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 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.
Introducing Neptune Mutual NFT Rewards
We’ve added a new reward category – Neptune Mutual collectible NFTs. Through our NFT collection, we hope to share with our community the chronicles of Neptune, lord protector of the seas.
Check Out the New Diversified Cover Pools Product
Diversified cover pools help provide liquidity to a portfolio of cover products, each with its own specific cover policy trigger parameters.
If a trigger incident occurs, all the policyholders of that specific cover product get a pay out from the diversified pool.
In this way, partial payouts of liquidity are possible from a diversified cover pool in the sense that each cover product is allocated only a portion of the total liquidity of the diversified pool.
Participating in the Testnet
Register on Gleam and then follow the instructions to enter the contest and earn points.
Test the Neptune Mutual protocol at https://test.neptunemutual.com/
Head over to Metamask, and choose your preferred test network as Fuji. Visit https://faucet.avax.network/ to acquire your Avalanche Fuji testnet tokens, and the Neptune Mutual YouTube channel for detailed instructions.
Participate in quality transactions and provide feedback on the protocol in our selected Discord channels.
After completing the transactions, you can access our Leaderboard to see the points you've earned and the rankings they correspond with.
Follow our Twitter and Discord-based channels to keep up with our announcements and other upcoming releases.
There are three primary stakeholder roles in the Neptune Mutual ecosystem, but for a full overview of all the stakeholders have a read of our Ecosystem blog.
1. Cover Policy Purchaser
As a cover policy purchaser, your role is to go through the various cover products in the marketplace and purchase policies for your preferred projects. The process is straightforward and takes only a few minutes to complete.
Step 1: If you choose to [Purchase Policy], you will get a brief overview of the project.
It will show you the amount of stablecoin in the cover pool along with the liquidity available to underwrite policies available in the cover pool.
On the right, a reporting period section shows you how long it will take the community to validate an incident after it is reported.
Typically, the reporting period on the (Avalanche) mainnet will be 7 days. However, for the testnet, it’ll only take 30 minutes to make testing easier.
You’ll also find the cover rules that define the conditions that’ll trigger a cover policy to make a payout.
If a hack or exploit on the project is reported, the community will refer to these cover rules in making a decision on whether or not the cover pool should make a payout to its cover policyholders.
It’s crucial that you understand these cover rules and review them in detail before you purchase a cover policy.
Step 2: If you agree with the cover rules, you can confirm your cover policy purchase by clicking the checkbox and [Next].
Input Amount for Cover Protection
After agreeing to the cover rules, you can now input the amount of cover protection you need.
Step 3: Select your coverage amount.
Then, you’ll receive cxDAI that you’ll hold on to for the duration of the cover policy.
You will use these cxDAI tokens to make your claim in the event the community decides your policy should get a payout after the incident.
Step 4: Select your coverage period.
You’ll find your claim’s expiry date and the cover fee you’ll need to pay in stablecoins.
Step 5: Click [Approve DAI] then confirm the transaction.
Afterward, you should see the notification: Purchase Policy Successfully.
Step 6: To check your new policy, go to the [My Policies] tab at the top of the screen.
You should find your new cover policy on your dashboard.
2. Liquidity Provider
The liquidity provider (LP) role is importance because LPs provide the capital that is used to underwrite the risks associated with the policy of the cover product. As an LP, you will earn cover fee income, as well as Proof of Deposit (POD) tokens that can be staked for additional rewards.
Step 1: If you choose to [Provide Liquidity], you’ll get a brief overview of the project similar to that when you choose to purchase a policy.
In the overview, you’ll see the policy’s reporting period, the reassurance amount, and the total liquidity available for underwriting policies expressed in dollars.
You’ll also find the cover rules that define the conditions for providing liquidity.
It’s crucial that you understand these cover rules and review them in detail before you provide liquidity to the cover pool.
Step 2: If you agree with the cover rules, you can provide liquidity and confirm by clicking the checkbox and [Next].
Input Amount to Provide Liquidity
Once you agree to the cover rules, you can now input the amount of liquidity you want to provide to the cover pool.
You must stake at least 250 NPM tokens in order to participate in the pool. You need to provide the specified stablecoin, in this case, DAI.
Step 3: Enter the number of NPM tokens you wish to stake.
Step 4: Enter the amount of stablecoin liquidity you want to supply.
As a result, you should get an equivalent Proof of Deposits token (POD) against the liquidity you provided in DAI.
Each cover will have its unique POD.
PODs across different liquidity pools have different smart contracts which make them non-interchangeable.
Note: To make testing easier, the timeframe to unlock your liquidity will be set to 1 hour after being supplied to the pool.
Step 5: Click [Approve DAI] and [Approve NPM].
Step 6: Confirm each of the continuing transactions in your wallet.
3. Incident Reporter
When a predefined trigger event occurs, it’s the duty of the incident reporter to report it and ensure it fits within the parameters of the cover rules. You will earn rewards for reporting and validating incidents, as well as for disputing incidents that do not meet the specific trigger parameters.
Explore Neptune Mutual’s other unique features:
Claiming Your Policy – https://www.youtube.com/watch?v=JUf00k70QCY
Candidate Reporting – https://www.youtube.com/watch?v=Kk7kpPOrwBk
Guide :Reporting an Incident
Staking NPM Tokens – https://www.youtube.com/watch?v=5Vq2k2UanNc
Staking POD Tokens – https://www.youtube.com/watch?v=fMOSGCLNIco
Guide: Staking and POD Staking
Using the Bond Pool – https://www.youtube.com/watch?v=AWnAucb1L-U
Guide: Bond Pool Feature
Join the Neptune Mutual Testnet Gleam Competition Now
Register on Gleam to join the NPM testnet contest. Who knows you could be one of the 100+ lucky winners?
The first place winner gets a Surprise NFT Treasure Vault and the second place winner gets a Surprise NFT Treasure Box. The other 100 winners each receive $100 worth of NPM tokens at the IDO or public round price and one Neptune Mutual NFT.
Follow us on Medium to stay updated on all our latest announcements and future releases.
How To Use the Neptune Mutual Testnet on Fuji Network
If this is your first time interacting with the Neptune Mutual protocol, we’ve included comprehensive video tutorials that cover everything you need to know.
Connect to Neptune Mutual Faucet and Obtaining Testnet Tokens
Step 1: Log in to your MetaMask wallet or any other cryptocurrency wallet you have.
Step 2: Change your network to the Avalanche Fuji Testnet network from the drop-down menu at the top of the wallet pop-up.
Step 3: Create a new wallet address by clicking on the icon at the top-right corner of the pop-up.
Step 4: Click [Create Account].
Obtaining Test Tokens
Step 5: Next, you need to get some test avax (AVAX).
You’ll use test AVAX to pay for the testnet gas fees needed to make transactions on the testnet.
Step 6: To acquire test AVAX, open faucet.metamask.io on your browser.
Step 7: Click [request 1 AVAX from faucet].
Step 8: Go to test.neptunemutual.com after you complete the transaction
Step 9: Once you’re there, click [Connect Wallet]. Choose which wallet provider your wallet belongs to. If it’s MetaMask, choose Metamask. By then, your wallet should get connected. Go to the link at the top-most part of the screen. It should take you to https://faucet.avax.network/
Step 10: Select the Fuji network.
Step 11: Click [Connect] then MetaMask or again, whichever crypto wallet you use.
Step 12: On the right side of your balances, click the [+] button to add DAI and NPM tokens to your MetaMask wallet.
Step 13: Click [Request]. This should open your MetaMask wallet.
Step 14: Under the Details tab, you can click [Edit] and select [High] to increase gas fee charges if you want to transact faster. Click [Confirm].
By then, you should receive DAI stablecoin or NPM tokens.
Balances for each will reflect accordingly on your wallet.
Step 15: Once you’re done with all that, you can now go to test.neptunemutual.com to interact with the Neptune Mutual protocol.
Quick Overview on Cover Policies
Now that you’re on the test.neptunemutual.com home page, let’s go over the terms and values you’ll find on its dashboard.
The total amount of liquidity in all the cover pools. You can see its progression over time in the dynamic graph on the right.
Liquidity locked in the bond and staking pools.
The total amount of cover policies purchased.
The total amount of cover policy fees paid.
The number of projects that have created cover pools available for you to purchase cover policies from.
The number of projects being reviewed by the community to identify cover policies that should payout after the report of an incident.
List of available cover pools and cover policies dedicated to an individual project. For each cover pool, you’ll find the:
- Project’s name
- Range of the cover fees
- The exact price of the cover
- Utilization ratio
- Amount of cover policies purchased
- Amount of liquidity in the cover pool
- No access will be granted to the competition from residents and citizens of the US and US Territories or in other words, both US Person and a US Taxpayer.
- No access will be granted to the competition from residents and citizens of any sanctioned country.
- Neptune Mutual reserves the right to add additional countries to the list of unsupported regions for any reasons at the discretion of Neptune Mutual.
Neptune Mutual project safeguards the Ethereum community from cyber threats. The protocol uses parametric cover as opposed to discretionary insurance. It has an easy and reliable on-chain claim process. This means that when incidents are confirmed by our community, resolution is fast.
Join us in our mission to cover, protect, and secure on-chain digital assets.
Official Website: https://neptunemutual.com