Neptune Mutual is known for being a leading decentralized insurance protocol for Ethereum. As our tagline 'Decentralized Insurance Protocol for Ethereum' indicates, we offer robust cover protection within the Ethereum ecosystem.
However, we’ve grown beyond just Ethereum to become a multichain marketplace. One of our key operational networks is Arbitrum, Ethereum’s layer 2 scaling solution. Our strong relationship with the Arbitrum Foundation not only highlights our commitment to expanding cover protection but also underscores our collaborative synergy with the protocol.
In this blog, we will delve into the dynamics of Neptune Mutual and Arbitrum, exploring how our Arbitrum marketplace assists increased activity through growing user engagement and our ongoing communication with Arbitrum to enhance decentralized insurance solutions.
Neptune Mutual Marketplace on the Arbitrum Chain#
Neptune Mutual initially launched on Ethereum to provide protection against hacks and exploits within its network. Due to Ethereum’s high gas fees, we expanded to Arbitrum, a layer 2 solution, to make coverage more affordable.
With Arbitrum on our marketplace, users can choose the network they prefer. Those with assets on Arbitrum can buy cover policies on the same chain, ensuring convenience and lower costs.
We have partnered with several top DeFi projects to offer diverse cover pools in Arbitrum. It offers two primary types of cover pools: Dedicated and Diversified. Dedicated pools are those in which the cover vault and liquidity pools are entirely owned by specific entities. The Arbitrum marketplace offers dedicated cover policies for Binance and OKX. In contrast, Diversified pools cater to a broader range of applications, and are divided into Popular DeFi Apps and Prime dApps. Popular DeFi Apps include protocols like 1inch, Bancor, Compound Finance, Convex, dYdX, GMX, and SushiSwap, while Prime dApps cover AAVE, Balancer, Curve, Maker DAO, Safe, Synthetix, and Uniswap. This variety allows users to select the cover that best fits their needs.
Beyond purchasing cover policies, users can provide liquidity, report incidents, and claim payouts. For more details on these activities, refer to our comprehensive blog on the Neptune Mutual marketplace.
Recently, we introduced a new feature called vote escrow on the Arbitrum chain. Users can lock NPM tokens to receive veNPM tokens, which enhance their voting power on Snapshot voting for NPM emissions. This allows liquidity providers to influence emissions in their favor. For more information, check out our blog on Snapshot voting for NPM emissions.
Increased Activities on the Arbitrum Marketplace#
The Arbitrum marketplace has seen a surge in activity in recent months. Thanks to our marketing efforts since early 2024, there has been a significant boost in policy purchases. Notably, the 1inch cover product on Arbitrum, now updated to V3, achieved over 15% utilization as of March 2024.
In just a week in March, more than 100 cover policies were purchased on the Arbitrum network, reinforcing Neptune Mutual’s status as the top DeFi insurance protocol on Arbitrum.
We frequently run promotions and cashback offers to increase cover policy sales. For example, we ran a 25% cashback promotion for AAVE users across all chains and a 40% discount on all Arbitrum cover policies. Such promotions have attracted more users to our marketplace and made the Arbitrum marketplace increasingly popular.
The 2 Arbitrum X Spaces Neptune Mutual Attended#
Arbitrum has invited us to two key X Spaces, where we attended and talked about our project to the Arbitrum audience.
In April 2023, our representatives participated in Arbittrum’s X Space for the first time. They informed the audience about the inherent risks of the DeFi space and the need to protect assets against them. We informed users about the parametric model of our coverage solution, which results in faster and more seamless payouts compared to other DeFi insurance projects. We also talked about several other features, like governance in incident resolution, high rewards for cover pool LPs, Web3 tools, and so on.
In the last month, we attended another X Space hosted by Arbitrum. There, we let the listeners know about the rewards through the Neptune Mutual cover marketplace. We focused on informing users about NPM emissions and how cover pool LPs can benefit from them. We explained that LPs can boost their NPM emissions by converting their NPM tokens to veNPM tokens and locking their POD tokens at the start of each epoch.
