You can stake your insurance fund on Equinox Staking and start earning rewards by reading this how-to.
This guide will walk you through the concept of insurance funds and how to use the Injective Staking interface to start staking insurance funds. Once you are familiar with these concepts and interface, you can mint USDT on Kovan, transfer USDT to the Injective chain, underwrite the insurance fund, and redeem funds from the insurance fund.
You can find an overview of the Injective Insurance Fund and how it works via the link below.
https://weibo.com/ttarticle/p/show?id=2309404637825667563631
After connecting the wallet, you can find answers to frequently asked questions about insurance funds on the staking interface.
1. Connect your wallet
Visit the Staking page:
https : //staking.injective.network/
Click the Metamask option, then click Sign to complete the signing request. This will allow you to access the staking page, where you will be able to view the insurance fund and start staking.
Note: You can also use a Ledger to connect to the staking page.
2. Transfer ERC-20 USDT tokens from Kovan to Injective chain
Insurance Fund Staking allows users to underwrite their tokens to insurance funds, and each insurance fund corresponds to a derivatives market on Injective. When a user underwrites insurance for the derivatives market, it is equivalent to mortgaging tokens for the market, and then obtains the insurance pool tokens corresponding to the market.
These insurance pool tokens represent proportional ownership of the insurance fund. Therefore, as the insurance fund grows from liquidation proceeds, insurance fund holders will also benefit from the increased value of their token holdings.
The first step in underwriting assets on Equinox Staking is to transfer tokens to the Injective chain. The process is very similar to what we did earlier for delegating validators.
First, click on the “Insurance Fund” option.
Click the Unlock button on the Staking page to approve the Peggy contract to transfer tokens.
Metamask will open asking you to approve the transaction. Click OK.
Note: Depending on the gas fee you choose with your transaction and the current load on the Ethereum network, your transaction may complete quickly, or it may take a few minutes. If the approval process is taking a long time, you may want to try refreshing the page or consider paying more gas to speed up the transaction.
After completing the transaction on Kovan, the Insurance Fund page will display a form where you can enter the amount of ERC20 USDT tokens you want to transfer to the Injective chain.
We can notice that at this point there is 0 USDT in the Kovan wallet, so the next step is to get some free USDT on the Kovan Network.
First, go to the USDT contract address on Etherscan https://kovan.etherscan.io/address/0x69efCB62D98f4a6ff5a0b0CFaa4AAbB122e85e08 and click on the Contract tab. Next, click "Write Contract" and connect Etherscan to your Metamask.
Finally, select the "mint" function and click the "write" button. A popup will appear in your "Metamask". Confirm the transaction, you have successfully minted 100 Kovan USDT at your address.
Now, go back to the Staking page and refresh the Insurance Fund page. Enter the amount of USDT to be transferred to the Injective chain in the field, click Transfer and sign the transaction.
After confirming the transaction on Kovan, you should see a "Successfully Transferred" notification on the bottom right of the screen. Your Injective Chain USDT balance should update to reflect your token transfers between networks.
Note: Please refresh the page if your Injective Chain USDT balance has not been updated within a few minutes.
3. Underwriting Insurance Fund
First, select the insurance pool to underwrite and click the "Underwrite" button.
Next, enter the amount to be underwritten to the insurance fund, click the "Underwrite" button, and sign the transaction.
After confirming that you have successfully underwritten the insurance pool, the front-end information will update to reflect your token pool and the percentage of tokens you own in the insurance pool you just underwritten.
4. Request redemption from the insurance fund
You may request the redemption of some (or all) of the tokens in the insurance fund you are underwriting.
First, click the "Request Redemption" button to start the redemption process.
Next, enter the amount of tokens to request redemption, click the "Request Redemption" button, and sign the transaction.
5. Summary
5. Summary
You now know how to participate in insurance funds on Injective.
About Injective Protocol
Discord：https://discord.com/invite/injective
Injective Protocol is the world's first Layer-2 derivatives DEX, which supports users to trade any type of derivatives, unleashing the full potential of borderless decentralized finance. Injective has received support from many institutions, including Pantera Capital, one of the world's top cryptocurrency venture capital firms, and Binance, a leading cryptocurrency exchange
