Note however that you can use Armadillo to protect against Impermanent Loss incurred on any network, regardless of where you supply your liquidity.
Note that Armadillo works in a decoupled way, i.e: you can supply liquidity and buy Armadillo IL protection or not supply liquidity at all. You can supply liquidity and buy Armadillo IL protection and remove your liquidity while your protection is active. It will not affect your protection at all. Armadillo protection is completely decoupled from your liquidity, in fact, as stated above, you can buy Armadillo IL protection without even supplying liquidity at all. This is counter-intuitive to other projects in the defi space, where you, for example, have to supply your LP tokens to use a certain dApp, putting your LP tokens at some sort of risk.
In Armadillo on the contrary you are not risking anything other than the protection premium itself. We do not hold or own your liquidity and your liquidity supplying, if exists, is completely decoupled from the protection bought.
Following a successful IL protection purchase we issue a NFT representing the IL protection bought, its start date, protection period and pair are part of NFT metadata. If you can't see the NFT on your Metamask under Assets following a purchase, simply follow this manual on how to add a token to be listed as an Asset on your Metamask.
Use the following details:
Token Address for the NFT: 0x44F28E24694c9121E8425c614416e6DCae691744
Token symbol: Armadillo IL Protection (or anything else you choose)
Token decimal: 0
No, you do not need to take any action following buying an IL protection. At the end of the period chosen, you will automatically be paid to the wallet holding the NFT representing your protection via ChainLink Keepers running on Polygon mainnet.
No, you don't have to supply liquidity as a prerequisite to buying CVI's Impermanent Loss protection. The section on top, showing the available pair sums your defi world supplied liquidity, grouped per Pair. By default, when buying protection for a certain Pair, our products populates the amount to protect as your current defi LP supplied in that pair, but you can override this amount and even buy IL protection on any supported pair even without supplying liquidity in that pair or in any pair whatsoever.
When you connect your wallet we query various 50/50 LP AMM applications in the defi space to gather your LP tokens worth, so we can offer you protection on your supplied liquidity. We sum your LP worth supplied in the following defi applications: Uniswap-v2, Dodo, Sushiswap and Quickswap so any liquidity supplied elsewhere isn't counted toward your LP tokens worth, like uniswap-v3 for example.
Yes, CVI's IL protection product mints a unique NFT for every sold protection. This NFT can be sold in secondary markets like open sea. At the end of the protection period the holder of the NFT will be automatically paid the amount due to him.
Supplying Liquidity is not a prerequisite to buying IL protection. In fact, you can buy IL protection without even supplying liquidity in the defi ecosystem. Therefore, withdrawing liquidity from any platform following buying IL protection will not effect your protection at all.