Cover - Buy

How to Buy Cover Protection

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.

Steps to Buy Cover

1. Connect Your Wallet and Navigate to the Market Page

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.

1. Connect your wallet to the DApp.

2. Confirm you're on the appropriate network (e.g., Ethereum mainnet, Polygon, etc.).

3. Navigate to the Market page to view available cover pools.

Wallet connection and Market page navigation

2. Select Your Desired Cover Pool

Browse through the available cover pools and choose the one that best suits your needs.

1. Review the cover pools, considering factors like asset coverage, premium rates, and pool liquidity.

2. Click on your chosen cover pool.

3. Select the "Buy Cover" button to proceed.

Selecting a cover pool

3. Enter Cover Details

Now, you'll specify the amount of protection you want and the premiums you're willing to deposit.

1. Enter the amount of funds you want to protect. This is the maximum payout you can claim if an incident occurs.

2. 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• Unused premiums can be withdrawn later.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.

Entering cover details

4. Approve the Smart Contract (if necessary)

Depending on the token you're using, you may need to approve the Athena smart contract to interact with your funds.

1. If an "Approve Token" button appears, click it to proceed.

2. If no approval is needed, skip to the next step.

Approving the smart contract

5. Wait for Approval Transaction

If you needed to approve the smart contract, wait for the approval transaction to be validated on the blockchain.

1. Keep your wallet open and connected.

2. Wait for the transaction to be confirmed (this may take a few minutes depending on network congestion).

Waiting for approval transaction

6. Confirm Cover Purchase

Once approved (or if approval wasn't necessary), you can finalize your cover purchase.

1. Review the cover details one last time.

2. Click the "Confirm" button to create the cover.

Confirming cover purchase

7. Wait for Transaction Validation

The cover purchase transaction will now be processed on the blockchain.

1. Keep your wallet open and connected.

2. Wait for the transaction to be confirmed (this may take a few minutes depending on network congestion).

Waiting for purchase transaction

8. View Your New Cover

Once the transaction is validated, your new cover will be active and visible in your dashboard.

1. Navigate to your dashboard.

2. Locate your newly purchased cover in the list of active covers.

3. Review the details to ensure everything is correct.

Viewing new cover in dashboard

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.