Neptune Mutual Bond Pool Feature Unlocked
This Thursday, March 31, 2022, at 12 PM HKT, we’ll be releasing our newest bond feature.
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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.
Neptune Mutual 测试网自2022年3月10日上线以来,社区小伙伴们踊跃参与测试,不断刷新排行榜上的排名,至今仍令我们记忆犹新. 这是我们第一个测试网的获胜者。
Neptune Mutual 测试网自2022年3月10日上线以来,社区小伙伴们踊跃参与测试,不断刷新排行榜上的排名,至今仍令我们记忆犹新。
在测试期间,用户有机会和我们的协议进行互动,开展创建保障池,购买保单,提交bug报告,以及质押测试用NPM代币取得额外奖励等一系列的活动。
我们非常感谢所有小伙伴们的积极参与。接下来我们会推出更多的比赛及赏金计划,敬请期待。
现在我们将公布获奖者名单及奖品。基于大家在测试期间的参与度,我们挑选了其中活跃度最高,完成项目最多的两位用户,他们将获得本次测试网竞赛的特别大奖。我们同时挑选了另外100名活跃用户,感谢他们在测试期间对项目的大力支持及提供宝贵的反馈意见。
我们衷心祝贺所有的获奖者。在奖品发出之前,还请所有获奖者继续保持在我们的discord,telegram和其他社交媒体平台的活跃度。
激动人心的时刻到了!Neptune Mutual测试网“开启金库”竞赛的获奖者及奖品如下:
baikaishui#8868 获得”开启金库”大奖
baikaishui#8868将获得价值$1000美金的NPM代币 (基于公开发行时的价格)以及 Neptune Mutual的独家礼品。
wenGwagon#8763 获得”银盒”大奖
wenGwagon#8763 将获得价值$500美金的NPM代币 (基于公开发行时的价格)以及Neptune Mutual品牌赠礼。
测试网获奖者
其他的100名幸运儿每人将获得获得价值$100美金的NPM代币 (基于公开发行时的价格)。 再次感谢大家的踊跃参与!
获奖者名单
https://docs.google.com/spreadsheets/d/1bklHBHAeTNuv3tVWs1xz-_lh8R1BGcVctx0Hhag6tec/edit
领取奖励
您只需完成KYC便可以领取奖励。我们在完成公开发行之后将启动KYC程序,请持续关注。
请注意, NPM代币在首个交易所上市后会有6个月的锁定期。在锁定期结束后,您将收到相应数目的NPM代币。
每一位获奖者都需要通过KYC。KYC程序通常需要您提供一些资料来确认您是获奖者本人,以及奖品寄送到正确的地址。
您可以通过以下链接回顾本次竞赛的页面。
https://gleam.io/tPydn/npm-testnet-unlock-the-gold-vault
关注主网上线
Neptune Mutual将在数月内上线主网,请大家持续关注。根据大家在测试期间提供的反馈意见,我们的团队一直在努力优化我们的平台及不断更新协议。
您可以在此查看我们的进度。
同时请加入我们的Discord 和Telegram频道持续关注我们的最新进展。
This Thursday, March 31, 2022, at 12 PM HKT, we’ll be releasing our newest bond feature.
Our Staking and POD Staking features will focus on rewarding liquidity providers and token holders.
After all the time, effort, and brainpower we are happy to announce the launch of our testnet.