Solace Releases Portfolio Coverage
Edit: Solace has changed the name of Wallet Coverage to Portfolio Coverage.
Denver, CO — Solace begins its journey forging innovation into intuitive protection tools for crypto explorers by launching its latest product: Wallet Coverage with dynamic risk ratings. It’s the first of its kind in the industry, and it’s deployed on Ethereum mainnet. Solace makes wallet protection easy — fund a single policy and only pay based on what’s in your wallet.
Simplicity in design
Solace breaks the pattern of over-complexity in crypto insurance. Other protocols put the risk assessment process on the user, forcing them to either buy coverage for every position they have, or carefully select the positions that need coverage. Previous DeFi insurance tools do not think about the user first.
Solace makes protecting crypto investments as simple as buying a prepaid debit card. Policy buyers connect their wallet to solace.fi and get an estimate on a single policy for their entire portfolio based on risk ratings of each position.
Moreover, Solace keeps pricing flexible. Once Solace quotes for a yearly price of coverage, the user determines how much premium they’d like to load onto their policy. Once a balance is added, Solace starts covering the wallet automatically. As investment positions are entered and exited, the policy premium charges only for the cover used.
Intelligence in every step of the process
Solace doesn’t rely on human voting or market bias to approve claims. Instead, Solace designed a parametric claims process to make the experience hassle-free. Users don’t ever have to file a claim to get their funds back. Thanks to our parametric claims assessment system (PACLAS), users receive a payout during qualifiable loss events within one week.
Solace did not want to follow the competition and get underwriting liquidity from mercenary capital or by requiring users stake their tokens and pay for loss events. Instead, Solace utilizes a bonds program to exchange $SOLACE for token assets that are locked in the underwriting pool. We allow users to stake $SOLACE without the concern of losing their funds.
Transparency now and for the future
Solace is the only crypto protection protocol to publish it’s pricing, risk data and risk models to GitHub and decentralized storage using IPFS. Risk managers are invited to participate in the governance process by joining the DAO, contributing to risk surveys, or by creating their own risk products.
“Solace delivering its own coverage products is a great way to showcase how our unique architecture can protect your funds,” said Nikita Buzov, the founder of Solace. “The ultimate goal is to allow Solace to be a substrate for others to create their products and pool risk management expertise together, all done in a completely open fashion.”
Partnerships with DeFi Dashboards and Wallets
Zerion, StakeDAO, and Tin.Network will display Solace Coverage Policy and are exploring deeper native integration. Through integration of Solace into their dApps, we streamline the coverage experience. For the first time, smart contract exploit protection will be a click away from everyday users. Gustav Arentoft, Co-Founder of StableNode said “We are very proud to have supported Solace from the beginning. Believing strongly in making DeFi more secure and accessible for all, we look forward to supporting Solace in their mission as investors, advisors and close friends.”
About Solace
Born as a DAO, Solace’s mission is to forge innovation into intuitive protection tools for crypto explorers. With its wallet coverage, Solace is the only crypto protection protocol that offers simple, intelligent and transparent protection tools for people who want to explore crypto without compromising safety.
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 networks. To learn more about Solace, check out the links below.
Website | Medium | Twitter | Discord | Docs | Notion | Github
Discover How Solace Wallet Coverage Works
Curious how to get your own cover policy? Check out how you can get $50 free when you create your first policy:
Want to learn how Solace Wallet Coverage works? Check out the explained video below:
Find out how to take advantage of your $SOLACE in our bonding and staking programs for APRs up to 700%.
