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How to claim on a protection policy
When your position closes, there are two possible outcomes: 1. Close (when the price of your protected asset is equal to or above your chosen floor) 2. Claim (when the price of your protected asset is below your chosen floor) This guide covers claiming. Click here for the steps to take when closing. You can also choose to renew your position too.
- Navigate to the Bumper dApp and connect your wallet.
- Make sure you’re on the ‘BUMPER’ tab, and select the asset you wish to close from the dropdown menu.
- Locate the position which has expired below the floor. To the right of this, you will see two buttons: ‘RENEW TERM’ and ‘CLAIM’. Click on ‘CLAIM’.
- You will now be presented with the Confirm Claim screen.
- Review the close details, which will include the amount of USDC which will be returned (minus the premium and fees), the amount of bonded BUMP tokens which will be returned, and any incentives which you may have earned.
- Make sure you tick the checkbox to agree to the terms and conditions and then hit the ‘CONFIRM’ button.
- You will need to approve the transaction in your web3 wallet.
- Once the transaction has been confirmed on the blockchain, a summary will be presented, and your tokens will be available in your wallet.
Note, When claiming, you will be returned the USDC value of your tokens, and your originally protected tokens will remain in the protocol. You may need to add USDC as an asset in your Web3 wallet.