🛡Put options offer the literal option to sell ETH at a specific price (called the strike price)
🛡In @HegicOptions, the strike price = ETH price when you buy
🛡You can exercise options until the expiry date (1-8 weeks out)
🛡I see ETH up today at $165
🛡I’m not comfortable selling my ETH cuz I’ve done it before and the market always takes off whe I sell
🛡So instead, I’m willing to pay a fee to have the option to sell ETH at $165 if ETH📉
@intocryptoast@HegicOptions 🛡It’s a way to protect my ETH profits
🛡I go to @HegicOptions and I buy protection for 5 ETH for 1 week while ETH is $165
🛡I pay two fees: 2% / week + 1% additionally upfront on the 5 ETH (meaning 0.15 ETH)
🛡Now I have a right to redeem 5 ETH for $165 (so 825 DAI) for 1 week
Given the insane gas prices yesterday, I wanted to share a tip if you ever submit a @metamask_io txn and find yourself saying "dear God, I should've paid a higher gas price!"
You can easily drop/replace the stuck txn by submitting another with the same # (nonce).
In @metamask_io Chrome
1⃣Go to the colored icon -> Settings -> Advanced -> Customize transaction nonce -> Turn on
2⃣Look at oldest stuck pending txn # to cancel
3⃣Send your current wallet a new txn for 0 ETH with the same nonce (txn #) but higher gas price based on @ETHGasStation
4⃣How to send:
🦊 Click Send
🦊 Input 0 ETH
🦊 Paste your wallet address, ie defidad.eth
🦊 Set Gas Price (Gwei) higher than the FAST price on @ETHGasStation (in pink)
🦊 Paste # of stuck txn in Custom Nonce
Ethereum should drop/replace the stuck txn with the same nonce #!