ether and other assets into the protocol, which then generates $NXM, the core token representing their share of a collective capital pool. The flexibility of this model allows for payment in stablecoins, Ether, or Bitcoin. The difference between Nexus Mutual and traditional insurers is transparency, with capital adequacy, active coverage books, and leverage ratios publicly viewable on-chain.