Other · Underwriting · NPM
Neptune Mutual runs parametric cover pools where payouts trigger when predefined on-chain conditions are met (e.g. protocol TVL drops beyond a threshold). NPM governs pool parameters and risk frameworks.
Parametric cover pools for on-chain loss events.
Protocol TVL
$0
Latest data · 15 min delay
Parametric, on-chain-trigger payouts — no member claims vote — enabling faster settlement when cover conditions are objectively met.
The core product: a marketplace of parametric cover policies covering DeFi protocols, CEXes and custodians. Payouts trigger on the resolution of a predefined incident rather than on individual member claims, so policyholders of an affected protocol are all paid out without submitting evidence.
Liquidity providers deposit stablecoins into either dedicated pools (single project) or diversified pools (a basket of projects), choosing leveraged or unleveraged exposure to earn premiums and NPM incentives.
A community-based, NPM-staking mechanism to report and dispute incidents that trigger payouts. Pre-TGE this operated under an interim Proof of Authority model with the Neptune Mutual Association able to pause the protocol and perform emergency resolutions.
Governance and staking token whose primary utility is governing the incident reporting and resolution system via staking and voting; also used for staking to create covers and provide reporting incentives.
Ethereum, Arbitrum, BNB Smart Chain (Polygon for bridging)
Exploring the Neptune Mutual Marketplace (Medium)$1.75M seed (Nov 2021) + $5.3M private round (May 2022)
Neptune Mutual Medium / CryptoSlate raise announcements8 November 2022
Parametric Marketplace Going Live on Ethereum Mainnet (Medium)How Neptune Mutual maps onto established TradFi structures, and where it diverges.
Parametric insurance (e.g. weather / flight-delay index insurance)
Neptune Mutual
Both pay out automatically when a predefined, objectively measurable trigger condition is met, rather than requiring the insured to file and prove a loss claim.
TradFi analogue
Neptune Mutual covers crypto-native perils (protocol hacks, exchange/custodian failures), is funded by permissionless stablecoin liquidity pools, and resolves incidents through on-chain community reporting and NPM staking rather than a licensed insurer and actuarial loss adjuster.
Neptune Mutual Association
Governing body / protocol steward Held governance powers under the interim Proof of Authority model, including the ability to pause the protocol during attacks and perform emergency resolutions to reverse incident-reporting decisions during malicious activity.
Seed
2021-11-26$1.75M
Private
2022-05-13$5.3M
Key milestones: launches, upgrades, exploits and governance events.
Marketplace closure and open-sourcing
ExecutedThe team announced closure of the cover marketplaces via an emergency withdrawal process, refunds to qualifying policyholders, cancellation of Epoch 3 liquidity-gauge NPM emissions from end of June, and open-sourcing of the protocol as a public good.
SourceNeptune Mutual is parametric: payouts trigger on the resolution of a predefined incident, and all policyholders of the affected protocol are paid out. Claimants do not submit evidence and there are no member claim-assessment votes, unlike discretionary mutual models where members vote on each claim.
The marketplace ran on Ethereum, Arbitrum and BNB Smart Chain (BSC), with Polygon available to facilitate bridging. It launched first on Ethereum mainnet on 8 November 2022 and later expanded to Arbitrum and BSC to reduce gas costs.
NPM is the governance and staking token. Its primary utility is governing the community reporting and incident-resolution system through staking and voting; it is also staked to create covers and to incentivise honest incident reporting.
There are four stakeholder roles: Cover Creators (projects that create parametric covers, subject to team approval), Cover Purchasers (buyers of cover policies), Liquidity Providers (who supply stablecoin liquidity to cover pools), and Incident Reporters (community members who report and verify incidents).
No. In June 2024 the team announced it would close the cover marketplaces via an emergency withdrawal process returning LP liquidity to source wallets, refund qualifying policyholders, and open-source the protocol as a public good, citing an inability to hit the growth metrics needed for a top-tier CEX listing amid weak demand across the DeFi insurance category.
