Neptune Mutual
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Neptune Mutual

First Audit Report

We are delighted to share the results of our first protocol security audit, which was completed in July. BlockSec, an industry leader in securing dApp ecosystems, crypto-hack monitoring, blocking, and smart contract audits, has completed its review and audit of our protocol.

Neptune Mutual helps safeguard the Ethereum community from cyber threats through parametric cover policies created in the Neptune Mutual marketplace.

We will soon release the report written by BlockSec who were commissioned to review the project’s code on the Neptune Mutual website.

The audit was passed with two potential high risk issues, five medium risk issues, and a handful of low risk issues, recommendations, and suggestions that our developer team has already addressed and fixed. Code safety and security criteria set before the launch of our mainnet were a sign of how far our team has come in prioritizing the safety of the product.

The Importance of Security Audits

Our commitment to the highest levels of security starts with making all our code open source, so anyone can go and inspect it and review the quality of the code.

The Audit Process

The auditing procedure included the following steps:

  • Vulnerability Detection
  • Semantic Analysis
  • Recommendation

The BlockSec team considered criteria such as software security, DeFi security, NFT security, and other recommendations. Each of those suggestions have either been acknowledged, or completely fixed from our end while we migrated to the newer version of our project commits.

Read the full audit report for additional information on how the auditing process was completed.

  • The most recent upgrade at version 2 has fixed the two occurrences reporting situations where the incentivization design may have been exploited.
  • As their value is directly generated from Uniswap V2 pair reserves, the price of NPM tokens could be susceptible to a price manipulation attack in certain situations. The vulnerabilities have been resolved in newer versions.
  • There were several procedures in which validation of input parameters were not completely maintained. The development team has resolved all issues of this nature.
  • When calculating the deposit amount and token price information during the transfer and removal of liquidity, a number of the smart contract’s functionality employed flawed logic. As suggested by the BlockSec team, they have subsequently been resolved.

If you have any questions or comments regarding the published reports, please visit our Discord server with all of your queries.

The Future

We will continue to prioritize the protocol’s security. In the future months, as we add more functionality to our cover pools and more services to our platform, we will continuously search for ways to strengthen security in order to secure the funds deployed into the pools and the users’ assets. We will update the Neptunite community on future audits of the project and any relevant security news and updates.

About BlockSec

The BlockSec Team works with the most notable DeFi projects to secure their respective products and focuses on blockchain ecosystem security. The team includes distinguished security researchers and professionals from both academia and industry.

About Us

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.

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Neptune Mutual

Neptune Mutual provides you with guaranteed stablecoin liquidity to reduce risk exposure by hedging against capital risks and smart contract vulnerabilities.