TL;DR
- Curve Finance: Incident flagged
- Curve Finance: Incident resolved and payouts finalized
- Content Creator Program submission closed
- Applications received for the content creator program
- Updates on Neptune Mutual SDK
- July Town hall in Discord
Protocol Update
The tech team has been working on updates to the SDK integration of the Neptunite Cover Marketplace to enable project users to access all cover features directly from a project’s dApp. With a few lines of code, users can supply liquidity, purchase covers, and interact with a project’s decentralized cover pool directly within their own DeFi app.
Contact our team and get started today on offering protection to your community with your own cover product #BUIDLed into your dApp, powered by Neptune Mutual.
Events
Curve Finance, a popular decentralized trading platform, suffered a smart contract vulnerability on July 30, 2023. It resulted in a loss of about $73 million worth of assets.
Curve is one of the cover products available in our marketplace on the Ethereum and Arbitrum chains. Following the incident, it was flagged as “Incident Occurred” on being reported by Neptune Mutual community members.
The incident reporting process was activated on July 31 on both chains immediately after the First Reporter flag. As the Neptune Mutual standard procedure dictates, the reporting period lasted for 7 days, during which NPM token holders participated in a vote to support or disagree with the incident report.
After that, a 24-hour cool-down period started for our team to evaluate the incident reporting. Finally, on August 9, the incident was resolved in favor of the First Reporter, and a seven-day window was given for the policy holders to claim payouts.
We are excited to announce that Neptune Mutual was the first insurance protocol to activate payouts to policyholders in the Curve Finance incident. Other DeFi Insurance projects are still receiving and assessing individual claims relating to the incident. The speed and efficiency of parametric cover have now been demonstrated, given that incident reporting, resolution, and payout mechanisms have all been successfully completed.
Earlier this month, we organized our monthly town hall and AMA session in our Discord channel. The event gave us the opportunity to inform our community about several updates from the past month, including EthCC attendance, the content creator program, the NFT portal launch, and Curve Finance incident reporting status.
Recent News
Our content creator program submission window was announced on July 13 and closed on August 12. We received many applications, and we’re in touch with a number of good creators. The selected creators will be rewarded from $50 to $2,500 in stablecoin based on the quality of their content and the results of their campaigns. Stay tuned to our socials to view submissions and give us your opinion!
We’ll be announcing similar initiatives to reward participants for creating awareness about Neptune Mutual in the coming months. Make sure to connect with us on Twitter (X), Discord, LinkedIn, and Telegram to receive all Neptunite updates.
This month, we published the second video of our tutorial series titled “Purchasing Cover in the Neptune Mutual dApp”. It’s an updated video with a step-by-step tutorial on how you can purchase cover protection for your funds from our cover marketplace. You can check out more helpful videos like this on our YouTube channel.
Blog Digest
For Spotlight Tuesdays articles this month, we published detailed articles about the following DeFi protocols: DODO, Alpaca Finance, and PancakeSwap, which are cover products in our cover marketplace on the BNB Smart Chain.
Moreover, we focused on publishing articles on the major updates from the EthCC event 2023 to let our readers know about the latest developments in the Ethereum community.
Here’s a complete breakdown of all articles published this month:
DeFi
Beginner’s Guide to Ethereum Virtual Machine (EVM)
Unraveling Account Abstraction and Its Benefits
Chainlink CCIP Launch: What You Need to Know
Spotlight Tuesday Articles
Cover Product Spotlight: Alpaca Finance
Cover Product Spotlight: PancakeSwap
Additionally, eight different exploit reports were published in the month of August, including those on Curve Finance, LeetSwap, Rocketswap, and more.
Team
We recently onboarded a new cyber security analyst on our team to help strengthen our protocol’s security as well as conduct research on threats relating to Web3 technologies. Welcome to the Neptunite team!
We are still recruiting for the position of Community Manager. Please apply if you believe you’re a good fit, or share this opportunity with your colleagues who might be interested. We look forward to welcoming you to the Neptunite family.