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arNFT: Tokenized Coverage
ArNFT is a non-fungible token wrapper (ERC-721) for Nexus Mutual coverage, which includes many security improvements over the yNFT tokens. If you want to know why we moved from yNFT to ArNFT, you can read this. Contributors can mint arNFT and hold it for their own protection, transfer it, sell it on the market, or stake it in the Yield Vault to earn fees in ETH, as well as earn rewards in $ARMOR tokens.
ArNFTs can be minted for all protocols for which Nexus Mutual coverage is available.
Click an option with cover available
Enter duration of cover (90-365 days)
Enter amount you wish to cover
Buying arNFT’s For Dummies (Detailed Guide)
When you click on the link, you will see to this page:
When you click on “Connect Your Wallet” you will get the option to connect one of the following wallet providers:
After connecting the wallet of your choice, you will be taken to the following window, giving you a list of currently eligible protocols for coverage.
To buy cover for Sushiswap, click the Sushiswap tab and the following will appear:
You need to enter two fields – Days (the numbers days you want to be covered for) and The amount you want to be covered for (in ETH). Once you fill these fields, click on “Get Quote”.
The system will then calculate the amount of cover cost you will need to pay for your coverage. So, in our example above, a 90-day coverage of 100 ETH on Uniswap will cost 3.9524 ETH (as per current market rate).
Finally, click “Apply” and then make the necessary payments from your wallet. Upon confirmation, your arNFT token will be minted and deposited in your wallet.
Migrating yNFT to arNFT
When you see your listed yNFTs, click SWAP
arNFTs can be transferred just like any other Ethereum NFT token. The fastest at the moment is to go to https://etherscan.io/address/0x1337def1e9c7645352d93baf0b789d04562b4185#writeContract , connect your web wallet, scroll to 16. transferFrom, enter your from address, enter the to address, and enter the tokenId of the NFT you want to send. Then Write and approve the transaction.
In case of a hack, holders of arNFTs can navigate to the dashboard and click claim arNFT to submit claims to Nexus Mutual. If Nexus Mutual claim assessors decide that the claim is valid, they will pay the funds deserved and the users can withdraw the funds covered by their arNFT.
Note: Staked arNFTs do not provide coverage to the user who staked it. If a successful claim is made, their staked arNFT will get burnt. The user will continue to earn staking rewards for the duration the arNFT would have been valid.