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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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NPM Token Listing on Uniswap v2

3 min read
Press Room

After the first token launch on SushiSwap, Neptune Mutual is set to list the token in Uniswap v2.

Neptune Mutual Launches NPM Token on Uniswap V2, Expanding its Reach to the Ethereum Mainnet

Neptune Mutual, a leading decentralized insurance protocol, is thrilled to announce the launch of its native NPM token on Uniswap V2, one of the most popular decentralized exchanges (DEX) on the Ethereum mainnet. The launch will take place on Wednesday, May 24th, at 14h00 UTC.

This milestone follows the introduction of the NPM token on Sushiswap on the Arbitrum chain on Wednesday, May 17.

Neptune Mutual aims to revolutionize the DeFi insurance industry by providing decentralized coverage to mitigate smart contract and custody risks. The launch of the NPM token on Uniswap V2 will further enhance accessibility and liquidity for the Neptune Mutual ecosystem.

Uniswap V2 is renowned for its user-friendly interface, liquidity pools, and extensive range of supported tokens. The integration of the NPM token into Uniswap V2 will facilitate seamless trading and enable users to participate in the growth of Neptune Mutual, contributing to its mission of making decentralized insurance accessible to all.

With the NPM token now available on both Sushiswap and Uniswap V2, users have the freedom to choose their preferred platform while engaging in the Neptune Mutual ecosystem. In addition, Neptune Mutual has integrated two leading bridge solutions into its application UI using technology from LayerZero and Celer Network. This allows users to bridge NPM tokens across chains.

We are excited to launch the NPM token on Uniswap V2, a renowned and user-friendly decentralized exchange on the Ethereum mainnet,

 said Binod Nirvan, CEO of Neptune Mutual. 

This development marks an important step in our journey towards building a robust and inclusive decentralized insurance platform. We believe that by expanding our reach and liquidity, we can create more value for our users and enhance the overall stability of the Neptune Mutual ecosystem.

The NPM token launch on Uniswap V2 will be accompanied by a comprehensive marketing campaign to raise awareness and promote its availability. Neptune Mutual plans to engage with the community through a variety of new initiatives, including the imminent launch of a vote escrow NPM token. This will enable the Neptunite community to vote on the allocation of NPM rewards for LPs.

As Neptune Mutual continues to expand its presence across multiple chains and exchanges, the team remains committed to its core values of transparency, security, and accessibility. The launch of the NPM token on Uniswap V2 reinforces Neptune Mutual's commitment to democratizing insurance and ensuring the protection of assets within the decentralized finance (DeFi) ecosystem.

For more information about Neptune Mutual and its NPM token, please visit the official website. Follow Neptune Mutual on Twitter, Telegram, and YouTube for the latest updates and announcements.

About Neptune Mutual#

Neptune Mutual is a decentralized insurance protocol that provides coverage for smart contracts and blockchain projects. By leveraging blockchain technology, Neptune Mutual aims to make decentralized insurance accessible, transparent, and efficient. With the NPM token as its native currency, Neptune Mutual is committed to building a secure and inclusive ecosystem for decentralized insurance.

Media Contact:
Email: media@neptunemutual.com

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