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Solace Begins Phase 2 of $SOLACE Airdrop

Solace, the decentralized insurance protocol, moves to phase 2 of the $SOLACE airdrop, and it begins May 9, 2022.

The purpose of the airdrop is to bring exposure to Solace, a novel project in the DeFi Insurance space, that will reward long-term community members. By participating in the growth of the Solace ecosystem and community, $SOLACE holders will be eligible for the airdrop.

This article will explain the airdrop points system, how points are allocated, and how users can check out how many points they have for the airdrop.

New Airdrop Site

Solace launched their airdrop homepage. Users can discover how many points they’ve accumulated thus far and how many community points exist overall.

Check out the site here.

Airdrop Points System

The airdrop utilizes a points system, where users are rewarded for engaging with the Solace community and ecosystem. Point rewards are gathered in three groups: Staking, Policy, and Additional. Below is a screenshot of the points breakdown.

Staking and Policy Rewards receive a 3x multiplier.

Users can accumulate rewards throughout phase 2 for all reward categories except for LPs. A snapshot was taken for liquidity providers across Ethereum, Polygon, and Aurora networks.

Staking Rewards

Users that stake will be eligible for the staking reward (SR). Locks with longer lengths will have a higher reward than unlocked stakes.

For instance:

  • Locking staked $SOLACE for 1 year earns you a 3x multiplier on the staking rewards.
  • Lock staked $SOLACE for 4 years earns you a 9x multiplier on the staking rewards.

In order for locks to count for the multiplier, the lock time must be longer than the Phase 2 end date. If a user has one lock, then the weighted average is the lock time of the one lock.

Policy Rewards

Solace Wallet Coverage (SWC) policyholders will be eligible for the policy reward (PR).

Users that refer new policyholders will earn the Policy Referral Reward (PRR) relative to their number of referrals.

Additional Rewards

There are four additional reward groups: testnet rewards, bond rewards, LP rewards, and community rewards.

  1. Testnet users will receive the Testnet Reward (TR).
  2. Bonders will receive the Bonding Reward (BR) relative to their vested bonds.
  3. LPs will receive points for participating based on their LP size.
  4. Community members will receive Community Rewards (CR) for inviting new members the Solace discord server [CR = 40 points per valid invite].

How To Become Eligible for the $SOLACE Airdrop

In Phase 2, there are four ways to become eligible for the airdrop and accumulate points.

  1. Buy Solace Wallet Coverage on Polygon or Ethereum
  2. Refer users to buy a Solace Wallet Coverage policy
  3. Stake and lock $SOLACE on any supported chain
  4. Invite users to the Solace Discord server

$SOLACE Resources

Below is a list of several articles and docs you can use to learn more about Solace Wallet Coverage, staking, locking, and the $SOLACE token.

  1. Solace Wallet Coverage on Polygon
  2. How and Where to buy $SOLACE
  3. How to Stake and Lock $SOLACE
  4. How to Provide Liquidity for $SOLACE

If you have any additional questions about the airdrop, reach out to the core team in the Solace Discord here.

About Solace

Solace is a decentralized insurance protocol. Born as a DAO, Solace’s mission is to build innovative and intuitive insurance products for DeFi explorers. With its Wallet Coverage, Solace separates itself from other crypto insurance competitors by offering simple, scalable and transparent insurance for people who want to freely explore DeFi without the hassle or worry that they’re not covered.

Solace is backed by builders like Illia Polosukhin (NEAR), Sandeep Nailwal (Polygon), Evgeny Yurtaev (Zerion), Julien Bouteloup (StakeDAO & rekt.news), Alex Shevchenko (Aurora), Preston Van Loon (Prysmatic Labs), and Seth Ginns (Coinfund) who are assisting in the expansion of Solace across DeFi. To learn more about Solace, check out the links below.

Website | Medium | Twitter | Discord | Docs | Notion | Github | Telegram

Unlisted

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0xnimz

0xnimz

Head of Growth @ Solace | USC Grad Student | writing ✍️ | musician 🎸