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Launching the Quick Insurance Contract Opening feature
12/07/2024

Dear Nami Community,

To optimize the user experience of buying and tracking insurance contracts on the Nami Exchange, Nami Insurance officially launches the Quick Insurance Contract Opening feature on Futures positions from 2024-07-15 03:00 (UTC), as follows:

In this updates, Nami Exchange will provide the feature to open insurance contracts directly on the Nami Futures and NAO Futures trading interface. The system will automatically suggest a suitable insurance contract for the opening Futures position to protect maximum of the expected loss when the market price hits the stop-loss or liquidation price.


How to quickly Open Insurance Contract on Futures Positions

  • Step 1: Access the "Nami Futures" or "NAO Futures" interface. Select the "Positions" section to view opening positions.
  • Step 2: Select "Buy cover now" for the position you want to buy insurance contract.
  • Step 3: Check the information of the suggested insurance contract.
  • Step 4: Customize the information to suit demands or select "Buy Cover" to confirm the purchase immediately.

Notes:

Positions will be suggested insurance contract when meeting the following conditions:

  • The trading pair is on the insurance asset list of Nami Insurance.
  • The SL price (or liquidation price) has to meet the minimum/maximum limit of P-Claim.
  • The system prioritizes suggesting insurance contracts based on the expected loss at the stop-loss price.
  • The trading volume of the position is within 5 USDT - 10,000 USDT or 125,000 VNST - 250,000,000 VNST.

In case of unsuccessful purchase confirmation, users can check one of the following reasons:

  • Unsuccessful contract opening due to market rate fluctuations at the time of confirmation causing P-Claim to fall outside the limit. Users can retry the steps in the instructions to open a new contract to protect the position.
  • Unsuccessful contract opening due to insufficient balance in the user's Nami Insurance wallet. Users can add more balance or adjust the contract accordingly.

How to track opened Insurance contract on each position

  • Step 1: Access the "Nami Futures" or "NAO Futures" interface. In the "Positions" section, select the position you want to track Insurance contract statistics.
  • Step 2: In the "Order Detail" section, select "Insurance" to display the contracts list for the position.
  • Step 3: Select "Detail" of the insurance contract to track detailed information about the insurance contract.

Notes:

A Futures position can be covered by multiple different insurance contracts.

The system will list all contracts that have been and are being opened for each position, including the following statuses:

  • Claim waiting
  • Claimed
  • Available
  • Liquidated
  • Canceled
  • Refunded

Images are for illustration purposes only and may not represent the latest product interface.


More information:

Note: Nami reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.

Risk Warning: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Nami is not liable for any losses that might arise from your investment. This information should not be regarded as financial or investment advice.


About Nami Exchange

Nami Exchange is a trading platform belonging to the Nami Foundation ecosystem that enables dynamic trading and effective investing through its Spot and Futures trading systems, which offer a wide selection of nearly 1000+ trading pairs, support leverage up to x125, and 24/7 live support in Vietnamese & English.
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Website: https://nami.exchange/

Download Nami Exchange app here.

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About Nami Insurance

Nami Insurance is a decentralized hedging protocol applying Blockchain technology to provide a solution to support asset insurance when the market fluctuates against predictions.

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