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How to renew a protection policy

Once a protection position has ended, it is normally either closed or claimed, however, you can choose to renew it for a further period of time. The BUMP tokens which were bonded when you opened your original position will continue to be used for your bond on your renewal position.
  • Navigate to the dApp and ensure your wallet is connected
  • Select ‘BUMPER’ from the tab menu
  • From the dropdown menu, select the asset you wish to renew and locate the protection position which has recently ended.
  • If you are able to renew this position, you will see the orange ‘RENEW TERM’ button. Click this to begin the renewal.
  • In the Renew Protection screen, you will first see your current balance alongside accumulated fees and premiums.
  • In the pane below, set a new protection floor and term.
  • In the bottom pane, you will see the stats for your position. If you’re happy, click ‘NEXT’
  • Now you need to confirm your protection policy. Read through the details, and when you’re ready to proceed, tick the checkbox and then hit ‘CONFIRM’
  • Now approve the transaction in your web3 wallet, and then wait for it to be confirmed on the blockchain
  • Once completed, you’ll see a summary of your renewed position and can set a reminder on your calendar or an expiry alert for when it ends.