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Binance Decentralized Cover Pool Launches in Neptune Mutual Cover Marketplace

Binance Dedicated Cover Pool available in Neptune Mutual marketplace

Binance Dedicated Cover Pool

Leading CeFi exchange, Binance, is set to become the first project for which a dedicated cover pool is created in Neptune Mutual’s cover marketplace.

We are delighted that the first dedicated cover pool in the Neptune Mutual marketplace will serve the Binance community. Cover is independent from, and complementary to, SAFU, proof of reserves etc.”
— Binod Nirvan

WINCHESTER, UK, November 30, 2022 / -- Following on from the Prime dApps diversified cover pool that was launched in Neptune Mutual's DeFi cover marketplace on the 8th November, Neptune Mutual has announced the launch of Binance Cover as the first dedicated cover pool.

The Binance Exchange cover will have its own dedicated cover pool and will provide users a means to mitigate the risk of loss of assets as a result of cybersecurity incidents. Binance Exchange is the first CeFi exchange for which parametric cover is available in the Neptune Mutual marketplace.

A message sent by CZ, CEO of Binance, that was shared recently on Twitter commented on the need for Binance to lead by example in the industry in terms of transparency, proof-of-reserves, and insurance funds. Binance Exchange created its own user insurance protection fund (Secure Asset Fund for Users or SAFU) back in 2018, and it was reported earlier this year to have exceeded $1B in valuation.

In contrast to diversified covers, the Binance pool will be a dedicated cover. The dedicated pool will offer guaranteed payouts to the Binance community in case of a security breach that affects crypto storage. In addition to guaranteed payouts, the Binance community will also enjoy quick claims processing, eliminating the need to wait, submit a claim, and prove losses individually.

As a starting point, the Binance pool will only cover the exchange's hot and cold crypto storage system however it is expected that further cover products that increase the scope of coverage will be added in future. Neptune Mutual is the first decentralized cover protocol to offer a parametric cover policy for the Binance exchange.

Unlike discretionary covers, Neptune Mutual’s parametric model offers a better user experience because there is zero waiting when submitting claims and receiving payouts; all users who can submit a claim will receive a payout within the same transaction.

The Binance Exchange cover that can be found on the Neptune Mutual marketplace is completely independent from Binance. It is a complementary solution to Binance's SAFU fund and it has a very different approach, not least of which is that user payouts are completely independent of Binance.

Accessing Binance Exchange Cover on Neptune Mutual:
Clicking on the Binance card within the Neptune Mutual application will lead users to more detailed information about the project and its corresponding cover policy.

Users can purchase a policy after having carefully reviewed the parameters and terms of the cover policy. If an incident occurs, and is validated by the incident resolution process, then all cover policy holders are eligible to receive a payout. No individual loss claims need to be assessed, making the process scalable, fast and reliable.

Users can also provide liquidity to the dedicated cover pool. Currently, LPs generate yield resulting from the fees paid by cover policy holders. In addition, dedicated cover pools lend a small percentage of liquidity to low risk lending protocols, such as Aave and Compound, in order to improve the returns to LPs.

Neptune Mutual has designed into the protocol a number of other means by which LPs can generate returns, including Proof of Deposit (POD) staking, and as well as other staking mechanisms; these are not currently available but expected to launch over the coming weeks and months. To help LPs understand the risks and returns of providing liquidity, and understand the difference between parametric and discretionary cover, Neptune Mutual has written a comprehensive article on “Understanding Underwriting Capital”.

Given that sourcing liquidity for cover protocols is one of the biggest constraints to widespread adoption of cover in the blockchain industry, Neptune Mutual has paid particular attention to LP needs in terms of transparency of risks and returns of the stablecoin pools and also exit strategies for LPs.

Navigating the Parametric Cover Marketplace
For users who have already interacted with Neptune Mutual’s testnet applications over the last couple of months, the process of navigating through the Neptune Mutual Parametric Marketplace is the same.

Neptune Mutual has published a number of in-depth explainer videos in its YouTube channel. Users can also visit the blog section of the website for informative articles, updates, cover creator profiles, hack analyses, and more.

Moderators are available to answer questions and share information in Neptune Mutual’s Discord and Twitter communities.

Check Out the Neptune Mutual Marketplace
Visit to access the Neptune Mutual Marketplace and engage with the various stakeholder roles. There are several video tutorials available on how to navigate and interact with the protocol.

About Binance
Founded in 2017, Binance is the largest centralized crypto exchange ranked by daily volume traded. The exchange facilitates spot, futures, and derivatives trading via its online platform and mobile app.
As a CeFi exchange, it operates order books and offers custodial services of digital assets to facilitate trading.
Binance also offers lending and borrowing services, as well as other features such as staking and NFT sales to its user base.

About Neptune Mutual
The Neptune Mutual marketplace is one where DeFi, CeFi, and Web3 users can purchase parametric cover policies to protect their digital assets: more cover products are expected to launch soon. 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 the community, resolution is fast. Neptune Mutual is listed in the DeFi Insurance category of blockchain data aggregators.

Keep up to speed with Neptune Mutual through subscribing to its social media channels.

Edward Ryall
Chain Commit Ltd
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