Cover - Buy
Last updated
Last updated
This guide will walk you through the process of purchasing cover protection to shield your assets in the DeFi space. Cover protection acts as a safety net, allowing you to claim a payout in case of unexpected incidents or vulnerabilities.
First, ensure your wallet is connected to the DApp and you're on the correct network. This is crucial for interacting with the smart contracts and accessing the cover pools.
Connect your wallet to the DApp.
Confirm you're on the appropriate network (e.g., Ethereum mainnet, Polygon, etc.).
Navigate to the Market page to view available cover pools.
Browse through the available cover pools and choose the one that best suits your needs.
Review the cover pools, considering factors like asset coverage, premium rates, and pool liquidity.
Click on your chosen cover pool.
Select the "Buy Cover" button to proceed.
Now, you'll specify the amount of protection you want and the premiums you're willing to deposit.
Enter the amount of funds you want to protect. This is the maximum payout you can claim if an incident occurs.
Specify the amount of premiums you want to deposit. These funds will be used to pay for your cover and keep it active.
You can deposit as many premiums as you want.
Unused premiums can be withdrawn later.
If your cover runs out of premiums, it will automatically close.
Some pools may require you to deposit the insured assets when creating your cover. In these cases, rewards from the protected assets will finance the cover protection indefinitely. These pools will only require you to specify the amount of protection you want.
Depending on the token you're using, you may need to approve the Athena smart contract to interact with your funds.
If an "Approve Token" button appears, click it to proceed.
If no approval is needed, skip to the next step.
If you needed to approve the smart contract, wait for the approval transaction to be validated on the blockchain.
Keep your wallet open and connected.
Wait for the transaction to be confirmed (this may take a few minutes depending on network congestion).
Once approved (or if approval wasn't necessary), you can finalize your cover purchase.
Review the cover details one last time.
Click the "Confirm" button to create the cover.
The cover purchase transaction will now be processed on the blockchain.
Keep your wallet open and connected.
Wait for the transaction to be confirmed (this may take a few minutes depending on network congestion).
Once the transaction is validated, your new cover will be active and visible in your dashboard.
Navigate to your dashboard.
Locate your newly purchased cover in the list of active covers.
Review the details to ensure everything is correct.
Congratulations! You've successfully purchased cover protection for your assets. Remember to keep an eye on your premium balance and top it up when necessary to maintain continuous coverage.
