Besides being user-centric, Neptune Mutual is also a community-centred protocol. We believe that blockchain projects thrive and achieve greater goals because of their communities.
It is our mission to bring together user communities and gather support for their favourite protocols by becoming liquidity providers.
That’s why we’re so excited to let you in on our latest features release tomorrow — Thursday, March 24, 8 AM HKT.
Our new Staking and POD Staking features will focus on rewarding liquidity providers and token holders on the Neptune Mutual platform.
Read on to find out how each unique feature works and rewards liquidity providers.
Staking NPM tokens is one of the most important features of the Neptune Mutual protocol. Neptune Mutual’s Staking feature intends to generate rewards for NPM token holders and liquidity providers.
Step 1: To stake NPM tokens, go to [Pool] at the topmost portion of the homepage.
Step 2: Go to the [Staking] tab.
Step 3: Once there, choose the cover card you want to stake NPM tokens on.
On the cover card, you’ll find the cover’s:
- APR. The annual percentage rate investors may earn from staking their NPM tokens after interest rates and other fees.
- Lockup period. This tells you how long your staked tokens will stay locked on the platform.
- TVL. Short for total value locked by the cover’s liquidity providers shown in US dollars.
Take note: On the testnet, the lockup period is set for 5 minutes to make testing more convenient. NPM tokens can’t be withdrawn during the lockup period.
Okay, now back to staking…
On the cover card, you’ll find the [Stake] button.
Step 4: Click [Stake] to stake NPM tokens for the cover of your choice.
Step 5: Enter how many NPM tokens you want to stake.
Step 6: Click [Approve NPM].
Step 7: Confirm your stake from MetaMask until the platform approves it.
Step 8: After that, click [Stake].
Step 9: Confirm the following MetaMask transaction to stake NPM.
Rewards and Stake Withdrawal
Find your share of staked NPM tokens and rewards generated on each of your active covers.
Step 1: You can supply more NPM to your cover pools by clicking [+].
Step 2: Click [Collect] to withdraw your share.
You can harvest token rewards generated by clicking [Collect] under the Harvest tab.
Step 3: Click [Confirm] from the MetaMask notification to complete the transaction.
Under the Withdraw section, you can fully or partially withdraw your staked NPM.
Step 4: Enter the number of NPM tokens you want to withdraw.
Step 5: Click [Unstake].
Step 6: Confirm the transaction request from MetaMask and wait until your stake withdrawal is successful.
Cover creators can offer their project’s native tokens to attract and incentivize liquidity providers.
Liquidity providers will each receive an equivalent Proof of Deposit (POD) to their staked asset of stable cryptocurrency in DAI.
As a liquidity provider, you can stake PODs in the Neptune Mutual pool to earn greater returns called Shield Mining Rewards.
Step 1: To stake your POD, go to the [Pool] tab at the topmost part of the homepage.
Step 2: Next, go to the POD Staking section right beside Staking.
You’ll find the cover cards available you can supply liquidity to. Every cover will have its respective card to stake PODs.
Just like with staking…
You’ll find the cover’s APR, lockup period, and TVL on the cover card. Scroll back to the Staking section of this blog to review what these terms mean.
Note: For the testnet, the same 5-minute modified lockup period with Staking will apply to POD Staking. Again, users can’t withdraw NPM tokens during the lockup period.
Step 3: Click [Stake] for the cover you want to stake PODs on.
Step 4: Enter the amount of POD you want to stake.
Step 5: Confirm the transaction request from MetaMask and wait until your POD stake gets approved.
Join the Neptune Mutual Testnet
Register on Gleam to join the NPM ‘Unlock the Gold Vault’ protocol testnet contest. Who knows you could be one of the 100+ lucky winners?
Explore Neptune Mutual’s other unique features:
Test the Neptune Mutual protocol on test.neptunemutual.com
Visit https://faucet.polygon.technology/ to get your Polygon testnet tokens.
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 and payouts to all cover policyholders are guaranteed.
Join us in our mission to cover, protect, and secure on-chain digital assets.
Official Website: https://neptunemutual.com