How to close a Taker position
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
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.
Click on the Protect tab to begin.
Next, scroll to the relevant asset and click the View button.
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.
Once you have located the relevant position, click the Claim button.
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.
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.
Once your transactions have been confirmed, you will be able to review your claim.
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.
Click on the Protect tab to begin.
Next, scroll to the relevant asset and click the View button.
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.
Once you have located the relevant position, click the Claim button.
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.
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.
Once your transactions have been confirmed, you will be able to review your closed position.
Last modified 6mo ago