Insurance Supermarket(ISM) Comprehensive Tutorial
Introduction of The Product :
ISM is a decentralized currency price insurance project based on Heco. By casting insurance tokens, users can take out insurance to hedge the price fluctuation of digital assets, and obtain ISM token rewards through liquidity mining.
1st: Preparation
Because Heco and Ethereum are different main networks, the parameters of Heco main network need to be configured in the wallet before using the metamask wallet. Here is a tutorial to download and configure the Heco network.
1. Metamask Plug-in Wallet in Chrome Browser
Install Metamask Plug-in Wallet
For users who have not installed metamask, please download on the official website of metamask: https://metamask.io/download.html . Download and install the metamask chrome plug-in.
2. Add Heco Main Network
After opening the metamask plug-in, click Ethereum mainnet above the plug-in to add the main network of Heco.
3. Configure Heco Main Network Information
Click and select custom RPC in networks. Configure the network parameters as shown in the figure below.
The configuration parameters are as follows:
Network Name: heco-mainnet
New RPC URL:
https://http-mainnet-node.huobichain.com
Chain ID: 128
Symbol (optional): HT
Shielding Manager URL (optional): https://scan.hecochain.com
The Heco chain will be well configured like this. All kinds of DAPP on heco can be used happily.
2ed:Liquidity Mining of Insurance Token (Claim and Unclaim Token)
Operating Instructions: What is the insurance function token? Why do we need liquidity mining?
The core of the liquidity mining of insurance token is to encourage the liquidity providers to provide higher transaction liquidity for the insured users by means of mining (obtaining ISM token reward).
Insurance tokens can be obtained by casting, and a claim token and an unclaim token can be obtained by pledging a USDT. The sum of the value of one claim token and one unclaim token is always close to the price of one USDT. Therefore, the loss of mining with insurance token is very small, and it will not cause too much loss because of the price fluctuation of the token.
Step 1: Token Casting of Claim and Unclaim:
Operating Instructions:
The user mortgages the collateral of one unit in the insurance factory to generate two Tokens: claim and unclaim. Once you return CLAIM and UNCLAIM in the insurance factory, you will get 1 unit of collateral.
The parameters of CLAIM and UNCLAIM include maturity time, guarantee token and guarantee price. For example: ISM_ETH_2021_12_31_1000_USDT_CLAIM means that the holder of claim can sell a unit of ETH at the price of 1000 USDT before December 31, 2021.
CLAIM + UNCLAIM = 1 Unit Collateral
Rights and Interests of CLAIM Holders:
You can sell one unit of guarantee token at XX USDT through CLAIM before the expiration date. (After expiration, the value of the insured token will return to zero due to the failure of claim.)
Rights and Interests of UNCLAIM Holders:
After January 30, you can get back one unit of collateral through UNCLAIM.
Open the Official Website to Enter the Product Page
Next, open the official website https://ism.finance/ . Click the Launch App button. Jump to ISM product usage interface.
Enter the “Insurance Factory” for Corresponding Operation
Click “insurance factory” in the menu bar, and then click “casting & redemption” button. In this interface, you can cast the underwriting token and the insured token.
Click the casting button:
Enter the Number of Pledged Tokens
One claim token and one unclaim token can be made for each usdt mortgaged. Enter the number of usdt tokens you want to pledge.
Click the confirm button to start casting.
View Casting Tokens
The claim token and unclaim token can be seen in their own heco smart chain account（ https://hecoinfo.com/ ）.
Claim and unclaim tokens can add liquidity to mdex to obtain lptoken.
Concept note: what is the LPToken of ISM project?
The Lptoken of ISM project is the liquidity providing certificate obtained by the user by adding the claim / unclaim to the mdex fund pool. Through the pledge of this certificate, the liquidity can be provided and the ISM token reward can be obtained.
Add Liquidity and Pledge
Open the “Pool” Page and Add Token Liquidity
Open the following website:
Enter the contract address of claim or unclaim token, add it in, and add the token liquidity of claim-USDT.
Enter the Number of USDT and Claim Tokens to Add Liquidity
Obtain Lptoken
Click “supply” to get claim token and Lptoken of USDT. With this Lptoken, we can carry out pledge liquidity mining.
Start Lptoken pledge mining
Back to ISM website:
Click insurance mine, click “+” to pledge LPtoken here.
3rd.Pledge Mining of Governance Token (ISM)
Operating Instructions: why do we need to mine the liquidity of governance token ISM?
ISM is the governance token of the project (project token), equivalent to the platform token. The pledge mining of governance token is to provide better liquidity for ISM token transactions by stimulating liquidity providers, such as ISM-USDT and other transaction pairs.
Add Liquidity
After obtaining ISM token, ISM-USDT liquidity can be added to MDEX to obtain LPtoken.
(ISM Contract Address: 0x348ccc5a616abae8a639457fc469917b03d938c3)
Enter the number of USDTand ISM tokens to get the LPtoken.
Mortgage LPToken Mining
After returning to the ISM official website, you can click the insurance mine to LP mine.
Purchase of Claim and Unclaim Tokens (Direct Insurance or Underwriting)
As an insurance market, users can buy tokens directly to insure their ETH or HT. When buying an insured token, you need to pay attention to the maturity time. The claim token will return to zero when it matures, and the Unclaim token can be exchanged for a unit of collateral when it matures.
Buy Tokens
In addition to casting tokens, you can also buy these tokens in the market. Enter the insurance market, click the transaction button, jump to the MDEX market, and buy the corresponding tokens.
You can sell the insured token at a predetermined price before the expiration date agreed by CLAIM. It can also be used for liquidity mining.
Exercise of Rights
After insurance, the income should be realized through the exercise of rights. When insurance, the price of eth/ht token at that time should be locked by purchasing claim token. ETH / HT can be sold at a predetermined price before maturity.
Jump to the insurance market:
Click “exercise”, means to sell the claim token, and sell the corresponding amount of eth/ht at the predetermined price.
And get usdt. The entire exercise process completes.
