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Collaboration between Neptune Mutual and SushiSwap
Explore Neptune Mutual's ongoing collaboration with SushiSwap offering several benefits.
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After much deliberation and careful thought Neptune Mutual decided to close the cover marketplaces.
After much deliberation and careful thought Neptune Mutual decided to close the cover marketplaces. Below the reasons for the decision as well as what it means for the community.
The marketplaces will be closed using an emergency withdrawal process whereby the liquidity provided to cover pools by LPs will be returned to the wallet addresses from which the liquidity was supplied. In addition to protecting cover pool LPs, there will also be refunds to all cover policy purchasers with an existing and valid policy who have paid over 10 USD in policy fees in one transaction.
For veNPM holders, please fill out this form to receive a refund for your veNPM to NPM conversion penalty.
From the end of June there will no longer be NPM emission incentives for LPs i.e. Epoch 3 of the liquidity gauge emissions will be canceled.
Unused funds raised from financial backers will be returned to those backers; this includes DEX liquidity that has now been removed from SushiSwap and Uniswap. A small amount of liquidity on SushiSwap Arbitrum has been left to enable a minimum amount of NPM trading.
The protocol will be open sourced, and become a true public good. Enabling the community to fork the code developed by the Neptune Mutual team such that others might use the existing resources to further our mission to make the blockchain space better protected against smart contracts and other risks.
There are numerous factors that have led to this difficult decision, some of which are external factors which are uncontrollable or unforeseeable. A few factors summarized below:
“Given Neptune Mutual’s Tier 1 backers, why have you not listed on a top CEX?”
This is perhaps one of the most frequently asked questions. In short, the answer is that for a variety of reasons Neptune Mutual was not able to achieve the diverse set of performance metrics (community size and engagement, marketplace user activity, DEX 24 hour trading volume, TVL growth etc.) required to list on top tier CEX. The CEXs that are prepared to list NPM token do not have the depth of liquidity or breadth of user-base to offer good prospects for NPM tokenholders.
The above point invariably leads to the question
“Why has Neptune Mutual not achieved strong growth?”
It is tempting to take a shortcut to answer this question by pointing a finger at one specific factor, but the reality is that there are many contributing factors. A few summarized below:
Since the outset of engaging with the community we have endeavored to highlight the need for DeFiInsurance; Neptune Mutual built a comprehensive dataset of on-chain hacks available, anywhere, and each week we highlight the many millions of dollars that are stolen as a result of smart contract hacks. Despite this, we have consistently been confronted by projects unwilling to spin up cover pools in our marketplace because of the sentiment that audits of their code are sufficient to persuade their community that their protocol is safe. Less than 0.3% of all digital assets are protected with some form of DeFiInsurance, and yet despite all the media reports of hacks, the conference discussions about the importance of governance or CEX proof-of-reserves, it continues to be the case that it is extremely difficult to get media attention to focus on the need for a fast and efficient means of mitigating smart contract risk.
A variety of approaches have been taken by different DeFiInsurance protocols to address this, from attending multiple conferences throughout the year and significant marketing spend, to the leaner approach that Neptune Mutual took (in part as a result of the bear market in 2023). What can be said is that no DeFiInsurance protocol has managed to achieve significant growth over the last 18 months, sadly the overall TVL of the sector has shrunk a lot.
For all the reasons above, at this moment the best course of action is no longer to double-down on investing in growth, but rather to refund unused capital and close the marketplaces.
The consequences are very tough for the Neptune Mutual team who have spent the past 3 years of their time on the mission to facilitate safer environments within DeFi. The team has delivered products according to the roadmap and the fact that the protocol was never hacked, despite attempts being made on the darkweb, is testament to the expertise, passion and absolute focus on security. The team survived the FTX and UST crisis unscathed, and believed that the continued growth in hacks would lead to growth in the demand for a good solution to mitigate these risks, but sadly, as can be seen right across the DeFiInsurance category, this is not yet in sight. So we would like to thank the team for all the dedication, skill and passion invested into the Neptune Mutual project since the outset.
The team will open source the protocol, including blockchain indexing protocol (subgraph alternative), frontend, middleware, database, and backend code, to make it a true public good. This will allow anyone to fork the code and create covers by defining parameters and premium ranges, potentially leading to innovative covers and organic usage.
The Discord channel will be closed to reduce the risk of phishing and other types of cyber attack, any questions / queries will be responded to in the Telegram channel.
We want to take this final opportunity to thank you all for your support.
Neptune Mutual will contact only its financial backers, with whom a signed agreement exists, in relation to next steps (i.e. holding NPM tokens does not qualify you for any form of refund). Contact will be made only from a neptunemutual.com domain email address so please check the source of any email you may receive very carefully. Please ignore any messages from any other email or social media accounts in relation to token/cash refunds.
A comprehensive article answering important questions on minting Neptune Mutual NFTs.
The Neptune Mutual NFT loyalty reward program gives all Neptunites a chance to collect NFTs without having to purchase them. Active users of the marketplace can earn points that can be used to mint exclusive NFTs for free.
The NFT portal includes three categories of NFTs:
Minting Neptune Mutual NFTs allow you to showcase your membership within the Neptunite Community. Each Neptune Mutual NFT is unique, providing you with a form of recognition and individuality. The NFTs are provided as a reward for being a loyal Neptune Mutual user. So, you can build a collection of digital artwork in your portfolio for free. Each NFT in Neptune Mutual is completely unique, making it exclusive to the person who mints it.
Let’s dive in on how to get started.
We are providing the NFTs exclusively to the users participating in the Neptunite community. The first NFT you are required to mint to progress through the levels is your “soulbound NFT”, and you can do so by purchasing a cover worth $10 or by providing liquidity worth $10 on the BNB Chain Marketplace. The fee you will need to pay for a $10 cover policy typically amounts to less than $0.2. Thus, to answer the question, the minimum spending requirement to mint your first NFT is less than $0.2 for cover purchasers.
Note:
Once the minting process is completed, you will have successfully minted your first NFT, the "Grim Wyvern," which will be added to your portfolio.
Remember to share your successfully minted NFTs on Twitter and tag us.
Soulbound NFTs are the first NFTs you can mint at Neptune Mutual. They serve as the starting point for minting other tradable NFTs. To mint a soulbound NFT, you only need to make a minimum cover purchase worth $10 or provide liquidity worth $10 from the BNB Marketplace, with no additional requirements. These NFTs are unique to each user and cannot be sold or transferred. The minting of soulbound NFTs is specific to the Marketplace on the BNB Smart Chain.
In contrast, minting tradable NFTs requires you to be eligible with a set number of points obtained by interacting with the Marketplace. Unlike soulbound NFTs, tradable NFTs count your interactions on all Neptune Mutual’s available chains.
There are a total of seven minting levels for Neptune Mutual NFTs. The minting process begins with the soulbound NFT. After the soulbound NFT is minted, you are eligible to proceed through the different levels.
The unlocking of each level is determined by a point system based on the amount of coverage purchased. This means that the more coverage you purchase, the higher your point score, allowing you to unlock higher minting levels.
Levels 1, 3, and 5 represent selection levels, where you can select new characters. On the other hand, in levels 2, 4, and 6, you can choose the evolutions of the previous level, showcasing advancements in the artwork.
Finally, at level 7, you have the opportunity to mint the Neptune character himself, reaching the highest point of Neptune Mutual's NFT journey.
Certainly! You have the freedom to choose your character. During the persona creation process, you will be prompted to choose your team! Either the Beasts or Guardians side. If you choose Guardians, your character at level 1 will be Delphinus. On the other hand, if you choose Beasts, your initial character will be Sabersquatch.
At levels 3 and 5, you’ll get to mint other characters. You’re prompted to change your character, either by switching sides or remaining loyal to the same side.
Neptune Mutual doesn't sell NFTs to users. Rather, users mint the NFTs for free as a reward for engaging with the platform. Once the NFTs are minted, they can be stored in a wallet to look back on later as part of a collection, traded with other users, or sold on popular marketplaces.
Soulbound NFTs are locked to the wallet they were first minted on, but others can be transferred in the same way you might trade or sell NFTs purchased or earned on other platforms.
The Neptune Mutual NFT collection is a tip of the hat to both traditional myths and legends and our own DeFi world. As a Neptune Mutual NFT owner, you'll be joining an exclusive group of individuals.
NFTs at Level 1 will be limited to just 1,000 siblings, and those at Level 6 will be limited to just 50 siblings. Neptune, unlocked at Level 7, will be even rarer. Owning one of these special collectibles shows your commitment to the world of DeFi, whether that's as a trader who has purchased cover or someone who has contributed liquidity to a cover pool, helping build protection into the ecosystem as a whole.
At minting levels 1, 3 & 5, you'll have the option to choose the Guardian or Beast category from which you can select an NFT that you'd like to collect. Do you want to show your allegiance to the Guardians of DeFi? Or perhaps you will display your darker side and build a collection of the Beasts that lurk beneath the waters. Perhaps you'd prefer to mix and match, the choice is yours. Take a look at the lore of Neptune's DeFi world and start planning your collection today.