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Neptune Mutual to Close Cover Marketplaces

5 min read
Neptune Mutual Final

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:

CEX Listing#

“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.

Growth Performance#

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:

The DeFiInsurance Narrative#

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.

Continue to Invest in Growth, or Refund?#

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.

What's Next?#

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.

Disclaimer:#

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.

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Spotlight: Neptune Mutual’s NFT Portal

6 min read
Blog

A spotlight article highlighting the Neptune Mutual NFT Portal and our profile on Element

Blockchain and Decentralized Finance (DeFi) are evolving landscapes with lots of emerging community-driven projects. Among the innovations stands Neptune Mutual, a project that prioritizes its community along with its mission to protect users from potential threats in the Web3 space.

With the aim of encouraging active participation and engagement in the community, Neptune Mutual offers several ways to reward its users, such as the bug bounty program, contests like the recent Content Creation Program and the upcoming Neptune Wars. One particular aspect of Neptune Mutual's reward system stands out and that is the Neptunite Non-Fungible Tokens (NFTs).

To facilitate the minting of Neptune Mutual NFTs, we have created a dedicated NFT portal, a marketplace where users can browse through the different types of NFTs from Neptune Mutual and its different levels within the collection.

In this article, we'll dive into the world of the Neptune Mutual NFT Portal and understand its features. First, let’s start with a brief overview of the NFTs available to users in the portal based on their use of the Neptune Mutual cover marketplace application.

Neptune Mutual NFTs - Overview#

The Neptune Mutual NFTs initiative is a program designed to reward cover purchasers from our cover marketplace. Individuals purchasing cover policies of as little as $10 become eligible for these distinctive free-to-mint NFTs.

What sets Neptune Mutual limited edition NFTs apart besides the amazing art and rarity, is the backstories and lore that accompany these artworks. In addition, the increasing rarity of the characters based on the progression through a series of levels makes collecting NFTs engaging and enjoyable for users. These NFTs are part of a portrayal that builds up to an amazing storyline consisting of mythical characters and their ambitions aligning with the mission and vision of Neptune Mutual.

Neptune Mutual NFT Categories#

The characters in the Neptune Mutual NFT program can be divided into three different categories. They are:

Beasts: Beasts are the antagonists of the Neptune Mutual NFT collection that represent the threats, hazards, and hackers of the DeFi space. The team of Beasts consists of Sabersquatch, Gargantuworm, the Grim Wyvern and the Merman Serpent.

Guardians: Guardians is an alliance of gods dedicated to protecting the DeFi waters alongside Neptune. It consists of Delphinus, Aquavallo, and Salacia.

Neptune: Neptune, a Roman god of seas and freshwater, is the main character of our NFT collection. He strategizes ways to defend the DeFi realm and leads the Guardians in the war against the Beasts.

Neptune Mutual NFT Portal#

Neptune Mutual's NFT portal is a dedicated space from which you can mint the above-mentioned NFTs. The portal lets users select their persona to support their alliance with the Guardians or with the Beasts.

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You can look around the NFTs from the portal to see what you like. There are siblings for each character, with unique designs and characteristics, so go through them and mint your favorite one depending on your eligibility. You can use marketplace features like search, character property, roles, and NFT-type filters to ease your search. You can click each NFT to go to its detail page to view its description and properties.

Note that there are restrictions on which NFTs you can mint based on the number of points you have accumulated through the use of the cover marketplace. The NFT portal can also help you learn about these different minting levels and the characters that can be minted on each level. In short, you'll first have to start out with the Soulbound NFT before unlocking tradable NFTs and progressing through the seven levels.

Types of Neptune Mutual NFTs#

Neptune Mutual NFTs are divided into two types. They are:

Soulbound NFTs: A Soulbound NFT is the first NFT you mint to start your NFT collection journey. Each Soulbound NFT is unique and native to your wallet; it can't be sold or transferred. To mint a Soulbound NFT, you need to purchase a minimum cover worth $10 from the Neptune Mutual cover marketplace on the BNB Smart Chain (note that for the Soulbound NFT it is important to use the marketplace on the BNB Smart Chain and not either of the marketplaces on Arbitrum or Ethereum).

Tradable NFTs: Tradable NFTs can be minted by eligible users who have already minted the Soulbound NFT and accumulated the required points based on their cover purchase history. There are seven levels to the tradable NFTs. Users can progress through these levels and collect NFTs that become increasingly rare.

You can read our detailed guide on the NFT minting system to understand all about the minting levels and to get started with minting your collection.

Now listed on Element NFT Marketplace#

Element is an NFT marketplace that aims to save time and cost on NFT trades. It's the first community-driven aggregated marketplace, and it provides users with the best liquidity, low transaction costs, and efficient trading functions.

One of the important features of Element is its multi-chain layout. This enables aggregating NFTs from popular blockchains such as Ethereum, BNB Chain, Polygon, Avalanche, and Solana. This is one strong reason for Neptune Mutual to adopt Element as its platform for displaying and trading NFTs.

Element conveniently supports NFTs on the BNB Chain. Thus, the Neptune Mutual tradable NFTs, which are native to the BNB chain, can be displayed on Element without any issue. Our initial plan of making NFTs available on OpenSea was discarded as OpenSea removed support for BNB Chain.

Check out our official profile on Element.

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Displaying Your Neptune Mutual NFT in the MetaMask Wallet#

MetaMask is a primary choice of wallet for users to store cryptos and NFTs. It automatically displays the NFTs on Ethereum. But if they're on other networks, you should add them manually to MetaMask. So, let’s see how to add NFTs to your MetaMask wallet in a few simple steps.

First, open your MetaMask browser extension. Then, scroll below and click on the ‘Import Tokens’ section. Enter the required details, i.e., ‘Token Contract Address’ and ‘Token ID’.

You’ll find these details in the NFT marketplace i.e., Element. All you have to do is connect your MetaMask wallet and find the details on your profile.

Now, copy the details to your wallet’s ‘Import Tokens’ section and click on the ‘Import’ button. After these steps, you should be able to view the token in your MetaMask wallet.

If your added NFT shows a “suspicious” tag after adding it to your wallet, follow these two steps to remove it:

  • Go to “Portfolio”, click on More, and select the tab for “Suspicious NFT”.
  • Hover over the Neptune Mutual NFT and check “Mark as not suspicious”.

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Share Your Neptunite NFTs#

We encourage all users  to share their NFTs on social media with the hashtag #NeptuniteNFTs and upping their PFP game. As we’ve mentioned before, our priority is our community so we are always grateful for active Neptunites on socials who will be eligible for future rewards such as airdrops. We recently completed an airdrop to reward winners of a contest. If you have any more questions please reach out to our moderators on Discord to get your Neptunite journey started.

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