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How to close a protection position
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 closing. Click here for the steps to take when claiming. Instead of closing, you can also choose to renew your position.
- 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 above the floor. To the right of this, you will see two buttons: ‘RENEW TERM’ and ‘CLOSE’. Click on ‘CLOSE’
- You will now be presented with the Confirm Closure screen. In the top pane, select the close currency (if available - it may not be available for all assets).
- Review the close details, which will include the amount of your asset 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 returned to your wallet.