
Neptune Mutual Launch Gamified Testnet on Avalanche Fuji
We're pleased to announce that on Saturday, October 8, 2022 at 11:30am UTC.
Youtube Video
Playing the video that you've selected below in an iframe
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.
Announcing the winners of our first testnet which was launched on Ropsten and Mumbai network.
The Neptune Mutual protocol testnet, which went live on March 10, 2022, is still fresh in our minds. Using our testnet protocol, you and other members of the community amassed points and moved up the scoreboard.
During the testing period, testnet users had the opportunity to interact with the protocol, create covers, purchase cover policies, report bugs, and even stake test NPM tokens for additional rewards.
Many thanks to everyone who took part. Many more contests and bounty programs are to come.
Now is the time to award special prizes to two lucky winners who, based on their engagement level, are the two highest-performing and most participatory users, together with 100 additional testnet users who shown excellent involvement and provided substantial comments concerning our protocol.
As well, a heartfelt congrats to all of the winners!. Those who have won must be active in our discord, telegram, and other social media platforms until the rewards have been distributed, so please keep this in mind.
We’re super excited to declare the winners of ‘Unlock the Gold Vault’ Neptune Mutual testnet competition and the mind-blowing prizes they’ve won:
baikaishui#8868, you have won $1000 worth of NPM tokens based on our public round price and exclusive Neptune Mutual merch!
wenGwagon#8763 will receive $500 worth of NPM tokens based on public round price and branded Neptune Mutual giveaways!
As for our other 100 lucky winners, you will each receive $100 worth of NPM tokens based on public round price. Thank you for being a good sport!
https://docs.google.com/spreadsheets/d/1bklHBHAeTNuv3tVWs1xz-_lh8R1BGcVctx0Hhag6tec/edit#gid=0
To claim the winning, you do not need to do anything except completing your KYC. The KYC process will only be started at a later date, much after we complete our public round. Please stay in touch.
Please note that the NPM tokens will be locked for 6 months following the first exchange listing date. All winners will have to undergo KYC. At the end of the lockup period, you will receive your NPM tokens to use it as you see fit.
All winners will also be required to undergo KYC. This process is generally straightforward and only requires some details about you. This ensures you are who you say you are, and that prize winnings are sent to the right addresses.
To view the competition page again, please use the following link:
https://gleam.io/tPydn/npm-testnet-unlock-the-gold-vault
Please stay tuned as the Neptune Mutual mainnet protocol is set to launch in the coming months. Our team has continued to refine the platform and make updates to the protocol based on the feedback you provided during the testnet phase.
Check out this quick recap of our progress so far as we prepare to take the Neptune Mutual protocol mainnet live very soon.
In the meantime, join our Discord and Telegram channels to stay up-to-date on the latest developments on our protocol.