Wallet
Buy Cover
Contract History
Commission

Update the Insurance mechanism, upgrades the interface of information sites and optimizes insurance asset price charts

By Vinh Tien 30/11/2023
Update the Insurance mechanism, upgrades the interface of information sites and optimizes insurance asset price charts

Dear Nami Insurance community,

With the goal of developing a sustainable, convenient and user-friendly platform, Nami Insurance would like to announce product update and optimization activities with the following schedule:

  • Since 2023-11-30 08:00 (UTC): Update insurance mechanism, upgrade Insurance Policy interface, optimize insurance asset price chart
  • Since 2023-12-04 08:00 (UTC): Update Market interface

Product upgrades and optimizations will be applied to all Nami Insurance versions on DApps and on Nami Exchange with specific information as follows:


1. Update of insurance mechanism

To ensure the safety of the product system, Nami Insurance will update the insurance mechanism with new policies on the total value of collateral assets on the entire system, the value of collateral assets for open insurance contracts with each specific asset type and the funding rates limit for Futures USDT trading pairs of each asset type. Accordingly:

  • The system will stop accepting new insurance contracts when the total value of collateral assets for open contracts on the entire system reaches the limit, this limit will be continuously updated over time.
  • For each type of insurance asset, the system will also stop accepting new insurance contracts when the total value of collateral assets for open contracts with that asset reaches the limit, this limit will also be continuously updated over time.
  • The system will also stop accepting new insurance contracts when the funding rates for Futures trading of a type of asset reaches the limit, this limit will be updated over time.

2. Optimization of Nami Insurance price chart

To reduce the error rate in closing insurance contract prices when hitting P-Claim and P-Expired, Nami Insurance will also optimize the dedicated price chart for the product, whereby this price chart will be completely independent of the price chart of the Futures trading product on Nami Exchange, users need to pay attention to carefully follow the insurance information before confirming to open an insurance contract to avoid affecting trading profits.


3. Upgrade of the Insurance Policy interface and the Market page

To provide users of Nami Insurance with complete, intuitive, and clear information, the Insurance Policy and the Market interface will also be updated with the many important indicators, including notably:

3.1 The Insurance Policy interface will add the following indicators at a frequency of 10 minutes / time:

  • The total collateral of open contracts on the entire system and the limit for stopping accepting new contracts
  • The total collateral of open contracts with a specific asset type and the corresponding limit
  • The funding rates in real time and the funding rates limit for each asset type

3.2 The Market page will be updated with the display of the following indicators for each asset type, updated continuously in real time:

  • Total Q-Cover of open contracts
  • Total collateral value of open contracts
  • Funding rates ratio for Futures trading with USDT base asset

4. Instructions for Accessing Insurance Regulations

4.1 To track the summary of insurance policy for all assets:

From the Nami Insurance homepage: Access Insurance Policy at the bottom of the homepage, in the Documents section.


From the Nami Exchange trading platform homepage: Access Insurance Policy at the bottom of the homepage, in the Trading Infor section.


4.2 To track the information of insurance policy of a specific asset type

From the Buy Cover interface on the Nami Insurance website: Users can track the information of insurance policy of each asset type at the Buy Cover interface by clicking on the book icon below the name of the insured asset:


From the Nami Exchange app: Access Nami Insurance, select the trading asset, access the Information section for each asset

Step 1: Access Nami Insurance from the Nami Exchange app

Step 2: Access the Information section to track the insurance regulations of a specific asset type


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

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

#Notification
Other Posts