Derivadex Insurance Fund - Unlocked process

A suggestion. When you attempt to contribute to the insurance fund the token locked/ unlocked tab is confusing. When one is going to stake their funds for the first time you have to click the tab and pay a fee without actually realizing what is happening… i.e. One wonders if I accept will all of my say USDC be locked in staking? What does the token locked vs unlocked even mean? The stake / i stake feature is clear once you’re past this step, but I personally find the token locked/ unlocked tab to be added friction for someone that wants to participate and without any clear indication of what it actually means. Could include the option to hover over it to get more info? Or remove this step? Good for thought.

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Thanks Aron, we are discussing about that. Would changing unlock fo approve make a difference ?

Hi mbaril,
I feel like “approve” runs into the same issue in that it’s not exactly clear what the actual step is nor the point of the step of the added step. My suggestion would be remove the lock/ unlock altogether which gives a more seamless user experience - I.e. 1) Connect supported wallet to insurance fund 2) Click USDC or other stablecoin you wish to use 3) Enter amount to stake…
*Perhaps I’m missing something, but it seems to me that having an extra step to unlock token or “approve” doesn’t add any value to the process and adds confusion to the user experience. It’s also an additional step that requires the user to pay a fee, before then paying another larger fee to stake. I’ve reviewed staking with many other protocols and have never come across a similar step - it’s just select how much you wish to stake…

Hey Aron

Approving the token is part of the ERC-20 token standard which is what 95% of the tokens on the market is. So 95% of the platform require you to do 2 transactions, one to approve and a second to deposit.
Could you please point me which project you use that doesn’t require approval? If so, it mean they use another ERC tokens which are less secure like the ERC-777

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Ya that’s my oversight, I was unaware of that. To be fair the ones I was referencing were non-ethereum based projects such as Tezos, Aion, Zilliqa, etc. If it’s a necessary feature, that I completely understand, but perhaps something to inform users what the next step actually means would be useful? When I was faced with that step it was unclear to me whether clicking the unlock/ lock tab meant my entire available stablecoin balance would be staked… or if something else was going to happen to it… I almost didn’t participate in the insurance fund as I didn’t know what would happen to my assets when I clicked unlock/ lock. So my concern is if this isn’t clear, that others might have the same experience and choose not to participate as a result… I feel like the simplest solution could be a little info icon that you can hover over that then says something along the lines of “unlock token to allow staking” or something along those lines? Or even simpler would be no icon and instead simply change the tab language to something like “Unlock token to allow staking” perhaps? A change in language could remove the ambiguity and thus any confusion…

Oh yeah it is needed for Ethereum tokens.
I added that feedback on our to do list. We will try to address that as soon as we can. :slight_smile:

I appreciate that. The receptiveness to feedback surrounding this project is excellent and bodes well for its future success.