C-OP Hatching Steps Days 4–6

During this phase, Hatching members will test exercising or claiming of policies.

Task 1— Partial Exercise C-OP: 0.5 ETH, Strike 2100, 7day C-OP

1. Goto My Covers (https://cudev.unn.finance/cover).
2. Under “Active Covers”, click on “Claim” button for the C-OP with Strike 2,100.
3. Enter Claim Amount = 0.1.
4. Click on Claim. This will leave 0.4 ETH claim protection even though, as an ERC-721, the amount of uUNN for this C-OP would still be 1.
5. Check that the DAI in payout is deposited to your wallet.
6. Check under “My Covers” -> “Active Covers” that there is still 0.4 ETH left. If not, please contact us in testing channel. Else, no need to do anything.

Task 2 — Exercise of OTM C-OP: 0.5 ETH, Strike 1700, 7 day C-OP

1. Under “Active Covers”, click on “Claim” button for the C-OP with strike 1700.
2. Click on Max next to “Claim Amount” field. This will enter value of 0.5.
3. You will see that Estimated Payout is negative. This is expected because the strike is under the current spot price (also known as Out-of-Money or OTM). In future iterations, we will replace this number with a “Not Applicable” when an option can not be exercised.
4. Click on Claim. You should get an error message saying “The transaction will be rejected because Current price is too high.” and nothing will happen. This is expected. In future iterations, we will disable the claim button with a mouseover tooltip stating same information.

Task 3— Check on expired C-OP

1. Goto My Covers (https://cudev.unn.finance/cover).
2. Click on “Inactive Covers”.
3. Confirm you can see 0.5 ETH, Strike 1700, 1 day C-OP. If you don’t, please contact us in testing channel. Else, no need for to do anything. You won’t be able to do anything with this protection. In improvements post launch we will allow you to open and look at details.

Days 7+

The last phase will focus on withdrawing liquidity and a final claim on exercising. After additional internal testing, we are updating our logic for withdrawals to be fairer for all liquidity providers.

We expect the update to be completed in matter of days and will notify testers for final phase once complete.

For more info, follow us at:

Website: https://www.unn.finance/

Twitter: https://twitter.com/unnfinance

Telegram: https://t.me/UNNFinance

Telegram ANN: https://t.me/UNNFinanceANN

Disclaimers:

1. UNION is not an insurance company and UNION does not sell policies of insurance.
2. UNION is not an issuer of CDOs.
3. We are in rapid development phase, and the screens may or may not look like these in final product. Some of the numbers shown are placeholders.