Monthly Report (Mar-2023)
Neptune Mutual DeFi Insurance Parametric Cover Marketplace Monthly Review - March 2023
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The second testnet is set to go live in Novemeber on Avalanche Fuji with a gamified version.
Open Zeppelin is a tier 1 blockchain security company with an excellent reputation both for its security audits and for its library of smart contracts. We commissioned Open Zeppelin to conduct a 2nd audit of our codebase and we have been working closely with them since the month of August to review and refactor the codebase to take into account their recommendations. Security is our first priority at Neptune Mutual and the team has invested a lot of time and energy over the last few months in checking the extensive codebase of our marketplace. The Open Zeppelin audit report is now publicly available on their website (link to report) and we will also be updating our website with links to this report and also the audit report published by Blocksec.
By far one of the most exciting updates that we have for you. We’re pleased to announce that after months of back-end programming, rigorous testing, security code audits, and updates, the Neptune Mutual parametric cover protocol is launching on the mainnet in November. Keep checking back on our social media channels across Discord, and Twitter for news of the exact launch date.
For our community members who have supported us since Day 1, we’re proud to make this project a reality, and we’d like to say thank you for your continued support as we safeguard DeFi, CeFi, and Web3 communities against smart contract hacks.
We’ve made it as simple as possible to obtain parametric cover for your digital assets. Blockchain projects create cover policy products for their communities. You buy the cover policy that you need based on the digital assets that you own.
Parametric cover means policy payouts are based on the occurrence of predefined parameters and trigger events, as opposed to individual claims. This makes policy payouts fast and reliable when incidents are validated.
You can also participate in the Neptune Mutual parametric cover marketplace as a liquidity provider. Supply liquidity to cover pools and earn a percentage of the cover fees paid by policyholders.
On October 8th, 2022, we announced that the gamified testnet of the Neptune Mutual protocol was live on Avalanche’s Fuji (C-Chain) network. There were lots of exciting rewards to be won for participating in the various stakeholder roles and we will be announcing winners shortly.
Even though the Gleam competition is now over, the testnet will remain active so that it can be used as a learning resource.
The current URL for the testnet is test.neptunemutual.net however do please join our Discord channel to stay up to date as this may change.
The Neptune Mutual marketplace is moderated and operated by the Neptune Mutual Association.
Located in Zug, Switzerland, this not-for-profit entity is responsible for overseeing the correct operation of the event reporting and incident resolution process, as well as protecting the integrity of the Neptune Mutual ecosystem.
In October, we brought you more exploit analyses from hacks executed in the blockchain industry. We covered BitKeep’s $1M Smart Contract Vulnerability, the 50,646 BUSD ULME Token flash loan attack, and Sovryn’s Price Manipulation Vulnerability, which resulted in a loss of over $1.1 million.
Having launched our testnet2 version of the Neptune Mutual protocol, we thought we’d help our community better understand what testnets are all about, and so, in our blogs section, we published The Beginners Guide to Testnets, a quick reference guide on what testnets are and why they are a necessity in the blockchain industry.
"Web 3.0" is a popular term among blockchain communities, but there are still so many people who don’t really know what it means or why it’s so important. In our blog, Web 3.0: How is it Different and Why Does it Matter?, we break down the basics of Web 3.0. We also answer the question “Is Web 3 the Same as Metaverse?”.
Visit neptunemutual.com to stay up to date on our latest publications and reports.
Want to be part of the Neptune Mutual team? Visit our Linkedin page to view our current job openings.