NEAR awards Solace.Fi $30,000 Grant to help make DeFi safer
Solace.fi, the cross-chain insurance protocol helping to make DeFi a safer place to invest, has been awarded a $30,000 token grant by the NEAR foundation.
The project, which provides coverage for DeFi liquidity providers and market makers to hedge their risk in the event of smart contract exploits, received the grant to continue its development of a cross-chain coverage protocol on NEAR.
The project is due to go live on Aurora in October, alongside an Ethereum mainnet launch. The grant has been split into two chunks: the first, will help Solace apply the finishing touches to its launch on Aurora, the turnkey solution for developers seeking to extend their dApps to reach additional markets.
The second block, will be released after the successful launch on Aurora. Solace has also become part of the Open Web Collective, an incubator, and accelerator for projects building on the web.
Solace’s mission to make DeFi safer
As DeFi exploded in 2021 — nearly $100 billion is currently locked in projects and protocols — so have the number of hacks and exploits.
More than three-quarters of crypto hacks this year have taken place in decentralized finance (DeFi), according to a study by crypto intelligence firm CipherTrace. Some $361 million has been stolen so far, nearly three times more than in the whole of 2020. This is where Solace comes in.
Coverage bought through the Solace platform, once live, will protect users against these inherent vulnerabilities in the smart contract code. Its unique combination of rapid claim assessment, risk management, and optimized exposure means Solace does not use committees, votes, or other human processes that may take days or weeks, allowing for immediate claim validation and payouts.
Solace also shares NEAR’s mission of a multi-chain future, and its architecture has been developed for easy integrations with other protocols and DeFi dashboards to ensure every blockchain can have the same piece of mind.
Find out more about the project here: solace.fi
