Solace is LIVE on Aurora!
We are happy to announce that Solace is now available on the Aurora network! Solace is excited to get one step closer to offering affordable protection options for investments on the NEAR ecosystem.
What is Solace?
Solace is a crypto protection protocol that offers protection against smart contract exploitations. Through our current and upcoming offerings, users can get coverage for their crypto positions with ease.
Solace separates itself from other coverage protocols in a few ways.
It’s Simple: Buying cover for products takes just a few clicks, with only a few inputs. File a claim and get paid in the same transaction. We make every part of the process simple.
It’s Intelligent: Solace manages risk exposure in the most accurate and sophisticated way possible. Our risk management does not rely on human voting or market bias, but quantitative (statistics, probability, etc.) and qualitative (e.g. audits) measures.
It’s Efficient: Solace’s underwriting pool is funded with protocol-owned capital, and it pools the risk across all of its products, which ultimately translates to affordable premiums.
What can I do with Solace?
You can buy cover for several platforms with just a few clicks — connect your wallet, choose your position, choose your cover time and amount, and confirm. That’s it, simple.
With this new integration, Solace is now live both on Ethereum and Aurora, and currently protecting against Ethereum protocols. Take advantage of Solace’s great features without having to worry about the gas fees that come with Ethereum mainnet (Fun fact: gas on Aurora is $0 per transaction).
$SOLACE is the governance token that you can bond, stake and lock for rewards.
Staking and Locking
Users that stake $SOLACE earn a proportion to the yearly 10M distributed $SOLACE tokens. Moreover, locking tokens can earn a multiplier on both staking rewards (up to 2.5x) and voting power (up to 4x). The longer you lock your tokens, the higher the multiplier.
The design is intentional in two ways.
- We want to reward long-term investors and stakers.
- We want to have this distrubtion system to work for years to come.
By creating the current distribution mechanism and multiplier system, we’re ensuring these two goals come to fruition. Learn more about staking in our latest article.
Bonding (now live with V2) is a way for users to get $SOLACE at a discounted price from market value. Before v2, bonds vested over 5 days. Now with the upgrade, bonds vest, linearly unlocking over a 7 day period. Moreover, you now have the opportunity to autostake and lock the tokens over the vesting period to immediately start earning rewards and voting rights.
How to Get $SOLACE
There are two options to get $SOLACE in Aurora:
The first and best way is to purchase bonds, where you get $SOLACE at a discount in exchange for another asset. Currently we offer bonds for ETH, DAI, USDC, USDT, WBTC, and FRAX.
This option ensures that you can get $SOLACE under the market value (especially if you buy bonds early), and it ensures more underwriting capital in the underwriting pool. This is crucial.
The more underwriting capital, the more risk we can pool, and the more affordable coverage becomes. If you believe in what Solace is building for the future of crypto protection, increasing the underwriting pool through bonding is the best way to strengthen and grow the protocol.
The second way to purchase $SOLACE is to buy on Ethereum mainnet either via bonds or on Sushiswap, and then bridging the tokens via the Rainbow Bridge.
How to bond $SOLACE
If you want to purchase bonds and help fund the underwriting pool, follow these steps:
- Go to the Solace website and connect your wallet.
- Make sure you’re connected to the Aurora network. Do this by clicking on the network shown in the top left.
3. Go to the Bonds page and determine what token you’d like to exchange. Select Bond on the token.
4. Input the amount of tokens you want to exchange for $SOLACE. Then, Approve the token.
5. Once you approve, you now have a choice to do two things: Autostake and lock, or just bond. Choose your preference.
6. Click Bond and confirm the transaction in your wallet.
Congrats! You’ve successfully purchased $SOLACE on the Aurora network!
How to Bridge from Ethereum to Aurora
If you want to get started using Aurora and bridge ETH, SOLACE, or any other token from Ethereum mainnet, below are the steps to do so:
- Bridge ETH: Go to the Rainbow Bridge app and connect your wallet.
2. Once connected, select Begin new transfer.
3. You’ll be asked to choose a token and a selected amount. I’m choosing .2 ETH for this example. Click Continue.
4. Once you’re ready, click Confirm Transfer and approve the transaction in your wallet.
Congrats! You now have ETH in your wallet in the Aurora chain! Now you’re ready to interact with Solace and the larger Aurora ecosystem.
Aurora is an Ethereum Virtual Machine (EVM) built on the NEAR Protocol, that provides a solution for developers to deploy their apps on an Ethereum-compatible, high-throughput, scalable and future-safe platform, with low transaction costs for their users. Besides the EVM, Aurora developed the Rainbow Bridge which allows users to transfer assets between Ethereum, NEAR, and Aurora. Aurora is backed by top VCs such as Pantera Capital, Electric Capital, Dragonfly Capital, Three Arrows Capital, and Alameda Research.
Thanks to Aurora’s EVM, Ethereum native applications can seamlessly be ported to Near’s L2-like network that is built as a smart contract on NEAR. Developers may enjoy familiar Ethereum tooling when working with their Solidity smart contracts on Aurora. The base fee of Aurora is ETH, which provides a smooth experience for dapps’ users.
The features of the NEAR Protocol, such as delegated Proof-of-Stake consensus mechanism and dynamic resharding (Nightshade), allow unprecedented transaction speeds and scalability in a fully Ethereum-compatible environment.