Solace Partners with Hats Finance to Sponsor Bug Bounties
Solace, the decentralized insurance provider, is partnering with Hats Finance to sponsor bug bounties for Solace-insured DApps. This partnership is in part of the larger initiative in Solace to increase protection and prevention mechanisms across their insurance exposures.
“We’re so excited to partner with Hats Finance because they share the same vision to make DeFi safe for all users,” said Nima Cheraghi, Head of Growth at Solace. “With this partnership, we are making real steps to improve the security around the DApps that Solace covers.”
Solace will sponsor and match payouts for critical-level bugs up to $100,000 for DApps joining Solace’s upcoming insurance solution, Solace Native. Solace Native is expected to be announced in mid-August, according to Solace’s founder, Nikita Buzov.
“Solace Native will bring to DeFi what the FDIC brought to banks in the United States, said Buzov. “It is not enough to only provide insurance to individuals. We have to build a base layer of insurance that scales with DeFi.”
Solace is an insurance DApp that builds coverage products for smart contract exploits. Solace’s mission is to make DeFi insurance a trustworthy, scalable, and transparent experience. The $SOLACE token powers the Solace DAO, so community members can take part in the development and governance of the protocol. In addition to providing insurance, Solace works closely with DeFi security solutions to increase the protective and preventative measures against smart contract hacks.
About Hats Finance
Hats Finance is the first of its kind, community-owned and decentralized bug bounty protocol. Because security exploits affect all parties involved, Hats Finance facilitates community involvement by allowing users to provide liquidity to their favorite bounties and earn $HAT tokens once they become available. We hope that by allowing community involvement we can raise awareness on the importance of security in crypto while encouraging white-hat hacker involvement.