GYSR Spotlight #6: Solace
Solace is a decentralized insurance protocol that offers users simple, effective, and transparent protection tools to navigate DeFi safely. Solace Wallet Cover intelligently pools the risk of a user’s DeFi positions to make coverage more capital efficient. By assessing the risks associated with each protocol, the value of the positions, and diversity of protocols in the wallet, the Solace Rating Engine assigns risk scores to each position and provides one single policy price for the entire wallet. The protocol payment mechanics are based around a native token, $SOLACE.
As of March 7, 2022, Solace has launched a Uniswap v3 liquidity mining program on Polygon using the GYSR + Gelato joint solution. Users can supply liquidity to the SOLACE/FRAX pair through Gelato G-UNI, benefiting from automated position management, and earn $SOLACE rewards through the G-UNI -> SOLACE Fountain on GYSR, with extra incentives for long term commitment. The liquidity mining program will run for 3 months and distribute 6 million $SOLACE rewards.
We’re excited to follow Solace as they continue to build over this year. Their upcoming product, Solace Native, will provide a solution to natively cover entire protocols. Insurance is still in its early stage, but it is necessary in order for DeFi to sustainably grow and attract new users to crypto. For more information about Solace check out their website and follow them on Twitter.
“Solace is committed to the security of the greater crypto ecosystem, and will continue to build tools that track with the ever-changing innovations of DeFi. Thanks to GYSR, we know that liquidity providers don’t have to worry about the reliability of their incentive systems. We love a partnership that makes DeFi approachable, simple and secure.”
-Matt Ladin, Core Team, Solace
Disclaimer: GYSR is not associated with any of the projects we profile in our spotlight series and these posts should not be seen as endorsements. We encourage readers to do their own research.
