DeFi Insurance Protocol Based on Parametric Insurance Model

Simplifying Decentralized Insurance

Watch out our 5-minute video to learn more about how Neptune Mutual contributes to the decentralized insurance industry.

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Our roadmap for growing the Neptune Mutual Ecosystem.

The Idea

Blockchain-based covers have a low claims-to-payout ratio. Existing cover products are unscalable, discretionary, and discriminatory. Smart contract audits do not guarantee security. Attacks on exchanges, metaverses, DApps, and DeFi protocols are increasing and getting more sophisticated.

Observing a need in the market for a solid parametric DeFi insurance solution, we decided to launch Neptune Mutual.

Product Design

We designed the protocol with these four key principles:

  • Security
  • Minimizing risk
  • Scalability
  • User Experience (UX)

Product MVP

The Neptune Mutual MVP was developed and deployed on a number of blockchain testnets, including but not limited to Ropsten, Kovan, BSC Testnet, Mumbai, and Fuji.

Cover SDK Beta

Check out the Cover SDK source code on the Neptune Mutual Github repository. Read the SDK documentation to find out how to get access to cover feature on your own frontend app or backend API. Built on Typescript, developers can use the SDK in both frontend and backend environments using any popular framework. The SDK is also available as an NPM package.

npm install @neptunemutual/sdk

Incorporation & Legal

In September 2021, we incorporated legal entities to support the fundraising, development, recruitment, expansion, and operational demand of the Neptune Mutual protocol.

Fundraising & Team Building

Neptune Mutual successfully closed its Seed Round backed by industry leaders including Fenbushi and Coinbase Ventures. Soon after, Animoca Brands led the subsequent investment round and has been joined by an impressive list of investors.

Neptune Mutual has swiftly expanded from three co-founders to a workforce of over 25 people located in locations all over the globe.

Protocol Testnet Launch

The Neptune Mutual protocol launches on a couple of test networks like Ropsten and Mumbai testnet. Community members participate in the protocol by becoming cover purchasers, liquidity providers, and consensus witnesses. We develop Neptune Mutual faucet to provide users with testnet DAI and NPM tokens.

View Faucet / View Testnet

Blocksec Protocol Audit

When it comes to the validation and auditing of smart contracts, Blocksec is a well-known brand name. We entered into a contract with them to have them perform, over the period of almost two months, a full security review of the smart contracts that serve as the foundation of the Neptune Mutual protocol.

View Audit Reports

SDK Audit & Launch

Neptune Mutual SDK undergoes a strict internal security audit before it gets released as an NPM module.

Furthermore, the app, Github, hosting, CI/CD pipelines, DNS, HTTP security, and more is thoroughly audited as well. A proper cyber hygiene is implemented across the team and organization.

View on

Cyraacs SDK Audit

The Cyraacs team was brought on board to perform security audit of the Neptune Mutual Typescript SDK.

View Audit Reports

Diversified Pools (v2)

We rolled up our sleeves and completed the diversified insurance pool feature that was initially scheduled to be released in 2023 as version 2.

With this upgrade, cover pools can now be integrated into numerous baskets for enhanced capital efficiency and increased returns for liquidity providers. Due to the leverage element, diversified pools, unlike dedicated pools, do not have 1:1 liquidity.

View Testnet

Open Zeppelin Audit

We have always prioritized security from the beginning. We studied a number of audit firms, their adoption, and track records when looking for a new smart contract audit partner. The contribution of OpenZeppelin to open source has helped the whole Ethereum community, and their support paves the way for a more secure DeFi industry. We chose OpenZeppelin because of their track record, outstanding reputation, and commitment to the Ethereum ecosystem.

View Audit Reports

Cyraacs Pentest

Following the end of our Typescript SDK audit with Cyraacs, we contacted them to obtain grey-box and black-box penetration testing service on publicly-hosted instances of our frontend application and API backends.

View Audit Reports

Marketplace Launch

The Neptune Mutual protocol was launched on the Ethereum mainnet after the completion of an extensive internal security audit.

View Marketplace

Prime dApps Diversified Insurance Cover

Neptune Mutual announces "Prime dApps," a diversified cover pool that includes industry-leading DeFi protocols such as Uniswap, Aave, Balancer, Curve, Gnosis Safe, MakerDAO, and Synthetix.

View Prime dApps

Discount Coupons

Neptune Mutual announced a discount coupon feature on Twitter, via which policyholders are eligible to earn 100% of the USDC stablecoin protocol fee.

View Tweet

Binance Dedicated Cover

We listed Binance, one of the biggest and most popular exchange, on our marketplace. Binance exchange custody has been deployed as a dedicated standalone cover. A dedicated cover pool always has at least 1:1 or more liquidity available than policies underwritten.

Purchase Binance Policy

OKX Dedicated Cover

We formed strategic alliance with OKX, one of the most popular cryptocurrency exchanges worldwide. To serve the OKX community, we've previously implemented support for the OKX wallet and now we have a dedicated standalone cover pool for OKX exchange custody. This dedicated cover pool will provide OKX policyholders instant payouts if the cover parameters are triggered and resolved.

Moreover, both the Neptune Mutual and OKX teams are working diligently to further the adoption of decentralized insurance.

Purchase OKX Policy

Cover Pool Announcement

There are more diversified and dedicated cover pools on the horizon. As we go ahead, we will make an announcement on the listing and availability of these cover pools. Please stay tuned.

Cashback Announcement

A few of additional cashback programs will be announced to expand and grow our community and encourage people to engage with our protocol. More information will be provided once these programs are launched.

Bug Bounty Program

We launched a couple of bug bounty programs early in 2023, the details of which can be found on the "Grants and Bounties" page of our website:

Arbitrum Marketplace Launch

We launched our cover marketplace on the Arbitrum Layer 2 optimistic rollup solution in January.  In March we became the largest DeFi Insurance protocol by TVL on Arbitrum.

Protocol UI Upgrade

Users may now view the protocol data and stats from our new Insights screen. To make it simpler for individuals to purchase policies, we developed a fee calculations user interface. The user flow for purchasing policies has been simplified.

Neptunites Community Discussion

A community discussion board will be launched where pioneers of the decentralized insurance universe converge to cultivate the growth of the Neptune Mutual ecosystem. As dedicated members of Neptune Mutual, we foster a vibrant, open space for exchanging ideas, asking questions, and navigating the world of decentralized insurance protocols.

Here, you can explore governance proposals, debate innovative solutions, and discuss emerging trends, all with the shared goal of strengthening and expanding our ecosystem. Unleash your creativity, share your knowledge, and collaborate with fellow Neptunites as we collectively shape the future of insurance in the decentralized world. Dive into the depths of Neptune Mutual and make waves with your insights, fostering growth and prosperity for our thriving community!


The NPM token will be launched on Ethereum as part of the token generation event. We will also upgrade the protocol to use NPM instead of PoT tokens (Proof of Authority Token).

Decentralized Exchange Listing

The Neptune Mutual NPM token was listed on the Sushi DEX on Arbitrum on May 17, and a week later in a Uniswap v2 pool on Ethereum.

Binance Smart Chain

Neptune Mutual’s cover marketplace to launch on the Binance Smart Chain.

NFT Collection and Portal

We will be launching tradeable and soulbound NFTs to reward our community that use our cover marketplace. Neptune Mutual’s NFT portal to launch on the Binance Smart Chain.

veNPM Token

The vote locker will be launched enabling NPM holders to lock their NPM tokens in exchange for vote escrow NPM tokens and boost.

Snapshot Governance

Neptune Mutual to introduce the Snapshot voting mechanism allowing users to vote on community initiatives and NPM emissions using either NPM or veNPM tokens.

Gauge Controller Registry & Individual Liquidity Gauge Pools

The Gauge Controller Registry will control the NPM emissions to qualifying cover pools.

POD Staking Pools

Neptune Mutual will introduce POD staking pools, allowing community members to get rewards via staking Proof of Deposit tokens.

Bond Pool

Neptune Mutual will launch Bond Pool with our partner(s) to bootstrap liquidity for cover pools.

Penetration Test

We will engage additional cybersecurity partners to conduct a thorough penetration test on our application's frontend and backend services routinely to analyze and assess its security posture.

View Previous Penetration Tests

Referral Portal

A referral portal will be built to allow the community to generate vouchers and promo coupons in order to collect protocol fees as cashback. This site will also allow users to monitor and track their rewards.

Ecosystem and Integration Grant

We will announce a grant program in which protocols that integrate with the Neptune Mutual protocol and promote our adoption will be eligible for ecosystem and integration incentives.

Ambassador Program

Full information will be made accessible once the program is launched.

Product Listing

More diversified and dedicated cover pools will be added to the Neptune Mutual marketplace.

To Be Announced

As the industry evolves and matures further, Neptune Mutual creates even more products, apps, and services to remain relevant in the space and continuously innovate.