April 21, 2022 - 3 min read
SupraOracles is excited to announce its partnership with Neptune Mutual. Neptune Mutual offers guaranteed stable-coin liquidity to mitigate risk by hedging against custodian risks and smart contract vulnerabilities. In addition, everything in Neptune Mutual is open and decentralized, from purchasing coverage from a pool to reporting an occurrence, resolving disputes, and paying claims.
Neptune Mutual aims to recruit a new and steady user base and more liquidity by developing stable coin-based products for precise risk hedging and covering. The Neptune Mutual protocol will be a multi-Chain protocol initially deployed on Ethereum and Polygon. It is based on a parametric coverage model that protects policyholders from financial loss due to covered events. The policyholder pays a policy cost in exchange for coverage for a set period and a specific amount. As a result, faster claims payout is achievable since there is no back and forth between underwriters, claims assessors, loss adjusters, or any other intermediaries or centralized entity when a claim is filed.
Neptune Mutual’s native governance and utility token is the NPM token. The key utility of the governance token is for incident resolution. NPM holders can act as incident reporters and voters to earn incentives upon incident resolution. Also, cover creators need to burn and stake a certain amount of NPM to create a cover pool. To claim coverage, users must have some NPM in their wallets.
SupraOracles and Neptune Mutual will provide DeFi with the ability to capture off-chain and cross-chain data as part of this cooperation. SupraOracles will also bring multi-chain capabilities, speed, and cheaper gas fee transactions to Neptune Mutual.
Binod Nirvan, CEO and Founder of Neptune Mutual, commented:
“The DeFi economy has expanded into a powerful, self-sufficient, and an international financial ecosystem that offers disintermediated alternatives to key financial services such as investing, borrowing, and trading, and now insurance. We’re looking forward to working with SupraOracles. We are pleased to announce the beginning of a long-term, mutually beneficial partnership between our two companies.”
Joshua D. Tobkin, CEO and Co-founder of SupraOracles, commented:
“Decentralization, scalability, security, and assurance have all been incredibly effective with our blockchain Oracle solutions. Neptune Mutual is a fantastic partner, and we’re looking forward to assisting them in developing blockchain-based user-centric hedging solutions for our ecosystem”
SupraOracles aims to connect traditional capital markets with the web3 environment. Our aim and objective is to provide a revolutionary Oracle toolset to the developer community, allowing them to easily construct, deploy, and manage data applications with superior performance, robustness, and agility.
Our team includes experts with backgrounds in consensus mechanism design, randomness research, real-time data services, investment banking, digital securities, traditional stock exchanges, big data, Ph.D. academia, big 4 consulting, blockchain/DLT, and DeFi.
SupraOracles wants to solve the oracle conundrum and eventually power the future of finance with the help of our developer community and an increasing number of partners.
The Neptune Mutual platform investigates new ways to create user-centric insurance products on the blockchain. They want to attract a constant user base and increase liquidity to the platform by delivering stable-coin-based parametric cover pools for correct risk management.
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