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Introducing Conditional Nami Insurance Contract
24/07/2024

Dear Nami Community,

To provide a more diverse, convenient, and time-saving insurance buying experience for users, Nami Insurance has launched the Conditional Insurance Contract (Limit contract) feature from 2024-07-26 03:00 (UTC), details as follows:

With the Conditional Insurance Contract, users can set an appropriate price to activate the insurance contract (P-Active) and adjust the desired P-Claim level within the corresponding price range.


How to buy a Conditional Insurance Contract

Step 1: Access Nami Insurance from Nami Exchange app homepage

Step 2: Select the asset, Bull or Bear contract, then click “Buy Cover” 

Step 3: Select the “Limit” section and set the metrics that suit your needs. When opening a conditional contract, users should note 2 metrics: 

  • P-Active: is the price level at which the insurance contract will be activated. 
  • P-Claim: is the price level at which the insurance contract will be paid out. Users enter or use the slider for the minimum and maximum P-Claim values with the condition that it falls within the range of:
    • For Bull contract: 102% to 120% of P-Active
    • For Bear contract: 80% - 98% of P-Active

Step 4: Check the metrics in the insurance contract and select confirm to buy the contract. 

  • After the conditional insurance contract is “Confirmed,” the system will lock a portion of the balance in the Nami Insurance wallet equal to the margin of the conditional contract.

On Nami Exchange app


On Nami Insurance website 


After creating a conditional insurance contract, users will receive notifications about the status of the insurance order in the “Notifications” section on the Nami Exchange


The insurance contract will be activated when both of the following conditions are met: 

  1. The P-Market price of the insured asset reaches the P-Active price.
  2. At the time the first condition is met, if the desired P-Claim price range set by the user partially matches the P-Claim price range of the system, the selected P-Claim price will be the smallest common value of the two mentioned P-Claim ranges.

Example: The user sets P-Active for the BTC/USDT insurance asset pair with a Bear at a price of 58,000 and the desired P-Claim range between 48,000 - 56,000. When the BTC price reaches 58,000 (P-Market = P-Active), at that time the system's P-Claim range is between 50,000 - 55,500, then the contract will be activated with a P-Claim of 50,000 (the smallest value).


How to monitor the list of conditional insurance orders 

Step 1: Access “Nami Insurance” 

Step 2: At the “Buy Insurance” interface, select “Insurance Order” 

Step 3: Monitor the status of conditional contracts. Users can select “Close” on waiting orders at any time to cancel the order. Successfully activated contracts will move to the “Active Contracts” category.


On Nami Exchange app


On Nami Insurance website


Note:

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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