Supply an insurance policy
Last updated
Last updated
A policy supplier is a participant who deposits denominated asset to supply policy on the market. Anyone could do this if they are confident in the underlying assets price. Or official teams of the underlying assets, seeking to make coverage for their users by a reasonable price, will perform policy suppliers.
Please do keep in mind that if the policy you supply is bought, your original denominated asset can be swap to underlying asset by policy holder at any time during the insurance period.
[Learn more about Denominated asset and Underlying asset at Techniacal terms]
As a policy supplier, by publishing and selling a policy, you could get quick, upfront premium from buyers. If there is no holder activate the policy until expiration date, you can redeem your denominated asset back for all of your initial collateral (minus the redemption fee) and the premium will be your net profits.
Firstly, you need to deposit the denominated asset to publish a policy supplying advertisement; (Helmet contract supports any asset as denominated asset to sell insurance of asset X as long as there is a swap tool on the chain with price fixing capability or an exchange index that reflects the price of the market. If you want to supply A Token insurance policy by using B Token as denominated asset , you need to determine an exchange ratio between A Token& B Token and post it according to the trading liquidity.）
In order to protect users from liquidity attacks, at early stage, the team publishes insurance assets which can be traded based on the chain ecology. Helmet team will introduce more insurance instruments based on liquidity.
Visiting the Insurance tab of helmet.insure. Choose the type of assets you'd like to provide the price protection, Click the "Supply" button
Choose the type of policy
Choose the expected DPR you prefer and the max quantity you can supply. (There is always only one kind of policy for expiration date. ) Click "Confirm Cover Miss Out" or "Confirm Cover 50% Off" button . [Note: A high DPR will lead to a low ranking of transactions].
After clicking the buy button it will activate MetaMask wallet to confirm the deal.
There will be a “Confirm” button. Click it.
Once you publish successfully, you will receive SHORT tokens. They will be available under “Policy You Supply”. Verify you received the correct SHORT token by checking it with correct type of assets, policy price, Total policies you publish, SHORT Token, expiration date.
Visiting the Insurace tab of helmet.insure. Choose "Policy Settlement";
Here shows the quantity of assets you can get back to your wallet, click"Withdraw"
There will be a “Confirm” button. Click it. Let it confirm.
