5.7 How to Purchase an InsuranceDAO.World Node
Last updated
Last updated
Important Notice: The Verified Node purchase and marketplace features are under development, and we expect them to be available next quarter. The content provided here is for reference purposes and will be updated accordingly. If you have any questions or suggestions, please reach out to our team at foundation@insurancedao.world.
This section will guide users and developers through the process of purchasing InsuranceDAO.World Verified Nodes. These nodes form the foundation of the decentralized insurance ecosystem, allowing projects to get coverage, protect their assets, and participate in the broader InsuranceDAO.World ecosystem. By purchasing a Verified Node, you are effectively investing in the protection of your assets and gaining access to a suite of risk management tools that provide dynamic, real-time insurance coverage.
When purchasing a Verified Node, it’s important to select the right one based on your project’s risk profile. InsuranceDAO.World offers a variety of nodes, each designed to cover specific asset types and risk categories. Here are the key types:
1. Yield Strategy Node: Coverage for staking losses, protocol failures, and impermanent loss.
2. DEX Liquidity Node: Protection against liquidity risks on decentralized exchanges.
3. Smart Contract Security Node: Safeguard for vulnerabilities in smart contracts, governance failures, and attacks.
4. NFT & Digital Asset Node: Coverage for high-value digital assets, including NFTs, against theft or liquidity crashes.
5. RWA Protection Node: Protection for real-world asset tokenization, such as real estate and commodities.
6. Stablecoin Protection Node: Protection against stablecoin depeg events, ensuring value retention.
You should carefully evaluate the risks associated with your assets and select the node that best matches your needs. InsuranceDAO.World provides dynamic coverage options for DeFi protocols, NFT projects, and real-world asset tokenization.
To purchase a Verified Node, you must first connect your wallet to the InsuranceDAO.World platform. This process enables you to interact with the decentralized ecosystem, access your account, and execute transactions.
Steps:
1. Connect Wallet: Connect your wallet (e.g., Phantom, Sollet, Metamask) to InsuranceDAO.World.
2. Create InsuranceDAO.World Account: If you don’t already have an account, you’ll need to create one. This account will be used to manage your node purchases and any future transactions related to insurance coverage.
3. Zorro NFT: Ensure that your account is linked to a Zorro NFT, which serves as the identity for participation in the InsuranceDAO ecosystem.
After selecting the Verified Node, you can proceed to purchase the node by configuring the following parameters:
1. Stake Amount: The total value of tokens you wish to stake in the insurance pool for the node. The more you stake, the higher your participation in the insurance pool.
2. Coverage Amount: Define how much coverage you require from the node, which will affect the premium and coverage conditions.
3. Insurance Duration: Choose how long you want the coverage to last. This can range from several hours to days, depending on your project’s needs.
4. Self-Insurance: Optionally, specify the amount of self-insured liquidity you’re willing to cover yourself. This reduces the cost of the premium but exposes you to some risk.
Once you’ve configured the node parameters, you can complete the purchase using the arrUSD or Arrow (ARR) tokens.
1. Transaction Execution: The transaction will be executed via smart contracts on the Solana blockchain, ensuring that the purchase process is automated, fast, and secure.
2. Premium Calculation: After the transaction, the premium rate will be calculated based on the coverage amount, duration, and risk factors. Premiums will be adjusted in real-time based on market conditions and the selected node.
3. Node Activation: Once the transaction is processed, your Verified Node will be activated, and you’ll gain access to the associated coverage and participate in InsuranceDAO.World’s ecosystem.
After purchasing your node, it’s important to actively monitor its performance and ensure the coverage remains aligned with your needs.
Key Features:
1. Real-time Coverage Updates: Keep track of coverage status and premium adjustments using the InsuranceDAO dashboard.
2. Claims Management: If a covered event occurs, you can easily submit claims and interact with the platform to verify and manage payouts.
3. DAO Participation: As a Verified Node holder, you’ll be able to participate in DAO governance, voting on decisions related to platform upgrades, risk parameters, and coverage terms.
Note: The Verified Node Purchase process is expected to expand in the next quarter. New features will include more granular coverage options, additional risk categories, and enhanced staking rewards for node holders. We recommend checking back regularly for updates, as these enhancements will offer even more flexibility and protection for developers, projects, and investors.
