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Binod Nirvan

Binod Nirvan is a security and expert who is the CEO and co-founder of , an on-chain parametric cover company. [1]

Career

In December 2019, Nirvan worked as the head of engineering at InvestaX, a tokenization SaaS solution platform. He later became the CTO and remained there until March 2021. [1]

In 2021, Nirvan co-founded alongside and . Neptune Mutual is an on-chain parametric cover company focusing on mitigating digital asset management risks. [1]

“The CEO of Neptune Mutual, Binod Navan, is Nepalese and splits his time between Nepal and Dubai. He has a long-standing background in blockchain, dating back to its inception, and specializes in cybersecurity. He has been leading the company's technical development efforts thus far.” - Edward Ryall, co-founder of Neptune Mutual. [2]

Interviews

Neptune Mutual

On June 22, 2023, interviewed Nirvan about and the importance of insurance protocols in . After a brief introduction, he discussed other solutions for DeFi security: [3]

“Trust is a crucial part of DeFi success. Ironic, perhaps, given the trustless nature of the DeFi model, which is so empowering. Preventative measures, including in-depth implementation of cyber/ security and audits, are important, and it is vital that these be complemented with mitigation measures such as cover protection to restore trust in the event of an incident.”

He then explained the role of insurance protocols across multiple platforms in the DeFi ecosystem: [3]

“Wherever there are digital assets, and wherever there is risk, DeFi insurance protocols have a part to play in protecting the community. There is no other DeFi sector with such a powerful growth dynamic. The scalable nature of parametric covers, together with our growth initiatives that align incentives with increasing cover capacity, such as the vote escrow token and liquidity gauge pool, make a powerful and compelling basis for the much-needed growth in DeFi insurance.”

He also discussed the benefits of veNPM and Liquidity Gauge pools: [3]

“The benefits of veNPM are multifold. Firstly, through Vote Escrow, it provides holders with boosted voting power, which allows them to influence decisions regarding the future distribution of NPM emissions in specific cover pools. This is significant, as it empowers users who are liquidity providers and allows them to guide the strategic direction of the project. Secondly, veNPM holders are eligible for boosted NPM rewards thanks to the Liquidity Gauge pool. This means that they receive a higher share of NPM token emissions in comparison to regular , incentivizing long-term involvement and enhancement of the protocol’s stability.”

At the end of the interview, Nirvan explained the reasoning behind Neptune Mutual’s new marketplace: [3]

"You know, the sea and the world have a lot in common. The sea is full of treasures, like pearls and colorful coral reefs, just as the blockchain holds valuable digital assets. However, the sea also has dangers like sea serpents, similar to hackers in the blockchain world. Sailors treat the sea with respect because they know its dangers, and we should approach the blockchain world in the same way to prevent problems. Most digital assets don’t have insurance, which means there’s a huge $49-billion opportunity for insurance protocols. We aim to make a big change in how DeFi insurance is adopted, represented by characters like Neptune, Salacia, the Guardians and the beasts."

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Binod Nirvan

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Edited On

April 15, 2024

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