This how-to article guides you through the DAI and USDT coverage purchase without KYC.
Idle DAO partnered with Nexus Mutual and launched Yield Token coverages on Best-Yield idleDAI and idleUSDT pools.
If your yield-bearing token de-pegs in value by more than 10%, claim up to 90% of your loss by swapping your yield-bearing token for claim payment.
More info on the Yield Token Cover here.
How to purchase the Nexus Mutual coverage
The coverage purchase is available in the Tool section of the dashboard.
The Payment asset field represents the method of payment used to pay the coverage invoice (DAI is the only supported asset at the moment).
Below, you can write the amount of DAI/USDT that you wish to cover and the coverage timeframe (from 1 month up to 1 year).
When you click “Get Quote”, the next screen shows you a recap of the purchase and the final cost.
The process continues with the coverage purchase using your connected wallet. Once the payment has been broadcasted and finalized in a block, you have successfully bought the Yield Token Cover.
The dashboard lists your purchased coverages, with details on the covered tokens, protected amount, expiration date, and policy status. The claim button is directly accessible through this UI.
How to claim your underlying DAI/USDT
Following a successful claim vote, all Covered Members will be able to contribute their
covered tokens (idleDAIYield/idleUSDTYield) and redeem their claim payment on a proportional basis up to the cover amount (90% of the face value of the covered token).
The covered token can lose its value when Idle smart contracts suffer fund losses, an underlying protocol gets hacked, or the main asset (DAI/USDT) loses the peg by more than 10%.
The “Claim Token” section shows active coverages and the amount that can be claimed. You need to approve the smart contract to proceed with the claim.
Then, select the number of covered tokens you would like to redeem. The process continues in your wallet, where you have to sign and broadcast the claim transaction.
The green ticks confirm that you succeeded in claiming your DAI/USDT covered by Nexus Mutual’s policy.