Cover - Modify
Last updated
Last updated
This guide will walk you through the process of modifying an existing cover protection. You can adjust the amount of protection you have and manage your premium balance, giving you flexibility as your needs change in the DeFi space.
First, ensure you're connected to the DApp and can view your active covers.
Connect your wallet to the DApp.
Confirm you're on the appropriate network (e.g., Ethereum mainnet, Polygon, etc.).
Navigate to the Dashboard page to view your active covers.
From your list of active covers, choose the one you want to adjust.
Review your active covers in the dashboard.
Click on the specific cover you want to modify.
Locate and select the "Modify" button associated with that cover.
Now you can modify your cover protection amount and premium balance.
Set the new amount of cover protection you desire.
Set the new amount of premiums you want.
Review the changes carefully before proceeding.
If you remove all premiums, this will permanently close your cover.
Some pools may require you to deposit the insured assets when increasing 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.
Consider the impact of your changes on your overall protection and premium costs.
If you're adding premiums to your cover, 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 modification.
Review the updated cover details one last time.
Click the "Confirm" button to modify the cover.
The cover modification 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 cover should reflect the updated amounts.
Check your dashboard to see the modified cover details.
If the changes don't appear immediately, try refreshing the page.
Verify that all modifications (protection amount and premium balance) are correct.
Increasing your cover amount may result in higher premium costs.
Decreasing your cover amount could leave some of your assets unprotected.
Removing all premiums will close your cover, leaving you without protection.
Some modifications may affect your cover's duration or terms. Always review the updated terms after modification.
By following these steps, you've successfully modified your cover protection. Regularly reviewing and adjusting your covers ensures that your protection aligns with your current DeFi activities and risk tolerance.
