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(https://cdn.neptunemutual.com/bitcointalk/hero.png?v2)
The Neptune Mutual platform explores new avenues to creating user-centric hedging products on the blockchain. We aim to attract a new and steady user base and growing liquidity to the Binance Smart Chain by creating stablecoin-based products for accurate risk hedging and coverage.
There is no single entity that controls the future of the Neptune Mutual platform. The platform is conceptualized to democratically incentivize the “good actors” and punish the bad actors. Over the course of next several months, Neptune Mutual will be transitioned to fully function as a DAO.
(https://cdn.neptunemutual.com/bitcointalk/dashboard.png?v2)
Introduction to Features
Initial Farm Offering
There are a few ways initial users can get the NEP tokens without buying:
- by entering into free NEP giveaway (https://neptunemutual.medium.com/announcing-nep-bounty-contest-round-1-9dfbad9d099d)
- by creating a bond (https://app.neptunemutual.com/bond)
- or by farming NEP (https://app.neptunemutual.com/pool) in one of the pools.
(https://cdn.neptunemutual.com/bitcointalk/ifo.png?v2)
More information about Bond and Pool below. Keep reading.
Neptune Mutual Token (NEP)
The NEP token smart contract, as you can verify, restricts the owner to perform "unlimited minting" and only allows the following allocations. Time-based restriction exactly as specified below (https://github.com/neptune-mutual/nep-token/blob/main/contracts/NeptuneMutualToken.sol):
Total Distribution (Pre Release)
| Distribution | Allocation | Release | Note |
| Seed Round | 45M NEP | 20% (9M NEP) | Release: 20% immediately. After 1 Year: 40%. After 2 Years: 40% |
| Community Incentives | 22.5M NEP | 1% initially, remaining within 72 Months | 100% mint possible, community incentives will be gradually minted |
| Liquidity Pool Rewards | 67.5M NEP | 25% initially, remaining in 12 Months | 100% mint possible. Multiple rounds of liquidity pool rewards |
| Initial Protocol Incentives | 90M NEP | 0% initially, remaining in 12 Months | 100% mint possible. For incentivizing protocol users and liquidity providers. |
| Total | 225M NEP | 10-100% of this supply in 72 months | |
Main Release
The main distribution will happen only after the 225M NEP tokens are minted and gradually distributed to the community through liquidity mining. Although we may conduct an ICO at a later date, the allocation "Token Sale, TGE, Listing, and/or Distribution" does not necessarily mean an ICO round. It can be liquidity mining or an exchange launchpad distribution at a later date.
| Distribution | Allocation | Release | Note |
| Token Sale, TGE, Listing, and/or Distribution | 135M NEP | 0-100% in 12 months | The below distributions can be minted only after this allocation |
| Grant, Ecosystem Development, and Partnership Pool | 180M NEP | Released after 365 days of token distribution start date | Mint impossible before TGE + 365 days |
| Long-term Protocol Incentives (Platform Users) | 225M NEP | Released after 365 days of token distribution start date | Mint impossible before TGE + 365 days |
| Founding Team, Legal, Corporate, and Employee Rewards | 135M NEP | 365-day mint lock, and then 5-year vesting schedule. 20% released each year. | Mint impossible before TGE + 365 days + 365 x 5. Total 6-years after the TGE |
| Total | 765M NEP | Distribution tokens released immediately, rest distributed gradually after 1 year | |
Please note: through governance, we can merge "Token Sale, TGE, Listing, and/or Distribution" category into liquidity mining, grants, or protocol incentives (except team allocation).
What is NEP Token?
The NEP token is both governance and utility token of the Neptune Mutual platform. You need NEP tokens:
- For governance and voting rights
- To provide stablecoin liquidity to the Cover Pool
- To become a cover reporter
- To create a new cover contract
Is NEP Deflationary?
We think so.
- Foreign assets farmed under NEP pool will be used to purchase NEPs which will then be burned.
- Creating a new coverage contract requires you to burn 1000 NEP tokens. Coverage creators will earn a small portion of the coverage fees collected in BUSD or BNB.
- 4000 NEP tokens must be staked when creating a coverage pool. The higher your stake, the more visibility your coverage will get in the market.
- Coverage pools are available in BUSD. We deduct 6.5% of the coverage fee or coverage claim in BUSD or BNB. The acquired BUSD will be used to purchase NEP tokens in the PancakeSwap exchange and then immediately burned in a single transaction.
- Providing liquidity to a coverage pool requires you to stake 250 NEP or higher.
- During dispute resolution (governance), more than 50% NEP of the minority is burned
Note: The suggested amount of NEP tokens to burn and/or stake is for information purpose only. Please be advised that these amounts are configurable and can change now or in the future.
Is This a Fork of <enter a name> something else?
No. Neptune Mutual is 100% an original project, not a copy of something else.
Are You Actively Building?
Yes. Follow our Github organization to learn more.
| Project | Repository | License | Complete | Published |
| NEP Token | https://github.com/neptune-mutual/nep-token (https://github.com/neptune-mutual/nep-token) | BUSL 1.1 | Yes | Yes |
| Neptune Mutual Web Application | https://github.com/neptune-mutual/app (https://github.com/neptune-mutual/app) | BUSL 1.1 | Yes | No |
| NEP Bond Pool | https://github.com/neptune-mutual/nep-bond (https://github.com/neptune-mutual/nep-bond) | BUSL 1.1 | Yes | Yes |
| NEP CAKE Farm | https://github.com/neptune-mutual/cake-farm (https://github.com/neptune-mutual/cake-farm) | BUSL 1.1 | Yes | Yes |
| NEP Pool | https://github.com/neptune-mutual/nep-pool (https://github.com/neptune-mutual/nep-pool) | BUSL 1.1 | Yes | Yes |
| BNB Liquidity Mining | https://github.com/neptune-mutual/bnb-liquidity-mining (https://github.com/neptune-mutual/bnb-liquidity-mining) | BUSD 1.1 | Yes | Yes |
| NM Discovery Smart Contract | https://github.com/neptune-mutual/discovery (https://github.com/neptune-mutual/discovery) | BUSL 1.1 | Yes | No |
| NM Covers | https://github.com/neptune-mutual/covers (https://github.com/neptune-mutual/covers) | BUSL 1.1 | No, In Review | No |
| NM Predictions | https://github.com/neptune-mutual/predictions (https://github.com/neptune-mutual/predictions) | BUSL 1.1 | Not Planned Yet | Not Applicable |
Note:
- The NEP token contract has fixed supply, time restriction is already hardcoded into the smart contract.
- The bond, cake farm, and pool contracts are not upgradable.
- The cover protocol contract will be upgradable with timelock implementation
Decentralized Covers
(https://cdn.neptunemutual.com/bitcointalk/cover.png?v2)
Anyone who holds NEP tokens can create a cover contract. To avoid spam, questionable, and confusing cover contracts, a creator has to burn 1000 NEP tokens. Additionally, the contract creator also needs to stake 4000 NEP tokens or more. The higher the sake, the more visibility the contract gets if there are multiple cover contracts with the same name or similar terms.
Rewards
The contract creator will earn a steady income of 1% of all cover fees paid by the users. Initial contract creators will also earn additional 1% of the cover fees in NEP.
This added NEP reward comes from the Protocol Incentives allocation, as described in our token design. Once the allocation is fully distributed, this reward will be stopped.
About Reporting Questionable or Invalid Contracts
The governance system allows NEP token holders to vote to invalidate and remove any cover contract.
- The staked NEP tokens of the contract creator will be burned.
- The users having non-expired covers can withdraw their cover fee.
- The liquidity providers can withdraw their staked NEP tokens, stable-coins, and cover fees.
The liquidity providers can evaluate a cover contract and ensure that it is up to their satisfaction. One can then provide liquidity in BUSD or other supported cryptocurrency. A liquidity provider needs to also stake 250 NEP or higher.
Farming Strategy
To maximize return on investment, 25% (or lower) of the idle/uncovered assets in the liquidity pool is supplied to Venus Protocol for lending. The interest received on loan is converted to BUSD to be capitalized back into the liquidity pool, shared amongst all liquidity providers. The platform will deduct 2% of the profit generated to purchase (and burn) NEP tokens from decentralized exchange(s).
This feature will be available starting from the Neptune Mutual Protocol v2.
Cover Fees
The liquidity providers collectively earn cover fees paid by the platform users. Initial liquidity provider will receive additional 10% rewards in NEP tokens.
This added NEP reward comes from the Protocol Incentives allocation, as described in our token design. Once the allocation is fully distributed, this reward will be stopped.
Purchasing Covers
Anyone who holds 1 NEP token or higher can purchase a cover contract for up to 3 months in the future. No KYC is required.
(https://cdn.neptunemutual.com/bitcointalk/cover-purchase.png?v2
[IMG width=700]https://cdn.neptunemutual.com/bitcointalk/claims-payout.png?v2)
To guarantee successful claim payout, the platform will restrict liquidity providers from withdrawing the locked assets for a set duration of time (configurable, governance).
The realized (non-claimable, expired) cover fees automatically accumulate in the pool. This ensures liquidity providers see their capital grow without having to withdraw.We will incentivize initial users by airdropping NEP tokens.
Reporting & Governance
Anyone can report an incident to have happened by staking 100 NEP tokens or higher in the cover contract pool. With this, the contract now becomes open for governance. The locked NEP tokens are added to the reporting pool balance on the "Incident Happened" side. Other people who disagree can also lock any amount of NEP tokens on "False Reporting" side.
(https://cdn.neptunemutual.com/bitcointalk/reporting.png?v2)
This then puts the contract into "Reporting" status. Interested users can still purchase covers (if liquidity is available) for the future as the protocol automatically locks liquidity to provide successful claims in the future. During the reporting period, users can stake their NEPs to vote. At the end of the reporting period, the side with the majority gets 75% of the minority's stake. The remaining 25% stake is burned.
To encourage competition and faster reporting, the protocol rewards the first reporter with 33% of the total reporting fees. To discourage malicious actors, the platform will burn all stake if the majority disagree with the reporter. If this happens, the first user who reported on the other side will get the 33% reward instead.
Protocol Fees
The protocol automatically deducts 6.5% of the fees. A portion of this fee is rewarded to the reporters while the majority of the fee (in stable-coins) is utilized to purchase NEP tokens from a decentralized exchange. The acquired NEP tokens are then burned, thereby reducing the total supply.
(https://cdn.neptunemutual.com/bitcointalk/fees.png)
Prediction Market
TBD, not planned yet.
How do I benefit from the Neptune Mutual platform?
To manage risks, the Neptune Mutual platform provides users with a guaranteed stablecoin liquidity. On the other hand, the liquidity providers collectively earn the coverage fees generated in the pools. Additionally, the platform also incentivizes the users by “airdropping” a certain amount of NEP tokens to the early users on both sides.
By Managing Risks
(https://cdn.neptunemutual.com/bitcointalk/manage-risks.png)
By Supplying Liquidity
(https://cdn.neptunemutual.com/bitcointalk/provide-liquidity.png)
How Do I Get NEP Tokens?
By Participating in Bounty Program
We are pleased to announce our first bounty round. This round will have a total of 250 winners each awarded 500 NEP tokens.
Read the Bounty Announcement Here (https://neptunemutual.medium.com/announcing-nep-bounty-contest-round-1-9dfbad9d099d)
By Bonding
You can acquire NEP tokens by bonding popular cryptocurrencies and stable-coins like BUSD, BNB, and more. Note that there is a locking period of 90 days before your bond is released. When your bond is released, you get your liquidity token back + bonded NEP tokens (minus fees). During the bond period, your liquidity + NEP tokens are added to the PancakeSwap exchange's liquidity pair. This means you will also receive profits and will bear the loss of being a liquidity provider in a decentralized exchange.
By Farming
Select a cryptocurrency, liquidity token, or NEP you wish to stake in the NEP Pool which generated NEP as the pool reward. There is a minimum lock period of 24 hours before you can un-stake your liquidity.
Will the Bond & Farm Close in the Future?
Yes. Both bond and farm pool smart contracts are written in such a way that they automatically end as soon as the maximum amount of "liquidity token" is staked. Note that there isn't a continuous supply of the NEP tokens and we can only provide maximum up to the amounts specified in the above token distribution allocation table. Also, being a deflationary token restricts us to keep running the liquidity mining functionality. It's simply impossible to do so.
What Is the List of Exchanges That Will Be Covered?
The Neptune Mutual platform allows any NEP holder to create a cover contract. A creator needs to burn 1000 NEP tokens to create a new cover contract. To prevent fraudulent contracts, the creator is required to lock 4000 NEP or more. The cover creator will earn a percentage of the fees (in BUSD) collected in the contract.
How Can I Earn in the Cover Pool? What Are the Benefits?
In order for you to join a coverage pool as a liquidity provider, you need to stake 250 NEP or higher and supply BUSD liquidity in the pool. You will earn your proportional share of cover fees earned on every block. The protocol deducts 6.5% of the total cover fees and then transfer it back to the pool. This automatically compounds your liquidity in the pool for higher returns.
Note: To encourage more people to join the cover pool, the protocol will airdrop NEP tokens to the initial liquidity providers on top of the cover fees. This will be stopped when we run out of NEP reward allocation.
The fee deducted by the platform will initiate a swap transaction in the PancakeSwap Exchange and the received NEP tokens will be burned in a single transaction.
Roadmap
(https://cdn.neptunemutual.com/bitcointalk/roadmap.png)
| Channel | Link |
| Official Website | https://neptunemutual.com (https://neptunemutual.com/) |
| Documentation | https://docs.neptunemutual.com (https://docs.neptunemutual.com/) |
| Blog | https://neptunemutual.medium.com (https://neptunemutual.medium.com/) |
| Github | https://github.com/neptune-mutual (https://github.com/neptune-mutual) |
| Twitter | https://twitter.com/neptunemutual (https://twitter.com/neptunemutual) |
| Reddit | https://www.reddit.com/r/NeptuneMutual (https://www.reddit.com/r/NeptuneMutual/) |
| Discord | https://discord.gg/2qMGTtJtnW (https://discord.gg/2qMGTtJtnW) |
| Telegram | https://t.me/neptunemutual (https://t.me/neptunemutual) |
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After several changes in the initial plans of the Neptune Mutual team it seems that everything is on the right track. The $NPT token is no longer in use and has no value. The new token is now $NPM.
Last November 2021, Neptune Mutual raised $1.75 million in a seed round from Fenbushi, Coinbase Ventures, Huobi Ventures, Okex Ventures, GravityX Capital, Hex_Trust, BaboonVc, NVC Partners and Alphabit LTD.
Yesterday Neptune Mutual raises $3 millions, round led by Animoca Brands, to provide cover for metaverse assets.
As we can see, the Neptune Mutual team has great investors and partners, so its future looks very promising.
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The Neptune Mutual team is preparing many things, while the dates are finalized you can participate in round 3 of the Neptune Mutual competition, all the necessary information is available here: https://medium.com/neptune-mutual/neptune-mutual-competition-3-c1c19d2ffdc7. Participate and remember that the prizes will be delivered immediately, without waiting. For more information about the project you can read the OP, but some data may vary, I will update them as soon as possible.
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Neptune Mutual has been one of the projects chosen by Binance to participate in the MVBIV Incubation Program. This incubation program aims to accelerate new and emerging startups by focusing on mitigating the challenges and help them steer away from failure. In the following image you have a list with the first 22 projects selected to participate.
(https://i.imgur.com/72xyrbR.jpg)
More information about the different Binance incubation programs in the following link: https://www.binance.org/en/blog/launching-the-mvb-incubation-program/
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Among the new updates that the Neptune Mutual team is working on, we can find the partnerships with Avstar Capital and HTR Group. The team will also launch the test app, which anyone interested can participate in. The new official website will also be available very soon and it will be very immersive. Details such as which platform the public round will take place on are also being discussed. As soon as the test app and the new official website are available, I'll update this thread.
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The team at Neptune Mutual launched their new official website. In it you will find more updated information as well as a new roadmap. You will also find a list with the team members and all the companies that have invested in Neptune Mutual showing their confidence in the project and also information about the path the project is taking. You can take a look at the new official website at: https://neptunemutual.com
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In Neptune Mutual's new weekly report, we will learn about the latest unfortunate exchange attacks that have occurred in the last few weeks, we will also learn about the path that big companies like Alfa Romeo and McDonald's are taking towards NFT and Metaverse, and some partnerships of crypto companies related to football clubs. Without a doubt, the cryptocurrency industry is advancing along paths unimaginable until recently.
The weekly report is available here: https://medium.com/neptune-mutual/neptune-mutual-weekly-report-feb-14-fe4f2627782a
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The team continues to work tirelessly not only on the project, but also on new partnerships that expand the scope of the product they are developing, with the latest two partnerships being Titans Ventures and GTS Ventures. The team also continues to work so that users can learn about the latest developments in the project. Here are some links to learn more about Neptune Mutual:
Application prototype. (https://www.figma.com/proto/nhgU4M0cjW6tKSg50diZyB/New-Prototype?page-id=0%3A1&node-id=1%3A742&starting-point-node-id=1%3A742)
Lightpaper V. 1.0. (https://4040856153-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MaXgGSD5HjzZhLAzrPY-887967055%2Fuploads%2FKQsBkWKZpqgQCQn9MXS6%2Flightpaper.v1.pdf?alt=media&token=6e19c0d5-cf03-4bcd-a1ba-f80991c87d73)
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Neptune Mutual's new weekly report is now available. This week's report takes an in-depth look at some of the hottest topics in the crypto sphere:
• JPMorgan became the first major bank to move into Metaverse.
• OpenSea reportedly suffered a $1.7 million exploit from stolen NFTs.
• Animoca Brands has opened a subsidiary in Japan, with hopes to extend their market into NFTs and the Metaverse.
• NYSE and Victoria’s Secret have filed multiple trademarks for trading NFTs.
• Indian Premier League side Gujrat Titans unveil their new logo in Metaverse.
The report along with much more information is available here: https://medium.com/neptune-mutual/neptune-mutual-weekly-report-feb-21-f4a87def7ac
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With new partnerships to be announced soon, the team continues to work hard to be able to offer the community the best product and the best security for our assets. Coming soon to the Neptune Mutual community is our gamified public testnet where you can earn points and compete for the topmost spot on our shareable leaderboard. Stay tuned for exciting new updates. With Neptune Mutual, for the first time in cryptocurrency history, our assets will be protected from attacks and hacks on exchanges.
(https://i.imgur.com/Nb1W6Sd.jpg)
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Here we have one of the best news that the Neptune Mutual team has been able to give us.
Are you ready to be the first to try out the Neptune Mutual platform?. We're launching our public testnet very soon, so, stay posted because we'll be giving exclusive previews along the way.
(https://i.imgur.com/nf5oevc.jpg)
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Every day we are closer to the launch of the Neptune Mutual testnet. The team plans to give away $NPM tokens (the amount is not yet known) to users who participate in the testnet. I recommend users who are interested in participating to keep an eye on the Give aways and Bounties sections and also on this thread (depending on the conditions I will post it in one section or another) so that they can participate and earn tokens.
And more things coming soon, please stay tuned.
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As I said yesterday in my previous post, the Neptune Mutual mainnet is very close and we finally have a confirmed release date. The chosen date is next March 10, there is only one week left. We also have a press release available on Yahoo Finance. You can read it here: https://finance.yahoo.com/news/neptune-mutual-gamified-testnet-set-030000723.html
I want to remind users in the community that very soon they will be able to earn $NPM tokens. Please stay tuned!.
(https://i.imgur.com/BXzLdDH.png)
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The new monthly report of Neptune Mutual is now available, in this new report we can find many new features, as updates in the project protocol:
The #DevelopmentTeam is at full stretch, working hard to ensure the successful launch of the testnet protocol. Our codebase is publicly available on Github and you’ll be able to see the extent of the “commits” that have been made to our protocol, SDK, native website, and testnet repositories over the last 30 days.
The protocol has undergone a number of revisions and the team have been working tirelessly to make sure that, as always, security is our number one priority.
The report is available here: https://medium.com/neptune-mutual/neptune-mutual-monthly-report-february-2022-f3de7b1d2058
I also want to remind you that next March 10 the team will launch its testnet, where users will be able to earn $NPM tokens.
(https://i.imgur.com/jvAUlBG.png)
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The team has released more information about the testnet (which will be available in two days) and how we can enter to win prizes in $NPM. There will be a mystery box with an unknown prize. To win the available prizes we must participate (the more we participate, the more chances we have to win) by registering at this link: https://gleam.io/tPydn/npm-testnet-competition.
If you want to know more about what it will be like, I advise you to read this article: https://medium.com/neptune-mutual/unlock-the-gold-vault-neptune-mutual-testnet-launch-5e2c84b547fa
(https://i.imgur.com/d83VCFm.png)
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The best is yet to come, tomorrow, the Neptune Mutual protocol testnet will be open for everyone. Find out how you can support your favourite DeFi projects through our platform.
Spread the news, Like, RT, and don't forget to follow: https://twitter.com/neptunemutual and the other social networks that you can find in the OP!
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Neptune Mutual’s Protocol Testnet is NOW LIVE!.
Hooray! We’ve officially launched the public testnet of DeFi’s most-awaited parametric cover platform.
This’ll be the first time you get to see and try out what Neptune Mutual can do.
Find out how to articipate in the Neptune Mutual Testnet: https://medium.com/neptune-mutual/unlock-the-gold-vault-neptune-mutual-testnet-launch-5e2c84b547fa
Testnet: https://test.neptunemutual.com
Get testnet tokens: https://faucet.neptunemutual.com
View leaderboard: https://leaderboard.neptunemutual.com
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(https://i.imgur.com/6nnqh1f.jpg)
XT.COM, the world's first social-infused exchange, partners with Neptune Mutual.
Sharing the same vision, we will work together with XT.COM in protecting and making the blockchain more secure.
Read all about it from our latest article: https://medium.com/neptune-mutual/partnership-announcement-between-xt-com-and-neptune-mutual-afdb37bfa98
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The Neptune Mutual team has just published its latest report (March 14). In the report we will find some very interesting information about blockchain security, some important partnerships within the industry and the latest unfortunate case of a payment system attack, Paraluni, a decentralised financial payment network was exploited in a series of transactions resulting in a loss of assets worth $1.7 million.
The report is available here: https://medium.com/neptune-mutual/neptune-mutual-weekly-report-mar-14-226e2309449
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New article published with some news, among these news we will find transferring Neptune Mutual on the Polygon Testnet this Thursday, March 17, 2022, at 12 MN UTC. In addition to these exciting announcements, the team also added new features to the Neptune Mutual testnet: Incident reporting and claiming cover policy payouts.
The article is available at this link: https://medium.com/neptune-mutual/neptune-mutual-launches-on-the-polygon-testnet-eaad48e2531b
(https://i.imgur.com/awu0qxV.png)
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⚠️ As we teased yesterday, Neptune Mutual is now available on the Polygon testnet. Participate and win great prizes and unlock vaults.
⚠️ Neptune Mutual is now LIVE on #polygon #testnet with the new features added. Get to experience incident reporting and claim features.
Join our Discord for to get real life experience on these features: https://discord.gg/BnQY8RsWPY
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(https://i.imgur.com/ELfIFXZ.jpg)
Cover creation is a key feature of Neptune Mutual. It solidifies investor communities and secures promising projects from risk. The question is: who creates these covers?.
Find out who cover creators are and what they do in our latest blog and more interesting information about Neptune Mutual: https://medium.com/neptune-mutual/cover-creators-how-cover-protocols-help-build-confident-investor-communities-5aa194c1a270
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Neptune Mutual's new report is now available. We will find information about new hacks that different platforms suffer and also how large companies join the cryptocurrency industry, since Spotify plans to integrate NFTs and cryptocurrencies into its platform. In this new report we will also find a lot of new information about NFT, DAO, American Express and Coinbase.
The report is available here: https://medium.com/neptune-mutual/neptune-mutual-weekly-report-mar-21-4b9a1f5366cc
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Neptune Mutual's weekly report is now available: We saw few hacks last week resulting to loss of funds. But on the positive side of the industry, we saw growth on the metaverse and NFT with Binance set to release Toni Kroos' NFT collection. Other celebrities like Floyd Mayweather and David Beckham are also joining the NFT wave.
Read all about it, and more on our weekly report: https://neptunemutual.medium.com/neptune-mutual-weekly-report-mar-28-582ac704c2f8
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(https://i.imgur.com/UqCRd12.png)
New updates from the Neptune Mutual team: This Thursday, March 31, 2022, at 12 PM HKT, we’ll be releasing our newest protocol feature yet — Bonds. Designed to further incentivize supplying liquidity on the platform, our Bond feature will give liquidity providers access to NPM tokens at a much lower price. Check out this step-by-step guide on how you can establish bonds on the Neptune Mutual platform.
The guide is available here: https://medium.com/neptune-mutual/neptune-mutual-bond-pool-feature-unlocked-15a57ba590c4
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Following our successful testnet launch, booming social media growth, and partnership with XT.com, March brought us so much to thank for.
Here's a recap of what we've achieved so far: https://medium.com/neptune-mutual/neptune-mutual-monthly-report-march-2022-b140b917c005
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(https://i.imgur.com/W13tQOr.jpg)
We already have the latest Neptune Mutual report available, don't miss the valuable information they share with us. Just recently, the hype for the Caped Crusader enters the NFT space! Wwarner Bros is set to release Batman NFTs. Also, Liverpool Football Club launched limited edition NFTs. While OpenSea expands to Solana. Some hacks also happened last week.
Read more about the latest crypto news: https://neptunemutual.medium.com/neptune-mutual-weekly-report-apr-4-c4be6d6b812b
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(https://i.imgur.com/d83VCFm.png)
Only 3 days left to participate in testnet. If you have participated in testnet but not on Gleam then please participate in Gleam and register your Discord ID and Wallet address used in testnet. Please read all the information carefully in Gleam, regarding winner selection, prize, and distributions.
Check twitter link on how to participate: https://twitter.com/neptunemutual/status/1511546894786478080
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(https://i.imgur.com/vnnqZNW.jpg)
Bonds on Neptune Mutual let you supply liquidity into a DEX. In return, you get POD tokens to either retrieve liquidity or exchange it for discounted $NPM tokens.
Discover more about what goes on when you buy bonds on Neptune Mutual: https://medium.com/neptune-mutual/how-bonds-work-on-neptune-mutual-40d0aaf6edb7
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A few hours ago the competition that started with testnet ended. Anyway, and for users asking, testnet will continue until mainnet is released. There is no set date yet for the launch of mainnet nor for TGE, the team is working on it, as in tokenomics. As soon as the team knows the dates, as well as the place of the public sale, I will write a post here with the latest news.
Do not forget to visit our official profiles to learn more about Neptune Mutual:
Website: https://neptunemutual.com
Documentation: https://docs.neptunemutual.com
Blog: https://neptunemutual.medium.com
Github: https://github.com/neptune-mutual
Twitter: https://twitter.com/neptunemutual
Reddit: https://www.reddit.com/r/NeptuneMutual
Discord: https://discord.gg/2qMGTtJtnW
Telegram: https://t.me/neptunemutual
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In last week's new report from Neptune Mutual we can find out how Mastercard enters the metaverse. Cyber Yachts unveiled the world's most expensive NFT priced at $4M. VeVe and Coca-Cola NFT collaboration. ESPN released its Tom Brady NFT collection. We will also find information about very interesting things that have happened in the cryptocurrency industry in recent days.
The report is available here: https://medium.com/neptune-mutual/neptune-mutual-weekly-report-apr-11-ef743b339aef
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Our Neptune Mutual #Testnet release was a hit!
Over 18.5K participants joined and collected more than 15M points from using our protocol throughout a 4-week testing period.
Their feedback helped us make fixes and upgrades on the platform.
Our protocol and SDK development are now complete.
We've added a couple of new and exciting features and improvements to the protocol.
More on these later!
A reputable third-party audit firm has started to review and verify our protocol source code.
We're planning to hire one more audit firm soon as well. We're currently speaking to a few.
Almost 100 percent!
We've already reached 96% code coverage. Our team expects to reach 100% within a couple of weeks. Pretty exciting!
Feature Highlight 1: Policy Resale and Customer Loyalty.
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We added new policy resale and customer loyalty features.
In addition to our SDK, we've also added functions related to reselling covers and customer loyalty to our smart contracts.
Developers can now extend the Neptune Mutual protocol and create derivative works with these new functions.
Feature Highlight 2: Fungibility of PODs.
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Our Proof of Deposits (PODs) are now fully fungible, yield-bearing tokens, like aToken and cDAI.
POD tokens are tokens that help users make passive income without any extra effort.
Users can take advantage of how PODs automatically accumulate policy fee incomes and interest from flash loans and lending.
Refactoring the PODs to make them fungible will significantly extend their use beyond Neptune Mutual.
PODs will now have the tickers nDAI and nUSDC with DAI for #Ethereum and USDC for #Polygon, respectively.
That's all for now!
Be one of the first to get the next Neptune Mutual Development Update.
Follow us on Twitter @neptunemutual to get the latest news on the blockchain's leading #parametric cover platform.
NOTE: It's also never too late for you to try the Neptune Mutual #Testnet.
Even with our competition over, you can still test our protocol at https://test.neptunemutual.com
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The new weekly report from the Neptune Mutual team is now available. We are going to find a lot of information about the latest hacks that we have seen in the market as well as new news about companies that are approaching the blockchain for the first time. News about NFT collections and unexpected news, Sega launches a collection about Sonic.
The report is available here: https://medium.com/neptune-mutual/neptune-mutual-weekly-report-apr-18-f15935bf7a18
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There was so much demand to test Neptune Mutual. We had to upgrade our database servers after receiving a massive influx of testnet user requests. This alone exceeded our expectations.
Our team faced some indexing issues on The Graph protocol that made the application sluggish. So, we quickly built a #subgraph bridge that caches known #blockchain events and ensures we stay available even when The Graph is temporarily down.
We switched to a much faster testnet network, #Polygon Mumbai. In an effort to improve the speed and reliability our users experience in contrast to the last testnet network we used.
We have improved our UI/UX design. To improve the transparency and labeling of our transaction statuses, we used unique icons for each status of the transactions. This made it easier to find out if a transaction is in progress or done.
We also improved our policy status display by adding an icon, and in addition, we have deactivated the ‘purchase cover’ and ‘provide liquidity’ features when a cover is in its reporting period.
As a global and user-first protocol, we place huge importance on giving our users access to our platform in their native language. So, we added a multi-language support feature. It's not perfect but we're working on making it so.
We improved form validation particularly with our cover purchase, providing liquidity, and other protocol features.
Our team improved our platform’s ability to handle transaction errors. We believe in the transparency of displaying blockchain error messages and thus, also made it possible to forcefully send a possibly failing transaction.
We updated the accuracy of our balance and allowance data displays. This way our users can see it in real-time after they perform an action.
New strategy, cover lifecycle, and governance features added:
• Added accrue interest.
• Added "whitelisted cover user" to restrict who can purchase covers.
• "Incident Occured" resolutions now start a claim period immediately.
Unlocked ALL our protocol features so far. Over the duration of the testnet, we gradually unlocked our purchase cover, provide liquidity, incident report, and claim cover payout features. Including our bond, staking, & POD staking pools.
Check out the FULL top-to-bottom Neptune Mutual testnet progress report: https://medium.com/neptune-mutual/neptune-mutual-testnet-review-coded-better-than-ever-ae8bf20aa690
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Successful attacks on blockchain platforms and protocols have become increasingly common in recent times, raising questions about how stakeholders can better improve the security and integrity of their communities.
People and capital are flooding into the blockchain space like never before. So much so that governments all over the world are having to draw up regulatory frameworks as the growing presence of digital assets, such as NFTs, DeFi projects, and cryptocurrencies is no longer impossible to ignore.
Is your Web 3 project protecting its community?.
In this article you will learn how Neptune Mutual is about to launch a completely revolutionary product in the industry: https://medium.com/neptune-mutual/is-your-web-3-project-protecting-its-community-567e3f7c5108
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SupraOracles is excited to announce its partnership with Neptune Mutual. Neptune Mutual offers guaranteed stable-coin liquidity to mitigate risk by hedging against custodian risks and smart contract vulnerabilities. In addition, everything in Neptune Mutual is open and decentralized, from purchasing coverage from a pool to reporting an occurrence, resolving disputes, and paying claims.
Neptune Mutual aims to recruit a new and steady user base and more liquidity by developing stable coin-based products for precise risk hedging and covering. The Neptune Mutual protocol will be a multi-Chain protocol initially deployed on Ethereum and Polygon. It is based on a parametric coverage model that protects policyholders from financial loss due to covered events. The policyholder pays a policy cost in exchange for coverage for a set period and a specific amount. As a result, faster claims payout is achievable since there is no back and forth between underwriters, claims assessors, loss adjusters, or any other intermediaries or centralized entity when a claim is filed.
You can read much more about this partnership here: https://supraoracles.com/news/supraoracles-partners-with-neptune-mutual-to-provide-parametric-cover-pools-based-on-stablecoins-for-correct-risk-management/
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Most #cryptoexchanges strive to not only offer more tradeable digital assets but also, improve their level of security. Still, hacks come and go. And at times, beyond an exchange's reach to solve.
Your digital assets' main line of defense is in your hands.
Receive Rewards: Invest stablecoin liquidity to receive rewards and protect your favorite blockchain projects.
Get Protection: Stay protected against exchange hacks & dApp, DeFi, and smart contract exploits.
Create Covers: Build a cover protection community for your protocol, exchange, or DeFi project.
All the information available in: https://neptunemutual.com
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• Hyundai becomes the first car manufacturer to release community NFTs.
• Coinbase launched a beta version of its NFT marketplace.
• ORIGYN and the UEFA Foundation for Children have collaborated to launch ‘NFTs for Good.’
All these news and much more information about security and crypto are now available in the new Neptune Mutual report.
You can read the report here: https://neptunemutual.medium.com/neptune-mutual-weekly-report-apr-18-9c316ece81fb
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Neptune Mutual detailed report on privacy coins, I recommend reading it as we are going to understand many differences between privacy and security.
An intriguing financial instrument enters the #DeFi space. Bringing a promise of further anonymity, privacy coins are turning heads with their ability to hide #blockchain transactions. But, are #privacycoins made for security?.
The report is available here: https://medium.com/neptune-mutual/privacy-coins-arent-made-to-protect-digital-assets-6d87c2a5c3c6
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Certified fashion giant Dior jumps into China’s metaverse. OneFootball brings football to blockchain with Animoca Brands. Meta is set to open a retail store in Burlingame, CA. Some hacks also happened last week.
You will find this news and much more related to DeFi and not so good news like million dollar attacks on blockchains in the new Neptune Mutual report.
The report is available here: https://medium.com/neptune-mutual/neptune-mutual-weekly-report-may-2-6067bb5aa381
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Here we have a new article from Neptune Mutual about what happened in the month of April. In it we will find news about partnerships, the presentation of a program for ambassadors and more useful information about the project, I recommend reading it.
April brought another successful month for us. Our team and community were beyond impressive, including you. We're now working with bigger partners, launched our #NPM Rising Star contest, and updated our protocol.
Take a look back and review: https://medium.com/neptune-mutual/neptune-mutual-monthly-review-april-2022-fb40ffc3e35f
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🎉Excited to announce @neptunemutual IDO on Poolz Finance!
➡️ Lead Investors: @coinbase, @animocabrands, @HuobiVentures, @fenbushi, @OKX_Ventures, @GSR_io.
➡️ Date: TBA
IDO size: $300,000
Token symbol: $NPM
👉Join Whitelist: https://poolz.finance/detail/about?id=124
👉Full link: https://t.me/Poolz_Announcements/1474
Remember to keep an eye on social networks and the Neptune Mutual Telegram and Discord groups to be informed about the release date.
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Cover refers to the available protection a proposer gets when purchasing a contract or a policy. In Neptune Mutual, cover refers to individual protections. Cover creators are project teams or community leaders who wish to create protection for their products and services. For a cover contract to become effective and successful, a cover creator must properly compose the rules or parameters of the coverage, exclusion, event triggers, etc.
Since the Neptune Mutual protocol is an open market, you need to regard your cover pool as your product or service. Your cover needs a long-term plan and strategy to ensure that your project is sufficiently covered from exploits and attacks. The following are a few best practices when it comes to making your cover attractive to the community.
You can learn more here: https://docs.neptunemutual.com/definitions/cover-products
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We are kickstarting our #AMA from this week, the first one will be with our Korean partner @panteraico today. Make sure to join the telegram group. See you guys.
Date: 9 May, 8PM (KST).
Join our next AMA to learn more about Neptune Mutual!.
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• Kraken joins the ranks of centralized exchanges with an NFT marketplace.
• Pepsi launches a new set of digital collectibles focusing on female artists.
• Mercedes partners with FTX to release an F1 NFT collection.
These are some of the news of the last week that we can find in the new Neptune Mutual report, and lots of news about NFT, Metaverse and DeFi.
The report is available here: https://medium.com/neptune-mutual/neptune-mutual-weekly-report-may-9-ff170a9d246b
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🔱 Neptune Mutual recently had an AMA with its Korean partner ICO Pantera. If you missed the chance to join, worry not. We have put everything together for you in one blog.
🔱 Neptune Mutual x ICO Pantera AMA Recap 👇
https://medium.com/neptune-mutual/neptune-mutual-x-ico-pantera-ama-recap-%ED%95%9C%EA%B5%AD%EC%96%B4-%EB%B2%88%EC%97%AD-cc9438868505.
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Hello Everyone!
Thank you very much for participating in our Testnet Competition. We have published the winner list. You guys are amazing. Stay tuned for more exciting announcements! Together we grow 💪.
We are pleased to announce the winners of our "Unlock the Gold Vault" testnet competition. Thank you very much to everyone who participated.
Here you have all the information along with the list of winners: http://link.medium.com/M7WUabxZUpb
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⚠️ Important Announcement!
🔱 This Friday, May 13, we're holding another Neptune Mutual AMA session with our most important partner ever, — you.
🔱 Join us on Discord, post the question in our channel, and let's get to know each other: discord.gg/zNFdztUARv
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⚠️ Important Announcement!.
🔱 We have raised $5.3M in a private funding round after our successful testnet launch.
🔱 The funds raised are another vote of confidence from investors in our approach, and provide us with a solid basis to launch our application on mainnet and grow our ecosystem.
📑 Read the full press release: https://twitter.com/neptunemutual/status/1524690892757643264
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• Nexus Mutual and Liquity protocols are set to host a Happy Hour event in Florida.
• Madonna partnered up with Beeple to launch an exclusive NFT collection.
• NASA has partnered with Epic Games to launch a Martian Metaverse simulation.
All this and much more in the new Neptune Mutual report: https://medium.com/neptune-mutual/neptune-mutual-weekly-report-may-16-86bae923c24d
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We would like to thank everyone who were present during our Discord AMA session with the founders last Friday. For those who were unable to attend, here is a recap of the entire session: https://medium.com/neptune-mutual/neptune-mutual-first-community-ama-recap-a9387b1ac5e0
We got more AMAs coming your way so stay tuned!
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Announcing the winners of the #NPM Rising Star Contest Season 1.
Congratulations to the winners and thanks to all participants!
Season 2 will soon begin so join our Discord server now and get a chance to win awesome prizes!
https://medium.com/neptune-mutual/npm-rising-star-first-month-winner-announcement-b97972af48ae
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UST, which is programmed to keep its dollar peg at $1, is currently trading at $0.1718 as of this time of writing, having lost its dollar peg and putting LUNA and itself in a death spiral. The loss of faith from the community and aggressive panic selling prompted the price of LUNA to drop 99.9% and is currently trading at $0.0002347.
Let us decipher the relationship between $UST and $LUNA and understand this catastrophic crypto market event.
Full article: https://medium.com/neptune-mutual/terra-luna-crisis-explained-e9aac59fc22b
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With prices dropping double-digits every day, the crypto market is not an easy place to be right now; particularly if you are swimming with the crowd in the mainstream crypto space. The risk of being bitten by the bear is real, and the consequence is unpleasant, as social media posts confirm every day.
Smart investors manage risk and look for opportunities to take advantage of bearish conditions. Should you be investing in negative beta stocks? What type of projects do well in a bear market? What are their characteristics?.
Don’t be a Salmon in a bear market!
The full report is here: https://medium.com/neptune-mutual/dont-be-a-salmon-in-a-bear-market-78f7a6da735f
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24 May (tomorrow), 9:00 AM UTC we are having #AMA with our partner. Don't forget to drop the questions below.
🚨AMA ANNOUNCEMENT🚨📢
🔥We are pleased to host an AMA session with @neptunemutual.
📅 09:00 UTC / 24 May 2022
🏠 Venue: http://t.me/AvstarCapital
🤵 Speaker :
Mr Binod Nirvan - CEO & Founder.
Mrs Gillian Wu - Co-Founder.
Mr Edward Ryall - Co-Founder.
🎁 Rewards: $500.
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• Robinhood prepares to release an NFT-compatible cryptocurrency wallet.
• OpenSea releases The Seaport marketplace protocol to enable NFT bartering.
• Seth Green, Family Guy voice actor, fell victim to a phishing attack, losing multiple popular NFT collections.
There were also reports of hacks, exploits, and scams. Read all about it and more on our weekly report: https://neptunemutual.medium.com/neptune-mutual-weekly-report-may-23-689b0b1d49f
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⚠️ ATTENTION EVERYONE!!!
We have noticed the fake Neptune Mutual Channel in telegram and has announced regarding whitelisting. Please do not fall for this kind of scams and report that group.
Please note only https://t.me/neptunemutualchat this is the official channel.
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Fast-paced innovation in #DeFi sees the entry of new, more robust capital requirement methods that guarantee policyholder payouts.
✅ What are non-fractionalised systems?.
✅ What are their benefits?.
We've got it all covered in our latest blog: https://medium.com/neptune-mutual/capital-requirement-how-to-measure-it-and-why-it-matters-a-lot-477c177798e7
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We would like to thank our partner @AvStarCapital for a remarkable AMA session that they hosted in their Telegram community.
Thanks for the participation and all the questions from everyone!
If you missed it. You can check out our AMA Recap here: https://medium.com/neptune-mutual/neptune-mutual-x-avstar-ama-recap-571fcd0bd3f3
We got more AMAs coming your way so stay tuned!
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• Oracle Red Bull Racing releases NFTs on the Tezos blockchain.
• Gucci builds a permanent presence on Roblox with Gucci Town.
• GameStop releases a beta version of their own cryptocurrency and NFT self-custodial wallet.
We already have another weekly report available from the Neptune Mutual team, I recommend reading it, since we will find very useful information on how to protect our assets as well as many news.
You can read it here: https://medium.com/neptune-mutual/neptune-mutual-weekly-report-may-30-f742056b64a4
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Neptune Mutual is preparing to catapult itself into the 2nd half of 2022. Our work this May helped us slowly but surely realise our plans for the mainnet.
• A security firm completed the first round of the protocol’s security audit; a second round of assessment will be started shortly by another firm.
• We collaborated with our Discord community and a few other partners to host a series of AMAs.
• We raised $5.3 million in a private funding round following our testnet launch.
✅ You can check out our full, in-depth monthly review here: https://neptunemutual.medium.com/neptune-mutual-monthly-review-may-2022-bd48cb6461b2
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The cryptocurrency industry is constantly evolving, and it is your sole responsibility to protect your digital assets by getting a cover policy. Update yourself with the latest security news, cyberattack techniques, and prevention strategies. The easiest way to have peace of mind that your assets are insured against any type of threat is Neptune Mutual.
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More than $260,000 in digital assets were lost in a coordinated phishing attack against Yuga Labs, the creator of two of the most popular ape-themed NFT services, Bored Ape Yacht Club and OtherSide. According to a Twitter user’s inquiry, Boris Vagner, Yuga Labs’ community and social manager, was the victim of a hacking attack on his Discord account. Once the scammers gained access to the employee’s Discord account, they shared phishing links from Vagner’s Discord into the official BAYC, Mutant Ape Yacht Club, and Otherside groups...
• DC Comics launches a beta version of their own NFT marketplace.
• Kanye West files for Metaverse and NFT-related trademarks.
• Prada is the latest fashion brand to launch an Ethereum-based NFT collection.
✅ The weekly report is available here: https://medium.com/neptune-mutual/neptune-mutual-weekly-report-jun-6-304974934936
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It seems that whilst awareness is an important element of decision-making, it’s not a strong force in changing the way we behave. What insights can we gain from the most successful business to understand the key drivers behind the adoption of new solutions?.
One of the principal reasons for widespread adoption of Amazon’s marketplace is convenience: fast search and comparison of products, fast purchase (one-click), fast delivery (same-day in many countries), and reliable service (Amazon’s A-to-Z guarantee).
Uber, AirBnB and many other success stories have utilised a similar mix of ingredients that make their solutions convenient.
The full article is available here: https://medium.com/neptune-mutual/be-aware-of-the-bear-1b718574acca
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Mastercard to allow cardholders to make NFT purchases. English Premier League files metaverse and NFT trademarks. Budweiser heads to the races in Zed Run NFT Partnership. Salesforce takes a crypto plunge with new NFT cloud.
• Osmosis endures from Liquidity Pool Vulnerability; Gym Network hacked due to a function vulnerability losing $2.1 million in asset value.
• Wintermule suffered a $20 million loss via multi-signature address transfer vulnerability.
Few hacks were also reported. Read all about it and more on our weekly report: https://medium.com/neptune-mutual/neptune-mutual-weekly-report-jun-13-3c116ed2dad1
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Incidents in the DeFi space happen, and when they do, they can cause serious financial damage. Neptune Mutual’s marketplace allows DeFi, CeFi and metaverse projects to create cover pools with parametric cover policies that protect digital assets and are designed to meet the needs of their own project and community.
Why should I invest my liquidity in your cover pool?. Here is the answer: https://medium.com/neptune-mutual/bootstrapping-cover-pool-liquidity-how-do-we-encourage-our-community-to-fund-our-cover-pool-b1903c4576cd
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Announcing the winners of the #NPM Rising Star Contest 2nd Month.
Congratulations to the winners!
Thanks to all participants. The event was such a blast!
Don't miss your chance to win awesome prizes on Month 3!
Visit this link to see the list of winners: https://medium.com/neptune-mutual/npm-rising-star-second-month-winner-announcement-e8c03b99d5b
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The 3rd month of the #NPM Rising Star Contest is NOW open!
Get a chance to win as much as $1,000 and more...
Don't miss the chance to win awesome prizes! Click in this link to join: https://gleam.io/HPSj6/npm-rising-stars-third-batch
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Envision a future where the next iteration of the Internet will merge our physical and digital lives. Wouldn’t that be surreal? Using NFTs, artists can now create content, govern how it’s utilised, and most importantly, connect with their fans on a deeper level than ever before. We can use Metaverse as a virtual school, a gaming platform, a virtual shop, a training tool, a marketing channel, or even a doorway to new virtual worlds...
• Tag Heuer rolled out NFT-enabled smartwatch models.
• Nickelodeon teamed up with Recur to release an NFT drop featuring their most popular characters to the metaverse.
✅ The weekly report is available here: https://medium.com/neptune-mutual/neptune-mutual-weekly-report-jun-20-3628cf9d1a95
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Don't fall for crypto scams. Explore the dark world of schemes and exploits inside the mind of an ex-scammer as he shares how scams usually work and how to avoid them. Uncover the dark tactics and methods that bad actors in the crypto market use to scam projects and people. Find out how you can protect yourself from hacks and exploits.
Recently, we met with an ex-scammer whom we’ll call Sam (obviously not his real name). At first glance, he looks like a young, decent guy who you wouldn’t think of being the ringleader of a citywide Ethereum-based Ponzi scheme that siphoned thousands of dollars from unsuspecting people.
Confessions of a scammer. How to avoid crypto scams and exploits: https://medium.com/neptune-mutual/confessions-of-a-scammer-how-to-avoid-crypto-scams-and-exploits-898e40c4c4ec
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There have been eight significant cyberattacks, hacks, and exploits in the second quarter of the year, totalling $445 million in stolen assets. Many Discord servers have been compromised in the first two weeks of June alone, with reports of 41 intrusions between June 1 and 10th. As a cautionary suggestion, we would like to remind everyone that any investment in digital or tokenised assets, no matter how modest, should be done with very careful consideration, and it’s always best to stick with projects that have had a number of audits and security checks by blockchain security agencies to minimise the chance of losing money.
• XCarnival loses approximately $3.8 million dollars from exploited smart contract vulnerabilities.
• MoonPay teams up with Universal Pictures and Fox, amongst many others, to launch an NFT platform.
• Cristiano Ronaldo and Binance partner up to release exclusive NFT collections.
✅ The weekly report is available here: https://neptunemutual.medium.com/neptune-mutual-weekly-report-jun-27-2b0be3b8128b
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Hello Everyone!
We have uploaded a humorous video in our Youtube to spread more awarness regarding Neptune Mutual. Don't forget to share your thoughts and RT.
https://twitter.com/neptunemutual/status/1542056934454738944
Thank you.
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In today's world of cybersecurity threats, it is critical to take a variety of precautions to stay safe. Neptune Mutual parametric cover pools provide guaranteed payouts in the event of DeFiHacks and smart contract exploits. It's more crucial than ever to safeguard your digital assets from cyberattacks as the value and popularity of cryptocurrencies rises.
Find out how we can help safeguard your crypto assets from threats by visiting our website today: https://neptunemutual.com
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Here are the top 4 Discord channels you should engage with the most to be an #NPM Rising Star:
• rising-stars
• testnet-feedback
• product-feature-requests
• suggestions
See you there!
https://discord.com/invite/2qMGTtJtnW
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Hackers attacked and took over Nouns DAO’s Twitter account. Normally, phishing mint attacks in which a hacker gains privileged access and posts a phishing link take place on NFT Discord servers, but in this case, it was carried out on Twitter. The attacker distributed fake phishing links to a bogus raffle for Nouns 355 and 356. This was followed by the attacker creating a Twitter account and inviting listeners to participate in the phishing raffle.
• FC Porto becomes the first European football team to jump into the Upland Metaverse.
• KPMG has made its first foray into the metaverse by launching its collaboration hub.
• Crema Finance suffered a flash loan attack losing roughly $8.782 million worth of assets; OpenSea reported their email data breach.
✅ The weekly report is available here: https://medium.com/neptune-mutual/neptune-mutual-weekly-report-jul-4-fbe0542ed523
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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
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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
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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
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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
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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
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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.
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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.
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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.
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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/
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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/
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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/
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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/
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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/
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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/
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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/
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Hackers infiltrated into the decentralized financial hub of Polkadot, Acala Network, and issued 1.2 billion aUSD tokens, making it the most recent Defi network to experience an exploit. Following the hack, the dollar-pegged stablecoin lost its peg immediately, losing 99% of its value. The coins were purportedly created without any collateral because the hacker exploited a flaw in the iBTC/aUSD liquidity pool. In response, the Acala team put the network in maintenance mode and froze the erroneously minted tokens, that led to the crashing of the USD-pegged stablecoin to a cent.
• Lamborghini is set to launch newer set of digital collectibles.
• Curve Finance front end UI compromised following a DNS attack.
• AUSD, a stablecoin based on Polkadot, was exploited by hackers who minted over 1.2 billion tokens.
✅ The weekly report is available here: https://blog.neptunemutual.com/weekly-report-aug-15/
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An onslaught of cyberattacks in recent times has cast doubt on the security of smart contracts and the Web3 projects built on them. But where conventional security measures fall short, cover policies can provide a safety net and inspire confidence in the viability of these projects. Find out what kinds of hack and exploit incidents decentralized insurance can protect you against.
On June 18th, 2016, community members of The DAO awakened to the disturbing news that a smart code vulnerability in the protocol had been exploited resulting in the loss of over 3.6 million ETH (around $70 million at the time). Just days before, the blockchain-based cooperative had concluded its fundraising period, closing a whopping $150 million from more than 11,000 enthusiastic members...
✅ The full article is available here: https://blog.neptunemutual.com/what-you-need-to-know-about-smart-contract-hack-protection/
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The Australian Football League's (AFL) first limited edition drop of NFTs sold out in less than 12 hours. The AFL has followed in the footsteps of other international sporting codes that have ventured into the world of Web3 with the release of their Ripper Skipper 2022 NFTs. The AFL Mint program was used to launch Ripper Skipper 2022, letting people who joined the allow-list to purchase one of 3,800 packs reserved for the drop. These NFTs include 78 significant moments and highlights from the 2021 season in both video and audio formats. Each pack contains three different rarity tiers of moments: common, deluxe, and ovation. Limited edition digital content is also available; first-drop participants have a 10% chance of receiving an AFL Mint Genesis Ball.
• Gordon Ramsay's Hell’s Kitchen lands in The Sandbox Metaverse.
• Football Club Atlético de Madrid has launched NFTs in collaboration with Stepn.
• Animoca Brands and Lympo have partnered with Play Magnus Group to bring chess to the web3 platform.
✅ The weekly report is available here: https://blog.neptunemutual.com/weekly-report-aug-22/
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Due to its decentralized nature, blockchain technology presents a number of unique challenges for insurers, such as data privacy issues, underwriting risks, claims validation processes, and lack of a standard regulatory framework, among others.
And while protocol cover providers have found clever ways around these issues, adoption of these solutions is still very limited. One can’t help but wonder if collaboration between protocols might not help raise awareness and change behaviours towards more widespread adoption of digital asset protection. As we see so regularly in news headlines about huge losses, there is clearly a strong case for protecting digital assets...
✅ The full article is available here: https://blog.neptunemutual.com/why-onchain-cover-protocols-should-cooperate-not-compete/
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The KaoyaSwap, a BSC-chain decentralized transaction protocol based on AMM and exchange pools, was attacked, resulting in a loss of approximately 37,294 $BUSD and 271.2 $WBNB. The affected function considers the balance difference of the last pair before and after the swap as the amountOut, before transferring $BNB tokens to the user. This logic will not cause any issues if the last pair appears only once in the swap path. When the last pair only appears one or more times, it will miscalculate the amount that should be transferred to the user. As a result, the attacker devised a swap path that includes two self-constructed tokens, tokens A and B, with the swap path likely being [A, WBNB, B, A, WBNB], with the A and WBNB pair being included twice in this swap path. Later, the malicious actor borrows 1800 WBNB in a flash loan and adds liquidity to the [tokenA, WBNB] and [tokenB, WBNB] pairs. Then he gets 1019 WBNB after the swap and 1029 WBNB after the liquidity removal, leaving himself with the profit.
• Taco Bell and Decentraland are hosting a Metaverse wedding contest.
• Telegram's co-founder proposes an NFT-style marketplace for usernames.
✅ The full article is available here: https://blog.neptunemutual.com/weekly-report-aug-29/
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Our protocol has already undergone its initial security audit by BlockSec, following which the #DevelopmentTeam successfully addressed the revisions recommended by the team. The audit report will be made available on our website in due course.
We have now employed another audit company to handle the second round of audits. The audit team has responded with a number of recommendations and adjustments and our #DevelopmentTeam is currently reviewing these; once all adjustments have been made we will make an announcement and publish the 2nd audit report on our website.
• We are looking forward to launching our marketplace on the Fuji testnet in a few weeks, and we look forward to your participation in testing the application again, particularly the new diversified cover pool product: follow us in Discord and Twitter for updates.
• We are working on incorporating some suggestions made by a security audit firm for our second round of protocol's audit.
✅ The full article is available here: https://blog.neptunemutual.com/monthly-review-august-2022/
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Optifi, a Solana-based ecological derivative, attempted to update and upgrade on the Solana mainnet, but the deployer inadvertently used the solana close program command, causing their program to shut down. This operational error appears to have been irreversible, resulting in the loss of the locked 661,000 USDC, 95% of which was owned by team members. The team later announced that they would compensate all users' funds and manually settle their positions within a two-week timeframe.
An attacker took advantage of Degen Doge Club by using one of the smart contract methods to get all of the $DDC tokens in the pool and then calling another method of the contract that didn't check for incoming addresses, taking away approximately $104,600 worth of stolen assets. The attacker transferred almost all of the DDC tokens in the victim pool into the said function, then called sync to update the k-value. As the balance of DDC in the pool was reduced after the k-value was updated, the price of $USD corresponding to $DDC was significantly raised, and a large amount of USD was swapped via a small amount of $DDC.
• Formula One trademark filings start paving the way for F1 NFTs.
✅ The full article is available here: https://blog.neptunemutual.com/weekly-report-sep-05/
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DaoSwap was attacked for 580,000 USDT in an attack that allowed users to put the inviter’s address as themselves due to mining rewards that were larger than the fees charged during the swap process and lack of verification. The perpetrator borrowed USDT via several flash-loans. Then he exchanged some USDT for DAO and transferred it to an address believed to be utilized for prize distribution calculation. The attacker then repeatedly swapped USDT and DAO tokens by invoking the contract to issue the reward to himself.
An attacker was able to deploy a custom smart contract at Nereus Finance that utilized a $51 million flash loan to manipulate the AVAX/USDC Trader Joe LP pool price for a single block, allowing the exploiter to mint 998,000 NXUSD against $508k in collateral. The team subsequently notified the community about the problem via its Discord-based channels, which was picked up by numerous onchain analysis groups, who reported the flash loan exploit as resulting in a $371k profit for the attacker. They also neutralized the exploit by liquidating and stopping the abused JLP market. The exploit was purportedly created by a missed step in the price calculation, which lacked a time-weighted average price mechanism to prevent the manipulation of a single block.
• LG Electronics has launched its own NFT marketplace dubbed LG Art Labs.
• Sony Music has filed a trademark application for NFT-authenticated music.
✅ The full article is available here: https://blog.neptunemutual.com/weekly-report-sep-12/
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On September 20, 2022, Wintermute's CEO announced on Twitter that the protocol had lost $160 million due to DeFi hacking attacks.
Wintermute is a global cryptocurrency market maker and algorithmic trading firm that offers liquidity across a variety of vetted exchanges, trading platforms, and coins.
The root cause of the attack is due to a vulnerability in Profanity, an Ethereum vanity address tool, which allowed for the disclosure of a private key. The attacker made use of this information to execute a privilege function and designate the swap contract as the attacker-controlled one.
✅ The full article is available here: https://blog.neptunemutual.com/decoding-wintermutes-hot-wallet-compromise/
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In October 2021, social media giant, Facebook announced that it would be rebranding to Meta with a view to “bringing the metaverse to life”. Despite the increased publicity generated about the metaverse since the announcement, the meaning of the term itself hasn’t necessarily gotten any clearer.
So what exactly is the metaverse?
It is a term that describes a hypothetical future version of the Internet where immersive virtual reality and mixed reality worlds combine to facilitate real time interactions and experiences.
Admittedly, this definition might not necessarily make the metaverse easier to understand. But hopefully, it gives enough to give you a general idea of the concept...
✅ The full article is available here: https://blog.neptunemutual.com/unpacking-the-basics-of-the-metaverse/
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On September 23, 2022, the npm (package manager for the JavaScript programming language) packages published by the cryptocurrency exchange dYdX, which directly relate to 44 other cryptocurrency projects, appeared to have been compromised. The packages in question were published by a member of the dYdX team using their personal npm account, which later turned out to contain malicious code that would execute information stealers on a system when installed.
The team announced on Twitter that the releases of these vulnerable packages were quickly removed and that all funds were safe. This attack had no effect on their smart contracts, and their web applications were intact. The team has since then archived one of the associated GitHub repositories relating to this exploit.
✅ The full article is available here: https://blog.neptunemutual.com/decoding-dydxs-supply-chain-vulnerability/
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Neptune Mutual Association.
The marketplace is moderated and operated by an association, called Neptune Mutual Association, located in Zug, Switzerland.
Neptune Mutual Association is a not-for-profit entity that does not participate in any commercial activity within the marketplace. Its primary role is to moderate the marketplace, and in particular to oversee the correct operation of the event reporting and incident resolution process. Note that the association is not a DAO, and is not, at least for the time being, decentralised. That being said, the association has been set up as the first step towards decentralising the governance of the protocol. The Chairman of Neptune Mutual Association is Hans Koning, advisor to Neptune Mutual from day one (but not a co-founder).
The role of the association is to intervene in exceptional circumstances in order to protect the integrity of the Neptune Mutual ecosystem. By way of example, the governance committee has the power to pause the protocol (or the cover pool in question) in the event that the incident reporting process suffers a 51% attack. The governance committee also has the power to perform emergency resolutions to reverse incident reporting decisions in the event of malicious activity. It is not within the remit of the association to intervene in the normal course of the incident reporting process.
✅ The full article is available here: https://blog.neptunemutual.com/the-neptune-mutual-ecosystem/
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The MEV bot named 0xbad made a windfall when a trader attempted to exchange $1.85 million Compound cUSDC for USDC on Uniswap v2, but was only able to receive back $500 in USDC due to a lack of liquidity. 0xbad made a tidy profit of 800 ETH, or nearly $1 million from the swap, backrunning the trade with an elaborate arbitrage involving many different DeFi dApps. However, an anonymous hacker exploited a vulnerability in the bots' arbitrage contract code, and stole not only the recently acquired 800 ETH, but the entire 1,101 ETH in 0xbad’s wallet, amounting to approximately $1.5 million.
• Walmart has made its first foray into the Metaverse.
• Warner Music Group has collaborated with OpenSea to expand Web3 opportunities for artists.
• OneFootball has launched its second NFT drop in collaboration with Serie A.
✅ The weekly report is available here: https://blog.neptunemutual.com/weekly-report-oct-03/
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Among the many updates and improvements, we’re particularly excited to introduce a completely new type of parametric pool called a Diversified Cover Pool. This new type of pool will open up the opportunities for parametric protection to a much wider range of blockchain projects. There are a number of important differences between dedicated cover pools and diversified pools and we have provided an overview of these differences in the blog called Enhance Liquidity via Diversified Cover Pools.
As you might expect, we have made a number of changes to the search function and other UI aspects of the protocol to help search for cover products either directly or by category of cover pool (dedicated/diversified).
• Neptune Mutual mainnet launch scheduled for later in 2022.
• We’re all set to deploy the Neptune Mutual testnet2 protocol on the Fuji Avalanche network on the 8th October. Join Discord for details of our testnet2 competition.
• We created the Exploit Analysis blog category so our readers can better understand how a hack or exploit incident was executed.
✅ The monthly report is available here: https://blog.neptunemutual.com/monthly-review-september-2022/
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Transit Finance is a multi-chain DEX aggregator that chooses and combines popular DEXs from public chains to improve transaction depth and yields.
On October 2nd, 2022, Transit Finance lost $21 million after a vulnerability in their code-base allowed a hacker to drain the wallets of users who had approved the protocol's swap contract.
The vulnerability existed in the project's code, but the attacker specifically targeted users by exploiting a weakness in the transferFrom function. The Transit Swap protocol did not strictly validate the data sent in by the user during token exchange, resulting in an arbitrary external call that the hacker exploited to steal approved tokens from users.
Any tokens approved for trading on Transit Swap could be sent directly from the user's wallet to the address of the exploiter...
✅ The full article is available here: https://blog.neptunemutual.com/decoding-transit-finances-contract-vulnerability/
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It’s here at last! The Neptune Mutual gamified testnet is now live on the Fuji Network, the official testnet environment of Avalanche. We’re super excited to share with you a more comprehensive and efficient way to access parametric cover protection for your digital assets.
If you haven’t already checked it out, here’s the link https://test.neptunemutual.com/
Like the previous gamified testnet launched on the Polygon Mumbai network in March 2022, this version is designed to reward users who actively engage with the various aspects of the protocol. Purchase a policy, supply liquidity to cover pools, and report incidents to work your way up the leaderboard.
✅ More information in: https://blog.neptunemutual.com/neptune-mutuals-gamified-testnet-now-live-on-avalanche/
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Sovryn, a Bitcoin DeFi application, announced on Twitter that they had discovered a vulnerability affecting the lending pool, which was reportedly attacked. The protocol lost funds from two legacy lending pools: the RBTC (RSK-bridged BTC) pool, worth $900,000, and the USDT pool, worth $211, 045 USDT, totaling $1.1 million in stolen assets. The exploit was carried out due to an external call to the callTokensToSend function. The developer put their system on maintenance to avoid further losses. So far, half of the funds have been recovered, and any further losses will be fully compensated by the Treasury.
NFTs don't replace physical products; instead, they improve ideas that already exist and help them spread. Multiple industries, like the arts, music, fashion, games, etc., can benefit from NFTs beyond the ability to emphasize a digital representation of items in these industries, and many brands all over the world have started using NFTs in their operations to meet their business needs.
• Dapper Labs has scheduled the release of LaLiga Golazos NFT Marketplace.
• Japan is planning to use NFTs into its digital transformation strategy.
• BSC Token Hub suffers an exploit resulting in more than $100 million worth of stolen assets.
✅ The weekly report is available here: https://blog.neptunemutual.com/weekly-report-oct-10/
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Decoding Sovryn’s Price Manipulation Vulnerability.
On October 4, 2022, Sovryn was hacked for approximately $1.1 million, in which the protocol lost funds from two legacy lending pools; the RSK-bridged BTC (RBTC) pool valued at $900,000 and the USDT pool valued at $211,045 USDT.
Sovryn is a permission-less, non-custodial smart contract-based system for bitcoin lending, borrowing, and margin trading built on RSK, a Bitcoin sidechain secured by the Bitcoin network. RSK's native token is RBTC, which is a 1:1 BTC peg.
The system entered into maintenance mode after the developer realized the attack. It has been reported that half of the stolen money has been recovered, and the Treasury will reimburse the remaining losses in full.
A later update revealed that all user funds that had become stuck on the ETH bridge had been released, with the exception of the user who was bridging in USDT to XUSD.
✅ The full article is available here: https://blog.neptunemutual.com/decoding-sovryns-price-manipulation-vulnerability/
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Decoding Mango’s Vulnerability.
On October 12, 2022, hackers were able to drain funds from Mango via price manipulation, resulting in approximately a $116 million loss of assets.
Mango Markets provides a platform for lending, borrowing, swapping, and leveraged trading of crypto assets. Built on the Solana blockchain, it uses Serum DEX for spot margin trading and Mango Markets' own order book for perpetual futures trading.
The vulnerability appears to be caused by the hackers' ability to manipulate collateral, in which they temporarily spiked the value of their collateral and then take out massive loans from the Mango treasury.
✅ The full article is available here: https://blog.neptunemutual.com/decoding-mangos-vulnerability/
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Decoding Stax Finance’s Vulnerability.
On October 11, 2022, the TempleDAO based project, Stax Finance was hacked, costing them approximately $2.36 million.
Temple DAO is a yield-farming DeFi protocol that offers users yields on deposits.
Stax is a decentralized application powered by TempleDAO.
The potential cause of the incident is that the migrateStake function did not check the oldStaking, so the attacker forged the oldStaking contract to arbitrarily add the balance.
✅ The full article is available here: https://blog.neptunemutual.com/decoding-stax-finances-vulnerability/
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Weekly Report (Oct-17).
Hackers were able to drain funds from Mango Markets through price manipulation, resulting in a $116 million loss of assets. The vulnerability appears to have been caused by the hackers' ability to manipulate collateral due to an economic design flaw, in which they temporarily increased the value of their collateral and then borrowed massive loans from the Mango treasury. Following the exploit, the Mango program instructions were frozen to prevent any further interaction with the protocol, such as depositing additional funds that may be lost. This incident effectively depleted all available liquidity, preventing protocol users with deposits from withdrawing assets...
• India Gate Foods enters into Metaverse in an effort to preserve traditional art forms.
• Konami is stepping up its efforts in NFTs and the metaverse space.
✅ The weekly report is available here: https://blog.neptunemutual.com/weekly-report-oct-17/
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Decoding Moola Market’s Price Manipulation Attack.
On October 18, 2022, Moola Market was exploited for $9.1 million. The exploit involves draining multiple tokens, including 8.8 million $CELO tokens valued at $6.6 million, 765k $cEUR tokens worth $0.7 million, 1.8 million $MOO tokens worth $1.2 million, and 644k $cUSD tokens worth $0.6 million.
After the announcement of the incident, the team halted all the activity on Moola. The team tweeted that they had informed law enforcement agencies and taken steps to make liquidating the assets difficult.
A bounty payment was also announced in exchange for returning the funds within the next 24 hours of the incident, after which 93.1% of stolen funds were returned to the Moola governance multi-sig. The attacker appears to have kept the remaining funds, earning around $500,000 as a bug bounty.
✅ The full article is available here: https://blog.neptunemutual.com/decoding-moola-markets-price-manipulation-attack/
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Web 3.0: How is it Different and Why Does it Matter?
When blockchain technology started making waves in 2008, no one could predict the extent of its use cases. It started with recording transaction data on an immutable public ledger where miners were incentivized to validate transactions and add blocks of data to the blockchain; these proof-of-work incentives were, and still are, the basis of many digital cryptocurrencies, including Bitcoin.
Blockchain has been responsible for numerous projects with good use cases in the Internet space. Aside from cryptocurrency, blockchain has been the technology underlying NFTs (non-fungible tokens), DeFi (decentralized finance), Metaverse, and the revolutionary Web 3.
To understand Web 3.0 better, let's do a quick review of the evolution of the web.
✅ The full article is available here: https://blog.neptunemutual.com/web-3-0-how-is-it-different-and-why-does-it-matter/
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Weekly Report (Oct-24).
BitKeep, a decentralised multi-chain cryptocurrency wallet, suffered a $1 million loss due to an exploit on BNB Chain via a service used to swap tokens. The vulnerability was exploited due to a flaw in BitBTC code, in which the contract used a custom bridge rather than the standard bridge provided by Optimism. Later, the team communicated and worked with major security agencies to track down the hackers and recover the stolen assets. Following the incident, they suspended their Swap service to ensure that no other asset security issues occurred again.
Moola Market, a non-custodial liquidity protocol on the Celo ecosystem, was exploited for $9.1 million. The exploit involves draining 8.8 million $CELO tokens worth $6.6 million, 765k $cEUR tokens worth $0.7 million, 1.8 million $MOO tokens worth $1.2 million, and 644k $cUSD tokens worth $0.6 million. The attacker manipulated the price of the low-liquidity native $MOO token by purchasing a portion of it, and then used it as collateral to borrow $CELO tokens back and forth in order to steal the funds. After the announcement of the incident, the team halted all the activity on Moola. A bounty payment was announced in exchange for returning the funds within the next 24 hours of the incident, after which 93.1% of stolen funds were returned to the Moola governance multi-sig.
• Lamborghini has unveiled yet another World Tour themed NFT collectibles.
• W3E is preparing to host the world's first live web3 eSports tournament.
• Warner Bros has announced the release of Lord of the Rings NFTs.
✅ The weekly report is available here: https://blog.neptunemutual.com/weekly-report-oct-24/
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Decoding ULME Token Flash Loan Attack
In the indirect price manipulation attack, a trade on an AMM is utilised to discreetly influence the token price of a vulnerable DeFi application whose price mechanism is dependent on real-time status.
A flash loan attack can be mitigated to a greater extent by imposing a limit on the amount that can be borrowed in a single flash loan transaction, or using oracle-based services like ChainLink amongst many other precautions.
Our security team at Neptune Mutual can validate your platform for DNS and web-based security, smart contract reviews, as well as frontend and backend security. We can offer you a solution to scan your platform and safeguard your protocol for known and unknown vulnerabilities that have the potential to have catastrophic long-term effects. Contact us on social media if you are serious about security and have the budget, desire, and feeling of responsibility to do so.
✅ The full article is available here: https://blog.neptunemutual.com/decoding-ulme-token-flash-loan-attack/
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Decoding Melody Vulnerability.
On October 25, 2022, Melody was hacked due to a vulnerability that allowed the application's token address to be compromised, resulting in the loss of approximately 2225 $BNB tokens.
Following the incident, another attacker address repeated the attack, earning 2,450 $SGS and exchanging proceeds for 560 $WBNB.
The team took the contract to maintenance mode and restarted the withdrawal function after the bug was fixed.
✅ The full article is available here: https://blog.neptunemutual.com/decoding-melody-vulnerability/
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Monthly Review – October 2022.
By far one of the most exciting updates that we have for you. We’re pleased to announce that after months of back-end programming, rigorous testing, security code audits, and updates, the Neptune Mutual parametric cover protocol is launching on the mainnet in November. Keep checking back on our social media channels across Discord, and Twitter for news of the exact launch date.
Open Zeppelin is a tier 1 blockchain security company with an excellent reputation both for its security audits and for its library of smart contracts. We commissioned Open Zeppelin to conduct a 2nd audit of our codebase and we have been working closely with them since the month of August to review and refactor the codebase to take into account their recommendations. Security is our first priority at Neptune Mutual and the team has invested a lot of time and energy over the last few months in checking the extensive codebase of our marketplace. The Open Zeppelin audit report is now publicly available on their website and we will also be updating our website with links to this report and also the audit report published by Blocksec.
• We continue to decode the most recent hacks and exploits in the blockchain space.
• Start your career with Neptune Mutual.
• The Neptune Mutual Mainnet is set to go live in November.
✅ The monthly report is available here: https://blog.neptunemutual.com/monthly-review-october-2022/
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Neptune Mutual Parametric Marketplace Going Live on Ethereum Mainnet, 8th November.
It’s official! Our parametric cover marketplace is set to go live on the Ethereum mainnet on Tuesday the 8th November. The marketplace will launch with a diversified cover pool that includes cover products from Prime dApps including: Uniswap, AAVE, Maker, Balancer and more!
After over a year of fundraising, development, code audits, user testing on Polygon Mumbai and Avalanche Fuji testnets, the growth of our Neptunite community and the support of our investor community, we are delighted to be able to launch our marketplace live on the Ethereum mainnet.
Despite the tight market conditions we have chosen to launch our parametric marketplace in order to make parametric cover protection available to users. Whilst we have seen a downturn in market conditions, hacks of digital losses have been on the rise, and we firmly believe that a scalable solution to this problem is urgently needed in the blockchain industry.
✅ The full article is available here: https://blog.neptunemutual.com/neptune-mutual-parametric-marketplace-going-live-on-ethereum-mainnet-8th-november/
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Decoding Skyward Finance Smart Contract Vulnerability.
The team informed that the Skyward Treasury was drained due to this attack, effectively rendering the Treasury and the $SKYWARD token worthless. They added that the contracts are fully locked, meaning that no one can pause or prevent future issues with the $SKYWARD token.
The lack of a recovery plan during hacks or exploits is typically indicative of an exit scam. A few of these activities leading to rug-pull in this industry are premeditated and self-made by the team in order to avoid prosecution or gain media attention before planning for their next venture.
This exploit could have been avoided if proper validation techniques had been used to ensure that no duplicate token_account_ids were passed during the functional call. It is also recommended that such values are not passed as parameters, because they can be easily manipulated.
✅ The full article is available here: https://blog.neptunemutual.com/decoding-skyward-finance-smart-contract-vulnerability/
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Weekly Report (Nov-07).
Rubic, the multi-chain exchange protocol, was exploited due to malware that stole the private key following the disclosure of an administrator's wallet address, which controls the RBC/BRBC cross-chain bridge and staking rewards. The attacker sold approximately $ 303,758 worth of RBC/BRBC on Uniswap and PancakeSwap. The team said that the user's staking funds were secure and none of their smart contracts had been compromised.
Deribit, the cryptocurrency derivatives exchange, suffered a loss of approximately $28 million due to an exploit involving a compromised hot wallet. The breach was isolated and quarantined to their BTC, ETH, and USDC hot wallets, resulting in the loss of 6,967.65 ETH, 691 BTC, and approximately 3.41 million USDC, with the hacker exchanging USDC for 2,143.95 ETH. After the event, they began conducting security checks, halting withdrawals from Copper Clearloop and Cobo, among other third-party custodians. The team reported that no client assets, fireblocks, or cold storage addresses were compromised. The customer's funds will remain secure, and losses will be covered by the company's reserves.
• Kraken has launched the beta version of its NFT marketplace.
• Visa has collaborated with Crypto.com to auction off World Cup-themed NFTs.
• Meta announced a toolkit for Instagram users to mint NFTs on the Polygon blockchain.
✅ The weekly report is available here: https://blog.neptunemutual.com/weekly-report-nov-07/
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The moment we've been waiting for has finally arrived!
The Neptune Mutual parametric marketplace is now live on #Ethereum !
🔗 https://app.neptunemutual.com
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Decoding brahTOPG Smart Contract Vulnerability.
On November 9, 2022, the TopGear vault of Brahma (brahTOPG) project was attacked, in which the hacker was able to steal 89,343 $USDC.
Brahma is a non-custodial protocol that activates and manages liquidity across chains and decentralized applications and enables effective capital utilization in the DeFi ecosystem.
The vulnerability is caused because the Zapper contract rigorously checked for incoming user data, which resulted in an arbitrary external call.
✅ The full article is available here: https://blog.neptunemutual.com/decoding-brahtopg-smart-contract-vulnerability/
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Weekly Report (Nov-14).
More well-known businesses are looking into the idea of the Metaverse and how it could be applied to customer engagement. The list was most recently expanded by Forbes as they prepared for their event to be held in partnership with The Sandbox metaverse. A wearable NFT that acted as their entry ticket was provided to attendees of the event. Once inside, visitors were able to partake in a variety of adventures related to the Forbes Metaverse, such as discovering hidden objects like the Forbes Highlander Yacht. The event also had an NFT gallery, and virtual billionaires who were well-developed Metaverse personalities with their own virtual wealth.
In collaboration with FIFA, Altered State Machine is launching a unique metaverse game in the hopes of creating exciting new online football experiences. This innovative new smart football game will introduce intelligent AI characters to a broader gaming audience. The game begins with a prediction game that will be available during the FIFA World Cup 2022. Players will be able to participate in this entertaining football-themed metaverse game starting November 20. The game will allow players to create teams and compete against others in an AI football game.
• Decentraland has inaugurated the second edition of Metaverse Music Festival.
• Forbes announced a virtual Metaverse event in collaboration with the Sandbox.
• FIFA and Altered State Machine have collaborated on a metaverse based AI league game.
✅ The weekly report is available here: https://blog.neptunemutual.com/weekly-report-nov-14/
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Decoding Sheep Farm Smart Contract Hack.
This exploit could have been prevented if proper validation techniques had been used to ensure that all potential attack surfaces had been completely fixed. It is essential that the project team conduct rigorous audit procedures with multiple blockchain security firms to prevent such occurrences.
Our security team at Neptune Mutual can validate your platform for DNS and web-based security, smart contract reviews, as well as frontend and backend security. We can offer you a solution to scan your platform and safeguard your protocol for known and unknown vulnerabilities that have the potential to have catastrophic long-term effects. Contact us on social media if you are serious about security and have the budget, desire, and feeling of responsibility to do so.
✅ The full article is available here: https://blog.neptunemutual.com/decoding-sheep-farm-smart-contract-hack/
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Deep Dive into Prime dApps Cover Projects in Neptune Mutual’s Marketplace.
The Neptune Mutual parametric cover marketplace for blockchain projects went live on November 8th, 2022.
DeFi, CeFi, and Web 3 users can now take out cover policies that provide a layer of protection to safeguard their digital assets in the event of a smart contract hack.
Users can also participate in the marketplace as liquidity providers. This is when you supply liquidity to cover pools that provide underwriting capital for cover products on Neptune Mutual.
The very first cover pool on the Neptune Mutual is the Prime dApps Diversified Cover Pool.
Prime dApps is a collection of parametric cover products for seven top-rated DeFi projects – AAVE, MakerDAO, Uniswap, Curve Finance, Balancer Labs, Gnosis Safe, and Synthetix. These projects are relatively mature, with large TVLs (Total Value Locked) and they have relatively high levels of security.
Users of these dApps can purchase cover policies to provide cover for their digital assets with fast and reliable payouts to all policyholders should an incident arise and be validated by our incident resolution process.
✅ The full article is available here: https://blog.neptunemutual.com/deep-dive-into-prime-dapps-cover-projects-in-neptune-mutuals-marketplace/
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Weekly Report (Nov-21).
Rugpulls are expected to remain as an unsavoury element of the DeFi industry. Unethical incidents like these are where the project team, and their associated members, flee with their investors money, including the funds from their community as a whole. Rug pulls are typically executed by scammers who create a buzz around their tokens and then abandon the project, taking off with the money. The simplest approach to avoid being “rugged” is to do your own diligence, check the transparency and experience of the team, and understand the utility of the token. If a project looks too good to be true, it probably isn't.
Sheep Farm, an investment blockchain game on the BNB chain, was attacked by a hacker causing a loss of approximately 262 $BNB tokens worth $72,000. The vulnerability existed in the register function of the SheepFarm contract, which could be invoked multiple times. The attacker called the upgradeVillage function to accumulate yield while consuming gems properties, and then finally called the sellVillage method to convert yield to money before withdrawing them.
• Oracle Red Bull Racing has established a historic partnership with Azuki.
• Neptune Mutual launched their Black Friday offer with a reduced cover fee, and options for 100% protocol fee cashback.
• Nike has launched a web3 platform to offer Polygon based NFTs.
✅ The weekly report is available here: https://blog.neptunemutual.com/weekly-report-nov-21/
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Taking a Closer Look at the Numbers Protocol Hack.
The team published a statement acknowledging the situation as a critical issue with the multi-chain bridge. They also advised $NUM users to disconnect wallet to multi-chain swaps and avoid those services until the issue is clarified.
A later post-mortem report from the team stated that the NUM token contract will be upgraded to prevent similar attacks in the future.
The exploit could have been avoided to a greater extent had the victim user revoked their unrestricted permission to the Multichain. This issue is a follow up to a similar incident on the Multichain which caused a loss of approximately $1.4 million.
✅ The full article is available here: https://blog.neptunemutual.com/taking-a-closer-look-at-the-numbers-protocol-hack/
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Let’s Cover the Main DeFi Security Risks.
Decentralized finance—often called DeFi—refers to the shift from traditional, centralized financial systems to peer-to-peer finance enabled by decentralized technologies built on the Ethereum blockchain. From lending and borrowing platforms to stablecoins and tokenized BTC, the DeFi ecosystem has launched an expansive network of integrated protocols and financial instruments. Now with over $24 billion worth of value locked in Ethereum smart contracts, decentralized finance has emerged as the most active sector in the blockchain space, with a wide range of use cases for individuals, developers, and institutions.
Unfortunately, despite its growth in popularity, DeFi isn't perfect. In fact, many people have come to realize a flaw with DeFi: its security. Of course, many of these security issues are normal risks that are faced with blockchain security. However, knowing them is still important to help users know what they face when utilizing DeFi to make the most out of it.
✅ The full article is available here: https://blog.neptunemutual.com/lets-cover-the-main-defi-security-risks/
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Weekly Report (Nov-28).
The number of trademark applications related to the metaverse filed by individuals and businesses has skyrocketed this year. These trademarks exist as branded NFTs, digital goods, or metaverse experiences. Ownership is one of the distinguishing characteristics that set Web3 activity apart from its forerunner. Recent reports by DappRadar indicate that blockchain gaming and metaverse project initiatives raised a staggering $1.3 billion during the third quarter of 2022.
Magic Eden has announced support for NFT assets minted on the Polygon network. The announcement of the marketplace follows a string of major brand announcements surrounding Polygon. Polygon is home to massive web3 gaming projects and publishers such as Ubisoft, Sandbox, Atari, and Decentraland! Magic Eden is now able to support a large ecosystem of game developers and creators that were previously out of reach thanks to Polygon. The new move is all part of the company's vision to become a true multi-chain marketplace. With Polygon under its belt, we can remain optimistic about the marketplace growth, as it had launched over 20 projects, and raised more than 5,000 ETH for its creators since its earlier decision to support ETH.
• Polygon has released 32 digital footballs to commemorate the World Cup.
• The Home Depot has reportedly submitted an application for web3 trademarks.
• Magic Eden has expanded their multichain vision with Polygon integration.
✅ The weekly report is available here: https://blog.neptunemutual.com/weekly-report-nov-28/
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Are Stablecoins Decentralised?
Majority of cryptocurrencies are super volatile assets.
Many times cryptocurrencies have proven they can be more volatile than securities and other popular investment assets. Some have even gone up ten times in value in a matter of days.
This makes them an interesting investment for many high-risk retail and institutional investors. Its unique design makes it easy to access huge potentials to earn high rewards in such a short amount of time.
However, a great number of people enter the crypto market also to gain access to decentralised financial services, better known as DeFi.
Using DeFi to exchange goods and services will require a non-volatile digital asset for it to be practical.
✅ The full article is available here: https://blog.neptunemutual.com/are-stablecoins-decentralised/
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Binance decentralized cover pool launch announcement.
The Binance Exchange cover will have its own dedicated cover pool and will provide users a means to mitigate the risk of loss of assets as a result of cybersecurity incidents. Binance Exchange is the first CeFi exchange for which parametric cover will become available in the Neptune Mutual marketplace.
A message sent by CZ, CEO of Binance, that was shared on Twitter earlier in the month, commented on the need for Binance to lead the industry by example in terms of transparency, proof-of-reserves, and insurance funds. Binance Exchange created its own user insurance protection fund (Secure Asset Fund for Users or SAFU) back in 2018, and it was reported earlier this year to have exceeded $1B in valuation.
The Binance Exchange cover that can be found in our marketplace is completely independent from Binance. It is a complementary solution to the SAFU fund and it is a solution with a very different approach, not least of which is that user payouts are not determined by Binance in relation to individual loss (or other criteria they may use), but rather by the marketplace incident resolution process based on an evaluation of whether the policy parameters have been triggered or not.
✅ The full article is available here: https://blog.neptunemutual.com/binance-decentralized-cover-pool-launch-announcement/
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Monthly Review – November 2022.
As announced in our previous monthly newsletter, our marketplace is now up and running. The protocol went live on November 8, 2022, at exactly 11:30 am UTC. You can now purchase cover policies to safeguard your digital assets and you can also earn income by providing liquidity to cover pools that fund the underwriting capital for the cover products.
At the time of writing, there are cover products available for seven leading DeFi projects. These are AAVE, Balancer, Curve Finance, Gnosis Safe, MakerDAO, Synthetix, and Uniswap. The cover products for these projects are underwritten with capital from a single diversified cover pool called Prime dApps.
• We published a number of articles in the Exploit Analysis section of our blog about recent hacks and exploits.
• Cover policies are available for 7 DeFi projects under the Prime dApps Cover Pool – MakerDAO, Balancer, Uniswap, Synthetix, Gnosis Safe, AAVE, and Curve Finance.
• We are recruiting! Check out careers at Neptune Mutual.
✅ The monthly report is available here: https://blog.neptunemutual.com/monthly-review-november-2022/
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Taking a closer look at Ankr hack.
On December 02, 2022, the Ankr protocol on BNB chain suffered a governance key compromise, allowing an attacker to mint 10,000,000,000,000 $aBNBc tokens and drain the DEX pool, resulting in the loss of approximately $5 million.
Ankr is a decentralized Web3 infrastructure provider that helps developers, decentralized applications, and stakers interact easily with an array of blockchains.
The root cause of the vulnerability is due to the compromise of their governance key.
✅ The full article is available here: https://blog.neptunemutual.com/taking-a-closer-look-at-ankr-hack/
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Weekly Report (Dec-05).
The number of people utilizing NFTs has been steadily climbing over the past month, with many individuals taking advantage of the technology to produce one-of-a-kind digital goods. The creation of digital art, collectibles, and even digital real estate has all been accomplished with the help of NFTs. Tokenization of tangible assets like real estate, artwork, and even musical works has also been accomplished with the help of these digital collectibles. As the use of NFTs becomes more widespread, an increasing number of individuals are investigating the capabilities of the underlying technology and finding novel applications for it.
Neptune Mutual has announced the launch of the Binance Exchange dedicated cover pool, the first CeFi exchange on their marketplace, which will provide users with a means to mitigate the risk of losing assets due to cybersecurity breaches and the risk of Binance halting user withdrawals from the exchange for greater than 15 days.
• Binance NFT has secured a meeting with Mike Tyson as a prize for the winner of their NFT competition.
• Porsche has announced its collaborative new NFT drop.
• Kia America has introduced Legends Of The Driveway in partnership with the NBA.
✅ The weekly report is available here: https://blog.neptunemutual.com/weekly-report-dec-05/
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Roast Football suffers attack, funds lost through exploited reward system.
On December 05, 2022, Roast Football was a victim of an attack, in which the exploiter repeatedly swapped $RBF and $WBNB tokens by manipulating their reward system to book a profit of approximately 12 $BNB worth $3500.
The occurrence of this exploit is unique when compared to the other analyses that we have covered. The project's smart contract operation also relied on the block number and time stamp, which was eventually exploited by the attacker.
The vulnerability is caused by a weak pseudorandom number generator in the lottery function, which executes transactions only when the lottery is won.
✅ The full article is available here: https://blog.neptunemutual.com/roast-football-suffers-attack-funds-lost-through-exploited-reward-system/
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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/
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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/
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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/
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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/
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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 $87,000.
✅ The full article is available here: https://neptunemutual.com/blog/understanding-sell-token-exploit/
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The Neptune Mutual "$NPM" token was launched a few hours ago on SushiSwap.
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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/
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"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/
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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
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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/
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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
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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/
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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/