PAYASO is a decentralized insurance trading protocol. In the first generation of the product, you can rent safety helmets according to the type and quantity of unstable coins owned from mining, thereby hedging the risk of exposure to a drop in the token price while mining.
Process of borrowing safety helmet from PAYASO
0.Click on the home page to connect your wallet and select the third-party wallet.
1. Select the variety of safety helmets you need, click on it to enter the market.
2. Select the safety helmet you need and click on “Borrow”button.
How to choose a safety helmet?
There are some attributes you need to pay extra attention to for each safety helmet, which has a different role and function. The following are the basic attributes.
Referring to the type of token protected, as shown above, refers to WETH
Borrow a safety helmet
The cost of borrowing a safety helmet (the cost is not fully expensed, as it is included in the portion of the income earned upon "activation")
Due date for activation
You can activate the helmet at any time before the due date. Once activated, you can exchange the number of protected tokens for the insurance amount at a price marked at the time of the lease to complete the payout!
In the chart above, you borrow [1 ETH safety helmet], you will get 500 USDT if you activate it any time before 0:00 on October 16th.
Suppose you were successful in borrowing your safety helmet, then congratulations! You can stop worrying about token exposure for liquidity mining. But remember to activate your helmets before the due date!
If [activation gain > borrow + price of the protected asset], you can safely choose to activate the safety helmet to be compensated for the difference in price generated by the fall of the protected crypto currency.
If [activation gain < borrow + protected asset value], you can continue to hold the safety helmet until expiration to hedge the corresponding asset.
If I choose to return the safety helmet, will the rent be returned?
- If the lease is successful, the rent will not be refunded at any time and returning the safety helmet is considered a waiver of the right to activate, the lease will be void and your tokens will no longer be protected.
What happens if I don't activate the safety helmet when it expires?
- The safety helmet TOKEN will remain in your wallet, the contract will no longer honor your activation request, and the TOKEN can only be used as a keepsake.
How do I request to activate the variety of helmets I wish to have?
- PAYASO is a decentralized platform that supports anyone to rent any kind of safety helmet, you don't need any permission to rent any kind of safety helmet you want. Meanwhile, you can also ask for help from the community, and the developers will help you to add a new one.
Can I rent and activate helmets with only stable coins ?
-Yes, the PAYASO contract will automatically convert your token holdings into the tokens required to pay the contract's rent via Uniswap.