Neptune Mutual 2023 Report

As we have moved into 2024, it’s a good moment to reflect on all we have accomplished in 2023. In our endeavor to innovate and excel, we have steadfastly focused on ensuring that the parametric cover marketplace responds to users needs and that we involve the Neptunite community in all aspects of Neptune Mutual activity. Let’s take a moment to revisit the milestones we’ve achieved.

Project Milestones

In a remarkable achievement, Neptune Mutual became the No. 1 DeFi insurance protocol on the Arbitrum network in March. This milestone underscores our commitment to providing top-tier insurance solutions in the decentralized finance space.

The launch of the $NPM token was a pivotal moment for us. We launched $NPM on Sushiswap on Arbitrum and on Uniswap on Ethereum, offering our community access to the NPM token and the option to contribute the NPM/USDC pair into Sushi and Uniswap pools.

In June, we launched our cover marketplace on the BNB Smart Chain. This strategic move has expanded our reach and enhanced access to cover protection for a wider user base.

Towards the end of the year, we made NPM available natively on the Polygon network.

TVL Growth

2023 has been a year of steady growth for Neptune Mutual in terms of Total Value Locked (TVL). We started the year with a TVL of $203K in January and witnessed a consistent and gradual increase in TVL over the months.

As of now, our TVL stands at over $643K. With the launch of user acquisition campaigns towards the end of 2023 and moving into 2024 we aim to increase adoption of DeFi insurance and increase utilization of cover pools in the marketplace following which we expect to see a corresponding rise in TVL as returns to LPs increase.

NFT Portal Launch

July marked a significant milestone with the launch of our NFT portal. This development offers us a valuable way to reward our marketplace users and community members based on their activity within the marketplace. Through this portal, cover purchasers and liquidity providers can mint NFTs, adding a distinctive touch to their digital art collections.

Following the launch of the NFT portal, we established a presence of Neptune mutual NFTs on Element, a renowned NFT marketplace that supports BNB Smart Chain (BSC). This has allowed owners of Neptunite NFTs to showcase and trade their tokens.

Attendances and Engagements in the DeFi Space

Throughout 2023, the Neptune Mutual team has been actively engaged in various discussions and events, emphasizing the importance of security in the DeFi space and promoting Neptune Mutual.

In February, our co-founder, Gillian Wu, participated in insightful panel discussions on X Space, hosted by Fenbushi Capital and OKX.

Edward Ryall, another co-founder, has been particularly active in spreading awareness about DeFi insurance. He attended EthCC 2023 in Paris where he met with many DeFi projects and shared insights about the industry’s latest developments.

Similarly, Edward’s interview with Nicholas Merten of DataDash in July further underscored the necessity of securing digital assets and the role of Neptune Mutual in providing reliable parametric cover solutions. He also participated in various X Spaces events, including those organized by InsurAce and DuckDAO, allowing him to discuss the critical aspects of crypto insurance and asset protection.

Security and Insurance

In January, our platform encountered sophisticated phishing attacks, notably one involving a website with a URL closely resembling our official domain. Our security team responded swiftly, alerting the Neptunite community. Metamask quickly flagged the deceptive wallets and domains, safeguarding our users.

We introduced the blockchain hacks database portal in March. It includes detailed information on recent and major cryptocurrency hacks, exploits, and vulnerabilities.

The Curve Finance platform experienced a significant smart contract vulnerability on July 30th, 2023. The incident reporting and resolution process was, for the first time, tested in a real environment and demonstrated how efficient parametric cover actually is with payouts made to policyholders eight days after the incident was reported. This now serves as an industry benchmark for DeFi insurance time-to-payout.

Our technical team was focused on enhancing the SDK integration of the Neptune Mutual Protocol. With the SDK in action, DeFi projects could integrate Neptune Mutual into their applications, allowing users to seamlessly purchase cover from their own dApp.

In collaboration with Hacken, we conducted a rigorous security audit of our liquidity gauge pool feature. The audit, which found no critical issues, was an essential step in ensuring the robustness of our protocol.

Community Engagement

2023 was a year of significant community engagement and innovative initiatives at Neptune Mutual.

In April, we launched our community forum, a platform for sharing information, resources, and updates on Neptune Mutual and the DeFi space. Users can also contribute to the forum discussions by sharing their views and knowledge.

Since March 2023, we have been conducting monthly town hall events each month on our Discord channel, providing updates and addressing questions from our community; these are now recorded and published in our YouTube channel. In addition, we also took the discussions to X Space for the first time in June.

We introduced a content creator program, running from July 13 to August 12, to encourage creators skilled in blockchain, DeFi security, and Web3. The program aimed to recognize and reward outstanding content and contributions.

On September 14, we airdropped NFTs to our 102 testnet winners, along with soulbound NFTs and USDC rewards for the top rank holders. In addition, the winners were also distributed $NPM tokens in November.

Promotions and Cashbacks

Neptune Mutual launched several promotional and cashback deals in 2023, encouraging users to protect their funds.

In November, we rolled out a special promotion for AAVE users. Customers who purchased AAVE V2 and AAVE V3 cover policies were eligible for a 25% cashback on policy fees.

We extended more benefits to the Arbitrum community with a 40% cashback offer on any insurance policy purchased on the Neptune Mutual Marketplace within the Arbitrum network.

Looking ahead to 2024, Neptune Mutual is excited to announce a groundbreaking campaign offering 110% cashback on cover policy fees for cover policies purchased from the Neptune Mutual marketplace. We encourage our users to take advantage of this unique opportunity and spread the word among their networks.

Neptune Mutual Profiles

In addition, Neptune Mutual achieved a significant milestone by getting validated on Magic Square, the largest Web3 store for NFTs, games, and dApps. This validation marks an important step in increasing our visibility in the Web3 ecosystem.

Message from the Cofounders

When we look back on the year 2023, it is clear that we have made significant progress in improving our product, hitting important development milestones, and reaching a larger user base.

We want to extend our heartfelt thanks to our community for their unwavering support and trust. Your engagement, feedback, and participation have been instrumental in shaping our platform and driving us forward. The trust you place in Neptune Mutual motivates us to continually improve and offer the best possible solutions in the market.

Looking ahead, we remain dedicated to enhancing our product offerings, exploring new opportunities for growth, and maintaining the high standards of security and service that our users have come to expect. We are excited about the future and are committed to being a leading force in the DeFi insurance sector.

Thank you for being a part of our journey. Here’s to continued success and collaboration in the years to come!