Follow the instructions below to close/claim a protection position using the Bumper dApp.
There are 2 exclusive possibilities for any position, depending on whether your protected asset’s price is Above or Below the floor:
(a) If your asset is currently below the floor, you will be making a CLAIM.
(b) If your asset is currently above (or equal to) the floor, you will be CLOSING your position.
NB: all BUMP tokens, protected assets and Bumpered assets must be in the same wallet for you to close/claim
How to CLAIM if your protected assets price is below your chosen floor
1. Open the Bumper dApp and connect your wallet
Open the Bumper dApp by navigating to https://app.bumper.fi or by clicking the button in the Bumper website navigation bar.
In order to use the Bumper dApp, you need to have your wallet connected.
2. Navigate to the Protect tab
Click on the Protect tab to begin.
Next, scroll to the relevant asset and click the View button.
3. Scroll down to your open positions
Scroll down until you see your currently open positions. Click on each one to expand and see the policy details.
Locate the open position from which you wish to claim.
4. Start your claim
Once you have located the relevant position, click the Claim button.
5. Review and confirm Claim
You will now be presented with a confirmation screen which shows the amount you are claiming, your bond and bond incentives, plus the premium and protocol fee which you have been charged.
You can also chose whether to withdraw your bond back to your wallet, or leave it in the BUMP Bond pool so it can be used for bonds when opening positions in the future.
Make sure you tick the checkbox to acknowledge the terms and conditions, then click Confirm to continue.
6. Confirm wallet transactions
Now you need to confirm the transactions in your connected wallet.
There are two steps, firstly a signature request (which should require no gas fee to be paid) and secondly the actual transaction itself (which does require a gas fee to be paid).
Once you have confirmed these in your wallet, the protection position will be closed. Your assets will be sent to your wallet, and your Bumpered asset will be returned to the Bumper protocol.
7. View claim summary
Once your transactions have been confirmed, you will be able to review your claim.
How to CLOSE if your protected assets price is above your chosen floor
1. Open the Bumper dApp and connect your wallet
Open the Bumper dApp by navigating to https://app.bumper.fi or by clicking the button in the Bumper website navigation bar.
In order to use the Bumper dApp, you need to have your wallet connected.
2. Navigate to the Protect tab
Click on the Protect tab to begin.
Next, scroll to the relevant asset and click the View button.
3. Scroll down to your open positions
Scroll down until you see your currently open positions. Click on each one to expand and see the policy details.
Locate the open position you wish to close.
4. Close your position
Once you have located the relevant position, click the Claim button.
5. Review and confirm close position
You will now be presented with a confirmation screen which shows the amount of ETH which will be returned to you, your bond and bond incentives, plus the premium and protocol fee which you have been charged.
You can choose to claim either ETH or WETH.
You can also chose whether to withdraw your bond back to your wallet, or leave it in the BUMP Bond pool so it can be used for bonds when opening positions in the future.
Make sure you tick the checkbox to acknowledge the terms and conditions, then click Confirm to continue.
6. Confirm wallet transactions
Now you need to confirm the transactions in your connected wallet.
There are two steps, firstly a signature request (which should require no gas fee to be paid) and secondly the actual transaction itself (which does require a gas fee to be paid).
Once you have confirmed these in your wallet, the protection position will be closed. Your assets will be sent to your wallet, and your Bumpered asset will be returned to the Bumper protocol.
7. View closed position summary
Once your transactions have been confirmed, you will be able to review your closed position.