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Adding VNST to use as margin asset, Optimizing the insurance contract buying experience

By Vinh Tien 13/04/2024
Adding VNST to use as margin asset, Optimizing the insurance contract buying experience

Dear Nami Insurance Community,

To facilitate users in quickly and conveniently buying insurance contracts, Nami Insurance would like to announce product updates and the addition of new features from 17:00 on 14.04.2024 (UTC):

  • Adding VNST to use as margin for insurance contracts
  • Update of the interface and formula of the "Calculator" screen to fully protect the position's loss
  • Addition of the list of opening positions on Nami Futures and NAO Futures

Specific details about these updates are described below the article:

1.Adding option to buy insurance contracts with VNST

Nami Insurance will add VNST to use as margin for insurance contracts for supported assets, with contract-specific parameters complying with Insurance Policy. Additionally, users will be able to transfer VNST from your Spot wallet, Nami Futures wallet, NAO Futures wallet, and commission wallet to their Nami Insurance wallet on Nami Exchange.

How to use VNST as margin asset to Buy an Insurance Contract

Step 1: Access the "Buy Cover" interface.

Step 2: In the " Insurance Contract Information" section, under "Margin," click on the unit dropdown and select "VNST."

After selecting VNST as margin asset, the proposed value for Q-Claim, Available, and Benefits will also be adjusted to VNST units.


Notes:

  • Commissions for contracts margin by VNST will be converted and paid in VNST.

2. Interface and Formula Updates for the Calculator Screen

Nami Insurance has further improved the interface and formula of the Calculator interface, whereby suggested insurance contracts from the Calculator will help users fully protect their open Futures or Spot positions, as follows:

Step 1: Users access the "Calculator" screen.

Step 2: Input the information of their Futures or Spot positions into the Calculator on the left-hand side.

For Futures positions:

  • Select asset pair
  • Choose Long or Short position
  • Trading volume
  • Leverage
  • Buy/sell price
  • Stop-loss price

For Spot positions:

  • Select asset type
  • Quantity of assets
  • Purchase price
  • Stop-loss price

Step 3: After filling in the information in the Calculator, the system will suggest to users an suggested insurance contract with appropriate Margin and Period to help protect 100% of the user's expected loss. Users can also adjust the Margin and Period of the suggested insurance contract or revert to the proposed parameters by clicking 'Reset'.

Step 4: After obtaining a suitable suggested insurance contract, users can buy the contract quickly by selecting "Buy Now”.

Note: Suggested insurance contracts can only be bought when the position stop-loss prices from the Calculator meet the P-claim conditions of the insurance policy.


3. Buying insurance contracts from the list of open positions on Nami Futures and NAO Futures.

To help users conveniently track their open Futures positions on Nami Exchange and easily open insurance contracts for those positions, Nami Insurance has added the "Open Positions" section on the insurance purchase page. To access this new feature, users will follow the steps below:

Step 1: On the Buy Cover screen, users select the "Opening Positions" section to view the list of opening positions.

Step 2: Users can swiftly buy insurance contracts from open positions by selecting "Quick Cover" and "Confirm" to proceed with buying the insurance contract.

Note: Users can only use the "Quick Cover" for positions that meet the conditions specified in the Insurance Policy.


Note: All images used in the article are for illustration purposes only and may not represent the latest product interface.


Best Regards,


Risk Warning: Trading digital assets carries a high level of risk for both significant profits and losses. All your margin balance may be liquidated in the event of drastic price fluctuations. The purchase of Nami Insurance does not mean that it will completely eliminate the risk in trading digital assets. The information contained herein should not be construed as financial advice from Nami Insurance. Use any trading strategy at your own risk. Nami Insurance will not be liable for any loss arising from insurance policies and digital asset trading activities.


About Nami Insurance

Hedging Protocol shielding Futures/Spot traders from liquidation risks across CEXs and DEXs.

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