Why is it worth so much

The value of Wrapped Nexus Mutual (WNXM) is influenced by several factors:

1. Integration and Partnerships: WNXM's price has been bolstered by integration across multiple DeFi platforms and consistent insurance payouts after major hacks. New partnerships and protocol integration with various DeFi platforms, such as mStable, Balancer Labs, Alpaca Finance, Notional Finance, and PoolTogether, have likely contributed to the token's appreciation.
2. Total Value Locked: The total value locked (TVL) in Nexus Mutual has risen, with a high of $780.58 million on November 9, 2021. Although it has since decreased to $585.33 million, this indicates a period of growth and investor interest in the platform.
3. Staking Rewards: Users who stake NXM tokens receive a yield on their staked tokens, with an average APY of 4.96%. The current $1.1 billion staked through the protocol and the $25.5 million in coverage purchased contribute to the token's value.
4. Insurance Payouts: The ability of Nexus Mutual to successfully provide coverage to victims of protocol exploits, such as the $100 million loss incurred by Cream Finance, has likely boosted investor confidence and the token's value.
5. Rare Supply: The rarity and demand for WNXM, especially in yearn NFT format, have driven up its price. The maxing out of cheap covers available due to yield farming activities have pushed the capital formula to a new stage, where MCR is dependent on covers purchased, which can be a significant driver of its value.

In conclusion, the value of WNXM is supported by its integration into DeFi platforms, the total value locked in the protocol, staking rewards, successful insurance payouts, and the rarity and demand for the token. These factors combined create a strong case for the token's value and potential for growth.