> For the complete documentation index, see [llms.txt](https://docs.kpk.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kpk.io/funds/infrastructure/onchain-accounting/price-feeds/nxm.md).

# NXM / wNXM

Custom price feed for **Nexus Mutual's NXM** token and its 1:1 transferable wrapper **wNXM** on Ethereum. NXM has no external market oracle by design; its value is set internally by Nexus Mutual's Ratcheting AMM (RAMM), combined here with an ETH/USD price read from the NAV's own primary feed.

{% hint style="info" %}
The ETH/USD term is sourced from the NAV's own selector — see [Base/USD from the NAV's own selector](/funds/infrastructure/onchain-accounting/price-feeds.md#base-usd-from-the-navs-own-selector).
{% endhint %}

**Source:** [`NXM_CustomPriceFeed.sol`](https://github.com/karpatkey/onchain-accounting/blob/main/src/prices/protocols/NXM_CustomPriceFeed.sol)

***

## Approach

`RAMM.getInternalPrice()` (ETH per NXM, TWAP) × NAV-selected ETH/USD.

Deploy **one instance per priced token**: one for NXM and one for wNXM. Both use the same RAMM book value per NXM-unit, since a member can unwrap wNXM 1:1 to NXM.

<figure><img src="/files/RL3W8pD7mDbgCdaI4puO" alt="Left-to-right flowchart of the NXM / wNXM price feed: rate and Chainlink inputs combine into a USD price, with a staleness gate."><figcaption><p>NXM / wNXM price feed — how its oracle inputs compose into a USD price, with the staleness gate.</p></figcaption></figure>

***

## Price calculation

```
price = getInternalPrice × ETH_USD / 1e18
```

| Input                | Source                                              | Description                                         |
| -------------------- | --------------------------------------------------- | --------------------------------------------------- |
| `getInternalPrice()` | `IRamm(RAMM)`                                       | Manipulation-resistant TWAP of ETH per NXM (18 dec) |
| `ETH_USD`            | NAV base — `getPriceDataNoDivergence(WETH)` (8 dec) | the NAV's primary WETH/USD price                    |

`getInternalPrice()` is the RAMM's internal ETH-per-NXM price (18 dec); multiplying by the 8-dec ETH/USD and dividing by `1e18` yields an **8-decimal** USD price. If the internal price is zero, the feed returns stale.

***

## Constructor

```solidity
constructor(
    address token_,
    address ramm_,
    address nav_,
    address baseAsset_
)
```

| Parameter    | Description                                                                                |
| ------------ | ------------------------------------------------------------------------------------------ |
| `token_`     | The priced token: NXM or its 1:1 wrapper wNXM                                              |
| `ramm_`      | Nexus Mutual RAMM contract providing the internal ETH-per-NXM price                        |
| `nav_`       | NAVCalculator (proxy) — supplies the base asset's USD price via `getPriceDataNoDivergence` |
| `baseAsset_` | The registered base asset whose USD price is read (WETH)                                   |

The constructor reverts if `RAMM.getInternalPrice()` returns 0 at deploy, failing fast on a wrong or non-contract RAMM address.

***

## Staleness

The price is stale if `getInternalPrice()` returns 0, or if the NAV reports the base asset (WETH) stale — all its feeds stale. The base leg's `updatedAt` comes from the NAV's selected WETH feed. The RAMM internal price itself has no heartbeat — it is a view function read live on each call.

***

## Chains

Deployed on **Ethereum mainnet**. One instance is deployed per priced token (NXM and wNXM).


---

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