How to protect
Steps to protect:
1. Open the Bumper dApp and Connect your wallet
2. Navigate to the Protect tab
3. Select which crypto to protect
4. Select amount to protect
5. Select protection floor
6. Select term
7. Review and confirm position
8. Confirm transactions
9. After completion
In order to use the Bumper dApp, you need to connect your wallet.
If you are not connected you may see the following screen:
To connect, select the type of cryptocurrency wallet you wish to use with Bumper.
You can also connect by clicking on the CONNECT WALLET button on the top right of the dApp.
Click on the Protect tab to begin.
Scroll down until you see the different crypto’s in your wallet. You can use the dropdown button to change which crypto you wish to protect. Note: Only those which are available for protection are shown in this list.
To begin the protection process, click on the orange PROTECT button by the appropriate token.
Using the slider in the second box, select how much of the total amount in your wallet you want to protect.
Use the MAX button to select all.
The Required Bond box shows the amount of BUMP tokens you need to have in your wallet, which are both currently unstaked and unbonded.
Next, scroll down further to the next box, and choose the floor at which price you wish to activate protection. This sets the floor at a percentage of the current price of the chosen crypto.
For example, if the price of ETH is $1000, and you choose a floor of 90%, then protection will activate at $900.
Now choose the protection term, which is the fixed length of time you wish protection to be active for.
If you wish for protection to be automatically renewed after this period, use the Auto-renew toggle below. By default, auto-renew is switched off.
In the final box, you can review your choices, and see the current premium rates, risk rating and BUMP incentives you are likely to earn for taking out protection.
Once you are happy to proceed with protection, click Next.
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 open.
After a few moments, the transaction will be confirmed. At this point, the appropriate amount of BUMP tokens will be bonded, and your price protection is now open and a summary of your position will be displayed.