Solace.Fi
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Solace.Fi

Solace Partners with Frax to Bring Portfolio Coverage to Polygon

Solace, the decentralized insurance protocol that offers Wallet Coverage, is partnering with Frax to bring wallet insurance to Polygon! Below we’ll share the exciting things that come with the partnership:

  1. Cross-Chain Wallet Insurance powered by FRAX
  2. New SOLACE/FRAX Uniswap-V3 Pool
  3. FRAX’s users get $50 of free cover credit
  4. Special Promo to FXS & SOLACE stakers for $100 free cover credit

Cross-Chain Wallet Insurance

Today, the decentralized insurance protocol, Solace, launches it’s Wallet Cover product on Polygon. Now, users can buy wallet insurance that covers both their Polygon and Ethereum DeFi positions against smart contract hacks. Solace Wallet Cover on Polygon is especially advantageous because Ethereum DeFi users can buy a policy on Polygon, cover themselves on both networks, and spend nearly nothing on gas.

Solace Wallet Cover can be purchased on Polygon using FRAX tokens, and the wallet coverage will include insurance for the Frax protocol. You can get FRAX from 1inch here.

SOLACE/FRAX Uniswap Pool

Solace is launching a SOLACE/FRAX liquidity pool this Tuesday, March 8 on Uniswap. The pool will have automated liquidity management and incentives for liquidity providers thanks to partnerships with Gelato and GYSR, respectively.

Gelato’s G-UNI pools have automated liquidity management for Uniswap V3 pools, specifically thanks to the rebalancing and auto compounding functionalities. Because of Gelato, we know that liquidity providers don’t have to worry about manually managing their position.

Solace is also partnering with GYSR to deploy $SOLACE token incentives for liquidity providers, distributing 6 million $SOLACE tokens over three months (~$340,000).

Frax Users Get $50 Free Cover

If you’re a Frax user, you are eligible to get $50 of free cover when you start a Solace Wallet Cover Policy.

To activate your policy and get the free $50 reward:

  1. Click this referral link. (sometimes Mediums takes a bit to redirect)
  2. Click Get Started.
Starting Screen when opening a policy

3. On the right hand side of the screen, you will see a Bonuses section. Make sure that it says “This referral code is valid. Will be applied.

Referral Code Screen using this referral link.

4. Select your Coverage Limit. Solace recommends doing 120% of your highest position to account for any potential growth.

Example of using the Recommended Coverage Limit

5. Submit an initial deposit of FRAX for your wallet cover. Approve the token, and then Deposit the tokens.

Example of coverage

Congrats, you just got Solace Wallet Cover with $50 free of coverage!

Here’s a step-by-step video guide on How to Buy Solace Wallet Coverage:

How to Buy Solace Wallet Coverage — Protect Your Entire Portfolio with One Policy

Want to learn more about how Solace Wallet Cover Works? Check out the video below:

Solace Wallet Coverage Explained — Dynamic Crypto Wallet Protection and Pricing

Want to get your $SOLACE staked and earn Global APRs of +700%? Check out the video below to learn how to do it:

How to Bond and Stake $SOLACE Video

Unlisted

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0xnimz

0xnimz

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