Redemption

Redeem Funds with Active Tokens

  • Prior to expiry or an accepted claim, users can redeem back their collateral with both their CLAIM and NOCLAIM tokens.

  1. Goto the Redeem tab.

  2. Choose the protocol you want to redeem for.

  3. Choose the expiration date.

  4. Choose the amount of collateral or funds you want back. example: if you have 15 NOCLAIM and 5 CLAIM tokens, you will only be able to redeem 5 DAI)

  5. Redeem.

Note: there is a claim accepted for the protocol token nonce which is the same as your tokens’, you will need to redeem CLAIM tokens from Claims payout and NOCLAIM tokens (if payout is less than 100%) in “Redeem”, under the dashboard tab under “My Cover”. There will be a REDEEM button.

Redeem Funds with Inactive Tokens or Accepted Claim Events

  • Upon expiry of the coverage, when there is no accepted claim, users can redeem their inactive NOCLAIM tokens for their collateral. There will be a default 3 day grace period after expiry to make a claim on an incident that occured before the expiry of a specific coverage.

  • When no claim is accepted there will be a default 10 day delay for redemption of NOCLAIM tokens.

  • When a claim is accepted there will be a default 2 day delay for CLAIM tokens (and NOCLAIM tokens if partial payout).

  1. Go to the dashboard tab under “My Cover”.

  2. There will be a REDEEM button on which tokens you can redeem for your collateral.

  3. This is for expired/inactive tokens and accepted claims