How to Buy a Midas Dollar Cover on Soteria?
Catalog
1. Preparation
2. Membership
3. Buy Cover
- Preparation
1.1 Login to the Binance exchange and purchase a certain amount of BNB for the on-chain transfer fee and for purchasing cover.
1.2 Open MetaMask and click the networks dropdown to add the Binance Smart Chain network.
1.3 Click on Custom RPC and enter the parameters for the BSC network.
You can also refer to the following link:
https://docs.binance.org/smart-chain/wallet/metamask.html
Network Name: Binance Smart Chain
RPC URL: https://bsc-dataseed.binance.org/ Chain ID:56
Currency Symbol : BNB
Block Explorer URL: https://bscscan.com
1.4 Copy your MetaMask wallet address, then select the BSC network for transferring BNB to your MetaMask wallet.
1.5 Open https://app.soteria.finance to MetaMask and enter the Soteria platform.
2. Membership
2.1 Once you enter the welcome screen, you need to click on the bottom button to pay the membership fee. Only members of Soteria Mutual could purchase cover and perform other operations in Soteria. You can become a member of Soteria only after successfully paying 0.1BNB.
3. How to Wrap/Unwrap SOTE
3.1 Launch app.soteria.finance
3.2 Select “SWAP” on the left side of screen and then click on the WSOTE&SOTE tab
3.3 Approve the amount of SOTE/WSOTE you want swap
3.4 Enter the amount and authorize the transaction to complete
4. Buy Insurance
4.1 Clicking on Cover will take you to the cover screen. Here you can see which Cover you have purchased, and what Claims you have applied for. When you click on Buy cover, you will be redirected to the purchase page.
4.2 On the purchase page, users can select Midas Dollar or other projects.
4.3 After selecting the appropriate item, click Select to enter the specific purchase screen for that item. This page requires the user to fill in the amount and the number of days to be insured. The insured amount can not exceed the total amount of the project’s capacity, the minimum number of days insured is 30 days, and the maximum number of days insured is 365 days
4.4 After filling in the relevant data, click on Get quote to go to the next page. In this screen, the user can choose to pay for the relevant insurance with either BNB or SOTE. After the user has clicked on the relevant statement to confirm, they can click buy cover to complete the purchase process.
4.5 After a successful purchase, users can see the content and status of the purchased insurance in the Cover Insurance screen, such as insurance in force, insurance expired, claim submitted, etc.
