Naughty Price Tutorial
Naughty Price Protection is the inital product of Degis which will be released when Degis launch on mainnet on April 1st.
The naughty price protection aims to protect users from highly fluctuated token prices. The market is volatile all the time. Meanwhile, black swan events are also ruining people’s assets. As a result, the protection of prices is especially essential to crypto space.
For more introduction about Naughty Price>>https://degis.medium.com/naughty-price-intro-db957c77e772
The article will introduce how to use the naughty price function to better protect your crypto asserts in detail.
Add Avalanche C-Chain
There are two common ways:
- Chainlist：Visit https://chainlist.org and connect your Metamask wallet
Search ‘Avalanche C-Chain’, click ‘Add to Metamask’
Switch network to ‘Avalanche Mainnet C-Chain’
- Custom RPC in Metamask
Open Metamask and click to select network
Select ‘Custom RPC’
2. Visit https://degis.io
2.1 Enter DApp
Click “Explore” to enter Degis DApp
Then you will enter the dashboard which will display the basic information for the naughty price and also the mining pool. By clicking “Show”, the dashboard will display your current insurance/deposit amount.
3. Naughty Price
The Naughty Price is an innovative price volatility cover to protect your crypto assets.
During the trading period, there are 15 days for users to create/redeem protection token, buy/sell protection token in swap pool and provide/withdraw in liquidity pool. The last 5 days before the expiry date are called locking period, in which only liquidity providers can provide/withdraw their position in liquidity pools.
3.1 Select Token
Select the token you want to protect. (In the initial launch, AVAX will be the first token we cover, more tokens will come soon)
3.2 Select Protection
Select the protection within the validity period by clicking “more”
Stake 1 USDC.e to create 1 cover.
By switching this icon, you can redeem the funds you staked when creating the cover.
After creating cover, you can sell it into the naughty price pool.
Also, you can directly buy the cover here.
To provide liquidity into the naught price pool, you need to provide both USDC.e and protection tokens.
When the expiry day comes, if the event doesn’t happen(i.e. The price of AVAX is higher than trigger price), creators can go to settle to redeem the protection tokens that you create
If the event happened(i.e. The price of AVAX is lower than trigger price): protection token holders can go to settle to claim compensation.
4.1 Naught Price Pool:
For Naughty Price pool providers, they will receive LP tokens after providing liquidity in Naughty Price Pool, which can be staked in corresponding pools to mine $DEG
Claim your $DEG rewards by clicking harvest.
Switch the icon to unstake LP tokens.(Reminding: Buyer Incentive Token can not be unstaked after $DEG Rewards are distributed)