What Is Solace Protocol (SOLACE)?
Solace is a decentralized coverage protocol, insurance-alternative, that allows DeFi liquidity providers and market makers to hedge their risk in the event of smart contract exploits. Solace purpose is to transform DeFi by delivering intelligent, simple and empowering tools for a safe, secure and trusted industry.
Users and DAOs can interact with Solace in different ways:
See more: Solace coin
- Buy coverage for LP positions to get protection for funds
- Bond assets to buy $SOLACE at discount and provide capital in the underwriting pool
- Stake $SOLACE to get revenue from Protocol’s activities, token distribution and to unlock the governance rights
- Become a risk manager to develop protocol level analytics, manage risk capacity allocations, and earn fee as people buy coverage
- Become a risk strategist to develop risk assessment models for coverage products, and earn fee as people buy coverage
- Buy or provide coverage for liquidity pool or treasury to get all users funds protected
- Integrate Solace into your interface to let users know that there is an opportunity to protect LP positions.
SOLACE is the utility token that is used for:
- To acquire protocol’s own underwriting capital through bonds
- To stake SOLACE to get revenue from Protocol’s activities, token distribution and to unlock the governance rights
What Makes Solace Protocol Unique?
The way how Solace implements a safe, simple and intelligent structure provides a new advantageous model for DeFi users.
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Solace takes the underwriting risk away from individual users by acquiring Protocol’s own underwriting capital. Anyone can participate in insurance by bonding assets in the underwriting pool or just stake SOLACE and earn fee from policy sales with no need to make a payout in the event of exploit
An automatic claim assessment system enables users to receive a payout in a fast, easy, and transparent way, with no community voting. Users get a payout from code, not from community carrying loss. Within 3 days against 14-60 days where claim assessment bases on human participation
Solace is one of the very few projects focusing on intelligent risk assessment based on quantitative analysis, probability, and uncertainty. And the developed permissionless system incentivizes people to deploy coverage products and risk strategies and earn a fee from policy sales.
Solace vision is supported by Aave, Polygon and Near Protocol grants. Core contributors and advisors include top Web3 representatives such as Gustav Arentoft and Doo Wan Nam (MakerDAO & StableNode), Preston Van Loon (Prysmatic Labs), Cameron Dennis (Blockchain Acceleration Foundation, Near Protocol), Sandeep Nailwal and Arjun Kalsy (Polygon), Jimmy Chang (Aave), Illia Polosukhin (NEAR), Julien Bouteloup (StakeDAO & nftgamef.com), Alex Shevchenko (Aurora), Kiril Nikolov (Nexo), Aleksander Larsen and Jeffrey Zirlin (Axie Infinity), Evgeny Yurtaev (Zerion), Seth Ginns (CoinFund), Quentin Milne (Stake Capital)
Who Are the Founder of Solace Protocol?
Founder of Solace, Nikita Buzov, has a highly technical background with over 4 years of crypto and DeFi experience: BTC, ETH mining, running PoS validators, managing liquidity in DeFi, and coding smart contracts. He honed his engineering expertise through over 5 years of research experience in Machine Learning processors and semiconductors, while completing his bachelors at the University of Illinois Urbana-Champaign, and masters and PhD(dropped out) at the University of California Santa Barbara. Nikita is also a board member of the Blockchain Acceleration Foundation (a 501(c)(3) nonprofit dedicated to starting accredited blockchain courses at universities and connecting the talent to projects in the web3 industry) and was previously the president of Blockchain at UCSB student organization.
His involvement in blockchain and crypto communities gives Solace a needed advantage to build a community and lead the team. Coming from academia, Nikita is an expert in computer architecture, which gives Solace team further leverage in developing efficient and secure code running on-chain.
How Many SOLACE tokens Are There in Circulation?
Solace Protocol launched its mainnet on October 19, 2021 and SOLACE token has released at November 29, 2021 with 140,000,000 tokens created at genesis. Max SOLACE supply is set at 1,000,000,000. 50% go to SolaceDAO treasury, 10% to the Underwriting pool, 8% to Incentives program, 13% to Growth fund and 12% to core contributors.
Where Can I Buy SOLACE?
SOLACE is available for trading on Sushiswap exchange, with USDC pair currently available.
Learn more about Solace here.
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