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

[Freemind]

Announcing Fuji Testnet Winners.

Congratulations to the winners of our recently concluded Fuji Testnet contest in which participants from all over the world interacted with the Neptune Mutual gamified testnet protocol on the Avalanche (Fuji C-Chain) network.

First things first, we’d like to thank everyone who participated in the Fuji Testnet Gleam competition which ran from October 8th to 29th, 2022. We’re also delighted to announce the winners.

This competition involved our community members taking on various stakeholder roles within the Neptune Mutual ecosystem – policy purchaser, liquidity provider, and incident reporter – and engaging with the parametric cover marketplace testnet. The protocol was hosted on the Avalanche Fuji (C-Chain) network.

✅ The full article is available here: https://blog.neptunemutual.com/announcing-fuji-testnet-winners/

[Freemind]

Role of Cover Protocols in Mitigating Risk.

Insurance is a well known tool for mitigating risk. And if the volume of DeFi hacks and exploits over the last month alone are anything to go by, purchasing cover to mitigate this risk seems a wise move to safeguard your digital assets.

In the physical world individuals and businesses expect risks to be mitigated with insurance cover as a matter of course.  Nobody would consider depositing their savings in a bank that wasn’t insured, or owning a house that wasn’t insured, or driving down the road in a car that wasn’t insured.   So why is it, in the risky world of blockchain projects where there is so much media attention given to cybercriminals, hacks and theft of digital assets, that digital assets remain, for the most part, completely unprotected?  This is a question that we covered, in part, in our blog article “Crypto Crash Heightens Awareness of Risks & Hacks”.

Let’s have a quick look at recent cybercriminal activity since that article was written.

✅ The full article is available here: https://blog.neptunemutual.com/role-of-cover-protocols-in-mitigating-risks/

[Freemind]

Weekly Report (Dec-12).

The rise of NFTs and assets within the metaverse has gained significant attention over the recent years, with many predicting that they will shape the future of online economies and digital ownership. The emergence of NFTs and the metaverse has created new avenues for creators and investors, as well as a new market for buying and selling digital assets. Many people believe that NFTs will disrupt traditional industries, such as the art and gaming world, by providing a new way for artists and game developers to monetize their creations. They have also sparked discussions about the potential for these digital assets to challenge our ideas of ownership, the value of digital goods, as well as the engagement with digital content.

   • Starbucks has launched its Odyssey NFT Rewards program.
   • Warner Music Group is planning on releasing Polygon music NFTs.
   • Winamp has added Ethereum and Polygon based music NFT support.

Animoca Brands has acquired a majority stake in music Metaverse platform Pixelynx Inc. This blend of musicians and technologists presents an optimistic outlook on the future of web3 media. The acquisition will enable the blockchain titan to build, invest in, and acquire the studios, infrastructure, and technologies that will drive the future of the music industry. The company will provide creators with control over how they develop experiences for their fans, partners, and platforms. Creators will be able to forge new avenues for music development, sharing, and monetization by transitioning to more modern methods. Fans now have the chance to become collectors, collaborators, influencers, and investors in their favourite music, in addition to being mere listeners.

✅ The weekly report is available here: https://blog.neptunemutual.com/weekly-report-dec-12/

[Freemind]

Analysing Elastic Swap Hack.

On December 13, 2022, Elastic Swap was exploited due to price manipulation causing a total loss of approximately $854,000.

The root cause of the vulnerability is due to the usage of two different accounting system which led to inconsistent calculation for adding and removing liquidity in contracts.

Elastic Swap operates on the Avalanche C-Chain platform, and is an automated market maker focused on elastic supply tokens like $AMPL.

The team published a Tweet stating that they have been compromised, and have asked users to remove their liquidity.

The attack also caused the project's TIC token to drop by more than 77% of its value, and was found to be trading at $1.05 at the time of this writing.

✅ The full article is available here: https://blog.neptunemutual.com/analysing-elastic-swap-hack/

[Freemind]

SellToken is a decentralized short trading exchange that executes requests based on the operations submitted by users' short trading requests.

On May 13, 2023, the SELLC token of the SellToken project was exploited in the BNB chain, resulting in the loss of approximately $87,000.

The root cause of the vulnerability is price manipulation caused by the flawed calculation of their token price.

Learn how the SellToken project was exploited, resulting in a loss of funds worth $87,000.

✅ The full article is available here: https://neptunemutual.com/blog/understanding-sell-token-exploit/

[Freemind]

The Neptune Mutual "$NPM" token was launched a few hours ago on SushiSwap.

[Freemind]

What Are Bond Pools? Working & Benefits Explained

Users can supply liquidity to a DEX in the form of a liquidity pool pair, such as NPM and USDC; in exchange, users receive LP tokens. Users can benefit from this by receiving a pro-rata portion of the fees that result from trades made from this DEX pool.

As an additional incentive to encourage users to supply liquidity to the project’s DEX pool, users can exchange their LP tokens for discounted NPM tokens. This mechanism means that the project itself owns the liquidity, avoiding the problem of the DeFi 1 system in which fickle liquidity moves from project to project depending on whichever is giving away the most value in terms of token rewards. Bond pools of this sort typically offer incentives for a limited time.

✅ The full article is available here: https://neptunemutual.com/blog/what-are-bond-pools-working-benefits-explained/

[Freemind]

"Wen we moon?" - The road ahead

In the world of DeFi, speed often supersedes security and functionality. Neptune Mutual, however, has adopted a different approach, focusing on strategic growth, careful planning, and diligent application of resources. The team recognizes the journey to the moon as a marathon, not a sprint. Their approach to token launches is prudent and methodical, ensuring they have the necessary resources for subsequent phases. Their judicious resource allocation also demonstrates their resolve to remain operational and valuable in the long term.

✅ The full article is available here: https://neptunemutual.com/blog/wen-we-moon-the-road-ahead/

[Freemind]

Announcement: Layerzero Bridge Feature Now Available for NPM Tokenholders!

We’re dedicated to continuously enhancing our platform to ensure you have the tools and features you need for an exceptional user experience. Here’s a sneak peek at some of our forthcoming releases:

    Celer Bridge: Next week, we’re launching Celer bridge and updating the user interface. Stay tuned for more information on how these updates will improve cross-chain transfers.

    veNPM Token: We are in the final stages of developing this new feature and can’t wait to share more about it soon.

    Liquidity Gauge Pool: Designed to distribute NPM emissions to veNPM and LP holders.

    Gauge Controller Registry: Created to streamline the management of liquidity pools and rewards.

    Governance Portal: Prepare for a more engaging community experience. Your voice is important to us, and this portal will allow you to vote on proposals and allocate NPM token emissions to your preferred liquidity pools.

    And Much More: To bring more value to our community, we are working on multiple new projects and improvements to the Neptune Mutual protocol. We will share updates as soon as we can.

✅ The full article is available here: https://community.neptunemutual.com/t/announcement-layerzero-bridge-feature-now-available-for-npm-tokenholders/184

[Freemind]

Hedge Inflation with Flatcoin Crypto

According to the IMF, Global inflation in 2023 will remain high, with the baseline expected to be 7.0 percent in 2023 and underlying (core) inflation declining more slowly. Given the impact of inflation on the value of assets, it is hardly surprising that investors are seeking out inflation-resistant options.

One such option is inflation-indexed bonds. This type of bond increases in value as inflation moves upwards. Often, they are linked to indexes that track the cost of goods, such as the consumer price index (CPI).

While inflation-indexed bonds provide a hedge against inflation, they are not without risk. Firstly, they are often pegged to just one index, which can lead to misleading results. Secondly, these bonds can impact investors' portfolios negatively during times of deflation.

✅ The full article is available here: https://neptunemutual.com/blog/hedge-inflation-with-flatcoin-crypto/

[Freemind]

Weekly Report (May-22, 2023)

LooksRare launched an NFT raffle in which users could purchase entries for 0.01 ETH or less. Users will only need a crypto wallet and enough ether to cover the entry fee and gas costs to win the grand raffle prizes, which include a Bored Ape Yacht Club (BAYC) NFT, other blue-chip NFTs like Azuki, and the LOOKS token. The raffles are conducted at random and are carried out using smart contracts, making the entire process transparent, inclusive, and fair. The raffle program will run for seven days, with one raffle round every day and a minimal fee collected on each round.

The LALA NFT marketplace is set to drop a Wolf of Wall Street collection on June 20. Each NFT offers a percentage of the blockbuster film’s revenue stream. Minters will benefit from exclusive digital and real-life perks in the long run. The marketplace joined forces with Paolo Torres, the Peruvian artist, for the inaugural digital collection. The journey of the collection for this film begins with the theme dubbed The Hustle. The first drop will feature three tiers for fans to choose from: General Release, Limited Edition, and the Director’s Cut.

✅ The full article is available here: https://community.neptunemutual.com/t/weekly-report-may-22-2023/186

[Freemind]

Understanding Tornado Cash Exploit

We may not have prevented the occurrence of this hack, however the impact or aftermath of this attack could have been significantly reduced if the team associated with Tornado Cash had set up a dedicated cover pool in the Neptune Mutual marketplace. We offer coverage to users who have suffered a loss of funds or digital assets occurring as a result of smart contract vulnerabilities owing to our parametric policies.

Users who purchase the available parametric cover policies do not need to provide loss evidence in order to receive payouts. Payouts can be claimed as soon as an incident is resolved through the incident resolution system. At the moment, our marketplace is available on two popular blockchain networks, Ethereum, and Arbitrum.

✅ The full article is available here: https://neptunemutual.com/blog/understanding-tornado-cash-exploit/

[Freemind]

How Was CS Token Exploited?

t is critical to understand that no security measure is perfect, but implementing rigorous security standards can greatly reduce the risk of all such attacks on DeFi protocols. These standards can aid in identifying and addressing potential attack vectors before they are exploited by attackers.

Many formal verification tools can also be used to ensure that the smart contract behaves as it is intended to. Independent third-party auditors should conduct regular smart contract audits to identify vulnerabilities and recommend mitigation strategies.

✅ The full article is available here: https://neptunemutual.com/blog/how-was-cs-token-exploited/