User Guide for Mining on InsurAce

InsurAce is scheduled to launch to Ethreum mainnet on 26 April 2021, and start the staking service from 14:00 UTC onwards. This is a user guide on how to farm on the InsurAce protocol at its launch.

Risk Reminder: Unlike staking on other types of DeFi protocols, insurance protocol staking has more risks which may cause loss to your staked assets. Please read the document below before making your stakings.

· Risk of Staking

Once you have understanded the risks, but still decide to participate in the staking, find below the steps on how to Stake, Unstake and Harvest.

Scenario 1: Stake

Step 1: Launch InsurAce App and connect your wallet

(1) Launch the App

Visit InsurAce Homepage, then click Launch APP in the middle.

The page will be redirected to InsruAce App.

(2) Connect your wallet

Click Connect Wallet on the right upper corner

Select the wallet you would like to connect. Currently we only support MetaMask and WalletConnect.

Once successfully connected, your wallet address will be displayed in the right upper corner and do note to switch the network to mainnet in your wallet.

Your wallet address will be shown once successfully connected

Step 2: Select Staking Pool

· Navigate to Staking Page by clicking Staking. We currently have 6 staking pools: ETH, WETH, DAI, USDT and INSUR. More pools may be included in the future.

Click Select to choose the pool based on the tokens you wish to stake.

Step 3: Stake

· Once entering the pool, click Stake to stake your tokens.

Enter the amount you wish to stake. The amount should be between the min and max range. Tick the check box if you have understood the risks involved. Then click Confirm.

Once done, you can view your staking amount on the Pool Page as well as the main Staking page.

Scenario 2: Unstake

Before proceeding with unstaking, please note that you can unstake your asset at any time, but unstaking will be subject to a 30-day (configurable) lock-up period until it will be fully withdrawable, which is a common practice for insurance protocols to avoid liquidation risk. However, if you initialize another unstaking action before the 1st lockup period ends, the lockup period will be recalculated and unstaked amount will only be available for withdrawal after the final lock-up period ends.

But don’t worry, you will still be entitled to rewards during the 30-day lock-up period.

· On the main Staking Page, Select the pool you wish to unstake, then click Unstake.

  • Enter the amount and click Confirm.

Once done, your unstake amount will be shown under Pending Withdraw Amount. After the lock-up period, it will be shown under Withdrawable Amount and then you can click Withdraw to get the token back to your wallet.

Scenario 3: Harvest

The rewards for the staking will be INSUR tokens calculated at a per-block level according to the per-block reward configured. The rewards can be unlocked any time, but subject to per-block linear vesting over 15 days.

  • View your rewards via Dashboard > My Reward
  • Click Unlock to unlock the rewards first.
  • Click Confirm.
  • Once done, your unlocked rewards will be added to Total Reward under the Reward Vesting area. You can also check the Remaining vesting time, Remaining Reward and Withdrawable Reward on this page. Click Harvest to get your reward.
  • Enter the amount and click Confirm.

Congratulations! You can now check your wallet for the rewards once the transaction is confirmed on the blockchain.

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