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
Payouts depend on objectively resolving whether a predefined incident occurred. An incorrect, delayed or manipulated incident-resolution outcome (the parametric trigger) could deny valid claims or trigger unwarranted payouts.
Under the interim Proof of Authority model the Neptune Mutual Association could pause the protocol and reverse incident-reporting decisions via emergency resolutions, concentrating significant discretionary power. OpenZeppelin also flagged that the protocol has a large number of very privileged roles requiring careful key management.
A complex 44-contract codebase with intricate storage and access-control patterns. Audits (OpenZeppelin, BlockSec, Hacken) found high-severity issues that were subsequently addressed, but residual smart-contract risk remains inherent.
Cover pools are funded with stablecoin liquidity; the protocol's ability to pay claims depends on pooled reserves. OpenZeppelin flagged risk of insufficient liquidity when computing policy coverage commitments, and a stablecoin depeg would impair reserve value.
Cover Creators are approved at the team's discretion and covers reference third-party protocols and exchanges; the value of a policy depends on the correct scoping of the covered counterparty and event.
