What is Nami Insurance

Bởi Vinh Tien 28/12/2022

Overall

Nami Insurance is a decentralized hedging protocol that applies Blockchain technology to provide a reliable and transparent decentralized insurance service, minimizing the risk of user's loss of property value when the market has strong price fluctuations.

Nami Insurance allows users to choose the type of Asset to be covered, the insurance margin in accordance with the value to be protected and the duration of the insurance. In return, users receive a cover payout when the asset's price reaches a predetermined threshold.

Our Goal

For users: providing superior, flexible transaction insurance services, minimizing risks when trading
For business partners (for off-chain transactions): passive income from commissions extracted from premiums
For Nami: is a unique product, creating more competitive advantages in the market, a new revenue channel

Structural ingredients

Nami Insurance is operated based on Insurance Pools including Margin Pool; Claim Pool, respectively, are Smart Contracts created publicly. Each Pool is an important component in the cyclic operation cycle.

Margin Pool: A Pool that receives the total amount of margin from users with closed Insurance contracts. The output of this pool is transferred to the Claim Pool for cover payouts, the remaining balance is sent back to Nami Fund Wallet.
Claim Pool: is the source of payment for user's cover payouts; the input of this Pool is sourced through Margin Pool. If the Margin Pool is insufficient, Nami Fund will be used as the backup funding source for the Claim Pool.

Nami Insurance Fund

Nami Insurance Fund is a risk reserve fund for insurance activities, to ensure that all insurance payments always have financial resources. Some features of Nami Insurance Fund:

The input is the transfer from the Margin Pool after reimbursement and the Claim Pool after the insurance payment is completed.
Always guaranteed at 20% of Margin Pool value through financial support and financial transfer to Nami Foundation Fund.
As a financial reserve fund for the Claim Pool.

Nami Foundation Fund

The Nami Foundation Fund was created as a risk reserve to cover potential losses, damages, and problems as well as to support the financial operation of the ecosystem's products. The characteristics of the fund include:

The input source is deducted from the profits of the products of the Nami Foundation ecosystem.
The output is for the purpose of financial support for the reserve funds of each product of the Nami Foundation ecosystem.

Transparency

Nami Insurance ensures the transparency of the project by publicly publishing and real-time updating all key indicators of the project via its official website

Pool-by-pool explorer:

+ Insurance Smartcontract: 0x5e0F5dBB9BB70B88ef0b87e6BB41CB82FDd380B7

+ Margin Pool: 0x656F356B184BbEfccA0e1A2cacF1656f3c335f2D

+ Claim Pool: 0xc5F6EcaDb23545500300Ed265602736B8C0908e5

+ Nami Insurance Fund: 0xfc6E8226eA4aBB161a350215DC3EF375487cae50

Data statistics of each Pool: Margin Pool, Claim Pool, Nami Insurance Fund and Nami Foundation Fund

Total value according to the current On-chain data of each Pool

Blockchain Explorer for each insurance contract

Glossary

Glossary	Description
Q-Covered	The amount of assets to be secured. In particular, the system is not limited to customizing the Q-Cover value.
P-Market	The current market price of the trading pair. Prices are displayed with real-time data.
P-Claim	The activation price for receiving cover payout.
P-Expire	For P-Claim, the system algorithm will returns the corresponding P-Expired value. This is the price that triggers early termination of the cover policy.
P-Refund	With P-Market, the system algorithm returns the corresponding P-Refund value. This is the price belongs to the Margin Refund conditions.
Period	The period of the insurance contract. The shorter period, the greater R-Claim value that user receives (Limited 1 to 15 days).
T-Start	Time triggers the start of insurance contract.
T-Expire	Time triggers the expiration of insurance contract.
R-Claim	The insurance payout ratio to the initial margin.
Q-Claim	Cover payout amount that users receive when P-Market hits P-Claim
Margin	The margin value of the cover policy, users can customize the value to match their personal needs.

Tags:

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