[ANN] Neptune Mutual: Decentralized Cover Protocol on Binance Smart Chain

[Freemind]

We have updated our protocol to support diversified covers, which may include multiple products utilizing the same liquidity pool. We also added the ability to customize the leverage factor for each product under the various cover pools.

We enabled custom reporting stakes for individual covers and refactored the cover contract to limit cover and product updates during the withdrawal period. We also removed the feature to cancel coverage and added the ability to disable and enable policy purchases. This function allows governance administrators to disable or enable policy purchases for a product or cover, as well as limit new policy purchases and free up liquidity as policies expire.

   • We’ve prepared a collection of informative and enlightening articles and videos for the benefit of our readers.
   • Major protocol updates include support for diversified cover pools, the addition of POT tokens, and much, much more.
   • The winners of the second month of NPM Rising Stars have been announced; the third and final month of the series of Season 1 is currently underway.

✅ You can check out our full, in-depth monthly review here: https://medium.com/neptune-mutual/neptune-mutual-monthly-review-june-2022-3b20971df9ee

[Freemind]

As an on-chain cover protocol, we are motivated to create an ecosystem where investors can mitigate their risks from exploits while supporting innovative new projects.

✅ Learn more about what drives us forward: https://medium.com/neptune-mutual/neptune-mutual-first-community-ama-recap-a9387b1ac5e0?source=social.tw&_branch_match_id=1073149240630875874&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXz8nMy9bLTU3JLM3VS87P1U%2Fz8XEsNzArCCxMAgApoNg1IwAAAA%3D%3D

[Freemind]

DeFi surely is a revolutionary in terms of finance. With every innovation, there comes a downside and crypto scams are one of them. Is there a way to protect ourselves from these scams?.

Cybersecurity is everyone's responsibility. With the frequency and sophistication of cyber attacks on the rise, taking steps to protect data can actually be good for business.

People lost more than $1 billion in crypto scams last year. That's 60x more than in 2018. The most popular category of scam was fake investments, followed by romance scams.

Visit our official website to know more: https://neptunemutual.com

[Freemind]

At Neptune Mutual, we refer to hack or exploit events as “incidents” if it is considered by the Neptunite community that they may have triggered the parameters of a cover pool policy in the Neptune Mutual marketplace. Simply put, incidents are hacks or exploits that cover pool policies are designed to protect against.

Learn how incident reporting on Neptune Mutual facilitates parametric cover. Become an incident reporter and earn rewards.

✅ Report and earn: How you can earn rewards by reporting incidents: https://medium.com/neptune-mutual/report-and-earn-how-you-can-earn-rewards-by-reporting-incidents-42a645c2427f

[Freemind]

That’s up more than 68% compared to 2020 and 23% higher than the previous all-time record of 1,506 in 2017.

Mind your cyber security and stay ahead of the hackers by taking necessary precautions. This means being aware of the risks and taking steps to protect yourself. Taking simple steps will make a big difference in the fight against cyber crime.

Visit our official website to know more: https://neptunemutual.com

[Freemind]

Many websites and apps ask security questions when you register for the first time. Then they use the answers you provide to verify your identity whenever you request to change a lost password. But cyberattackers often find ways around security questions.

How do they unwind your secret answers and access your account? How do they bypass these questions to hack your profiles?

Always be on the lookout for your personal protection. You might be surprised to learn just how much information hackers can use to guess passwords or answer security questions from your public posts on social media.

[Freemind]

One of the best reasons to use crypto assets? They're global. Meaning they're ideal for international transactions, which are often slow and expensive using traditional methods.

A three-word password is strong enough to keep criminals out but easy enough for you to remember. The NCSC recommends the three random words strategy which is helpful to those who may not be aware of password managers, or who may be reluctant to use them.

[Freemind]

Many blockchain projects contain vulnerabilities that have allowed hackers to steal over $1 billion in the first quarter of this year alone, according to reports. In the Blockchain business, hackers are growing more savvy and targeting previously unknown vulnerabilities. Current blockchain security measures are no longer enough to combat these hackers. This has led to the rise of various security measures aimed at safeguarding digital assets and more importantly, cementing stakeholders’ confidence in the project.

These include smart contract audits, an extensive pre-launch testing, bug bounties, outsourcing protection, and raising awareness about the multitude of blockchain hacks, security breaches, and exploits amongst the community.

Different asset protection models exist to protect communities against security risks by providing payouts in the event of incidents or suffered loss for DeFi, CeFi, Metaverse, and NFTs.

[Freemind]

In another incident, SpaceGodzilla was the victim of a typical price manipulation attack, losing approximately $25,379 USDT. The attacker obtained a large number of flash loans from various platforms before exchanging the borrowed USDT for the SpaceGodzilla token, and inflating its value. Following this, the attacker executed a function call on their smart contract, which resulted in the investment of both USDT and the SpaceGodzilla token in the unbalanced pool, where the attacker could exchange the project's token for more USDT. By redeeming and paying off the corresponding flash loans, the attacker was able to reap the profit.

   • Yuga Labs has opened Otherside for 'First Trips' in the Bored Ape Metaverse.
   • Playboy is planning to introduce the first MetaMansion in The Sandbox metaverse.
   • GameStop has released its public beta NFT marketplace.

✅ The weekly report is available here: https://blog.neptunemutual.com/weekly-report/

[Freemind]

Audius, a decentralised music streaming protocol, was hacked, with the perpetrator using a malicious governance vote to steal funds from its community treasury. The malicious actor successfully modified certain configurations in Audius' governance system's smart contract. They were able to become the contract's guardian as a result of these changes. Following that, the hacker created and approved a governance proposal requesting the transfer of 18 million AUDIO tokens from the community treasury. While these stolen tokens had a market value of more than $6 million, the hacker could only sell them for 705 ether, or roughly $1.1 million, due to significant market slippage. The funds that were stolen are still in the hacker's possession. Audius stated in an update that it had identified and fixed issues with its smart contract, and that a post-mortem report would be provided soon.

   • FC Barcelona is set to embrace web3 world with an NFT auction.
   • Cadbury Gems ventures into the realm of NFTs.
   • The Nelson Mandela Foundation launched NFTs for Mandela Day.

✅ The weekly report is available here: https://blog.neptunemutual.com/neptune-mutual/

[Freemind]

The goal of underwriting is to earn a return on capital through its use as a guarantee payment, which obviously is required in the event that the underwritten risk occurs and generates a call on the underwriting capital.  Liquidity providers who are considering investing in insurance protocols must accept the financial risk resulting from the liability arising from such a guarantee. This is generally well understood, however there are other constraints, such as lock-in, that are often far less transparent...

✅ The full article is available here: https://blog.neptunemutual.com/understanding-underwriting-capital-not-all-pools-are-alike-know-a-pool-before-you-jump-in/

[Freemind]

Binance has started testing its NFT ticketing solution with the football team Società Sportiva Lazio for the 2022–2023 season. The NFT tickets will solve the problem of fake tickets and eliminate scalping, preventing disorders in sporting events. Moreover, these tickets will not only give access to events, but they will also let the holders get discounts at stores and games, get free tokens, and do other things within the club. With the partnership, NFT tickets will be available for all of S.S. Lazio’s home games. An executive at S. S. Lazio, Marco Canigiani, said that people who already have tickets will be able to get their NFT tickets for free and use them to get into Stadio Olimpico and use the benefits that come with digital tickets.

   • Hyundai has re-entered the NFT space with its second digital collectible collection.
   • The MTV VMAs debut category for best Metavserse performance.
   • Nirvana Finance was exploited using a flashloan attack draining $3.49 million.

✅ The weekly report is available here: https://blog.neptunemutual.com/neptune-mutual-weekly-report-aug-1/

[Freemind]

We would like to thank everyone who took part in this season's monthly contests of NPM Rising Stars. We truly appreciate the time and effort everyone put into their involvement within the Neptunite community. While we could only choose a handful of winners this season, we want to extend our sincere appreciation to everyone who took the time to enter. We hope you will all continue to participate in future contests and bounty programs.

Members of our community who have made significant contributions to our discussion forums at selected Discord channels and helped to direct the course of our community's growth are recognized as Rising Stars.

The first round began last April, and the second round started immediately after the winners for the first month were announced. Winners for the second month were announced last June. The final round of the trimester session concluded on July 21, and the winners were subsequently announced.

   • We have completed our first round of protocol audits from the well respected blockchain security audit company BlockSec.
   • We were delighted to have been invited to participate in a Twitter Space discussion hosted by Polygon DAO.
   • The winner of the third round of NPM Rising Stars was announced, following which the first trimester of the competition came to an end.

✅ You can check out our full, in-depth monthly review here: https://blog.neptunemutual.com/neptune-mutual-monthly-review-july-2022/

[Freemind]

Cryptocurrency exchange ZB Exchange was another victim of a hack that appears to have drained approximately $5 million worth of tokens from the company's hot wallet. According to many sources, hackers may be responsible for transferring 21 different types of tokens off of the exchange, including Tether, Polygon, Tesra, and Shiba Inu. Transaction records show that the tokens were subsequently sold on several decentralized exchanges for Ether. The suspected hack followed ZB.com announcing the suspension of deposits and withdrawals in response to the sudden failure of some core applications, with the exchange warning users not to deposit any digital currency until a possible recovery.

   • KuCoin and Ertha have collaborated to launch an immersive Metaverse office.
   • NFT marketplace Magic Eden integrates Ethereum NFTs on their platform.
   • Crypto exchange ZB lost nearly $5 million in a suspected hack; Hackers target thousands of Solana wallets to steal assets valued about $6 million.

✅ The weekly report is available here: https://blog.neptunemutual.com/weekly-report-aug-8/

[Freemind]

We are delighted to share the results of our first protocol security audit, which was completed in July. BlockSec, an industry leader in securing dApp ecosystems, crypto-hack monitoring, blocking, and smart contract audits, has completed its review and audit of our protocol.

Neptune Mutual helps safeguard the Ethereum community from cyber threats through parametric cover policies created in the Neptune Mutual marketplace.

We will soon release the report written by BlockSec who were commissioned to review the project's code on the Neptune Mutual website.

The audit was passed with two potential high risk issues, five medium risk issues, and a handful of low risk issues, recommendations, and suggestions that our developer team has already addressed and fixed. Code safety and security criteria set before the launch of our mainnet were a sign of how far our team has come in prioritizing the safety of the product.

✅ More information in: https://blog.neptunemutual.com/first-audit-report/