Mar 21, 2022
Tutorial for the vlINSURE staking
Overview
In order to create the new utility of INSURE, as the result of the snapshot voting, vlINSURE staking will start this Thursday (3/24).
vlINSURE is a token you get for permanently locking your INSURE token. In short, once users convert INSURE to vlINSURE, these INSURE tokens will be locked as veINSURE.
You can see more details in the article below.
As we proposed at the previous snapshot voting, we will rewards vlINSURE stakers, and we believe this incentivises users to buy more INSURE and lock them into the farming pool rather than take profit by selling off INSURE.
Furthermore, this may mitigate the INSURE sell pressure since deposited INSURE into this pool will be locked permanently.
⚠️ Note: The conversion from INSURE to vlINSURE is irreversible. so once you lock INSURE through vlINSURE pool, you cannot get INSURE back. (You would probably be able to swap vlINSURE to INSURE on Uniswap if there will be enough liquidity in the pool.)
Tutorial
How to participate in the vlINSURE staking
Please click the “Stake” button of the “$vlINSURE Staking” from the “Underwrite” page and you can go to the “$vlINSURE staking” page.
and then, you can see the “$vlINSURE Staking” page.
Please approve both INSURE and vlINSURE first.
Then, input the INSURE amount you want to convert into vlINSURE.
On the “$vlINSURE Staking” page, you can convert INSURE to vlINSURE and stake vlINSURE into staking pool at once.
How to claim rewards
You can check the reward amount and claim your rewards on the “$vlINSURE staking” page.
About InsureDAO
InsureDAO is a decentralized insurance protocol, allowing anyone to create an insurance pool easily to “Cover every single risk in DeFi space”. InsureDAO provides an insurance builder kit and insurance market. Additionally, we offer the lending function to INSURE token stakers.
If you are interested in learning more, check out our LP.
Also, you can join us on Twitter, Discord, or Telegram! :)
Twitter: https://twitter.com/insuredao
Discord: discord.gg/8BA5f5rurq
Telegram: https://t.me/InsureDAO
