Tutorial: InsureDAO testnet guide
Through the InsureDAO testnet, you can experience the followings on the testnet interface: insurance trade, liquidity mining, and redemption. Additionally, you can try INSURE locking, although we don’t provide the front-end for locking on the testnet.
This article is going to guide you how to use InsureDAO on the testnet.
Getting started
1 — Connect to Rinkeby testnet
To tune into Rinkeby, click on the network switch button at the top of the Metamask and select Rinkeby Test Network.
2 — Get Ether on Rinkeby
The next step is to obtain test ETH to use on the Rinkeby Test Network.
You can obtain test ETH from Rinkeby Faucet.
You need to post on SNS to request test ETH. Click on the tweet link in the page. Before posting, you need to change ”0x0000000000000000000000000000000000000000"
to your ETH address.
Once you have copied the tweets URL, paste it into the input box on Rinkeby Faucet. All you have to do now is select the amount of ETH you need from the ‘Give me Ether’ button!
3 — Mint Rinkeby USDC by faucet
Finally, you need to mint Rinkeby USDC. Go to InsureDAO Testnet, and click the “Get USDC Faucet” button!
You are now ready to enjoy InsureDAO testnet on Rinkeby!
Buy insurance
This section guides you how to buy insurance on InsureDAO.
Step1: Choose a protocol insurance to buy
First of all, you need to go to “ Buy insurance” tab and pickup your target insurance.
Step2: Choose a pool of the protocol to be insured
After picking up a protocol, you need to choose a specific pool of the protocol to be insured.
(If you purchase the insurance for the 3pool of Curve.fi, you are basically not covered for hacks that occur in other pools of Curve.fi.)
Step3: Enter how much amount to be covered
Enter the amount you want to be covered. You can buy insurance up to the pool capacity.
Step4: Enter how long period to be covered
You can buy an insurance with your desire period. Minimum cover period is 7 days and Maximum cover period is 365 days.
Step5: Check cost for insurance
After entering the amount and period, you can see cost for you insurance purchase as shown in the image below.
Insurance cost includes transaction fee, 10% admin fee of premium.
(Step6: Approve USDC)
You need to approve USDC when you send the first transaction on InsureDAO. Once you approved, you can skip this step in other actions as well.
Step7: Buy insurance
Click “Buy insurance” and you will be covered!
Step8: Manage your insurances
You can check insurances you bought under the “dashboard”.
Sell insurance
This section guides you how to sell insurance on InsureDAO.
Step1: Choose a protocol/index/CDS pool to deposit
First of all, you need to go to “Underwriting” tab and pickup your target pool.
(Step2: Approve USDC)
You need to approve USDC when you send the first transaction on InsureDAO. Once you approved, you can skip this step in other actions as well.
Step3: deposit USDC into the pool
Click “Deposit” button and enter the amount of USDC you would like to deposit into the pool as collateral, then you are ready to become underwriter.
If you deposit into the Index pool, a certain percent of provided liquidity goes to CDS pool for reserve.
Step4: Manage your underwriting pools
You can check pools you deposited under the “Dashboard”.
Your provided liquidity will be locked unless you request to withdraw liquidity. Withdrawal is allowed as long as the market is in trading status and liquidity is not utilized.
Liquidity Mining
This section guides you how to participate in the liquidity mining on InsureDAO.
Step1: Provide liquidity into a protocol/index/CDS pool
You need to provide liquidity as collateral into pool before participating in liquidity mining.
(Step2: Approve LP token)
You need to approve LP token when you send the first transaction on each pool. Once you approved for a certain pool, you can skip this step for that pool.
Step3: Stake your LP token
Click “Stake” button and enter the amount of LP token to stake.
Step4: Claim token rewards
You can claim your INSURE token reward by clicking “Claim” button.
Step5: Unstake LP token
You can withdraw your LP token from the farming pool anytime by clicking “Unstake” button.
Redemption
If a certain protocol, that you bought insurance for, got hacked, you need to redeem from your “dashboard”.
Once a payment decision pertaining to the incident is approved, insurance holders can redeem their insurance. You need to claim your insurance pay out within 7 days of execution.
Gitbook
You can learn more detail in our document.
About InsureDAO
InsureDAO is a peer to pool insurance market protocol on Ethereum. The operation and management of the protocol are controlled by the DAO, and anyone with access to Ethereum can create, purchase, and underwrite any insurance without KYC. InsureDAO recently closed a $1M financing round.
If you are interested in learning more, check out our white paper.
Also, you can join us on Twitter or Discord! :)
Twitter: https://twitter.com/insuredao
Discord: discord.gg/8BA5f5rurq
