Use NEP to stake and create cover contracts or markets
Burn NEP to create contracts and markets
Use NEP to vote in the governance of the platform’s future
Lock NEP to provide liquidity, secure the protocol, and yield additional rewards
Hold NEP in your wallet to purchase and claim coverage
Foreign assets farmed under NEP pool will be used to purchase NEPs which will then be burned
[Overridable, Governance] Creating a new coverage contract requires you to burn 1000 NEP tokens. Coverage creators will earn a small portion of the coverage fees collected in BUSD or BNB.
[Overridable, Governance] 4000 NEP tokens must be staked when creating a coverage pool. The higher your stake, the more visibility your coverage will get in the market.
[Overridable, Governance] Coverage pools are available in BUSD. We deduct 6.5% of the coverage fee or coverage claim in BUSD or BNB. The acquired BUSD will be used to purchase NEP tokens in the PancakeSwap exchange and then immediately burned in a single transaction.
[Overridable, Governance] Providing liquidity to a coverage pool requires you to stake 250 NEP or higher
[Overridable, Governance] During dispute resolution (governance), the NEP tokens of the minority is burned