Solace
Solace (founded 10/01/2021) is a decentralized insurance protocol designed to try and be the solution of the hacks happening in DeFi.
Overview
Solace is a decentralized insurance protocol designed as an answer to the emerging hacks in the DeFi space. Solace aims to keep the protocol simple, and to be the first almost entirely automatized coverage protocol, keeping the human error margin to a minimum. Solace's risk assessment does not rely on community votes.. Instead, Solace has a risk assessment process designed to grade protocols automatically based on the age, history of exploits, and several other parameters defining the safety of a protocol. Following the automatized risk assessment, Solace automates the payouts. Users are paid within a week from when the exploit happened without having to file a claimSolace's wallet coverage is a solution to collectively cover all assets available on an individual's wallet.(180+ protocols covered) for an estimated in advance price. The rate is flexible and varies depending on the inflow/outflow of assets from the wallet. Solace is known for high staking APYs of its native token $SOLACE and a mechanic known from OlympusDAO: bonding to acquire liquidity in the protocol's underwriting pool (UWP). It's important to mention the UWP does NOT consist of $SOLACE staker tokens.
History
Nikita Buzov, founder of Solace, started the protocol after being dissatisfied with the existing crypto insurance solutions.. Joined by Matt Ladin, Amir Alnadi, Danny Fung, Selcuk Souzer and Ivan Andreev and initially Jimmy Chang, the team started building Solace and finding VCs willing to back the project. Eventually, Solace raised $1.14 million in a seed round, which converted at a $30 million dollar valuation. The round was led by Parataxis Capital and joined by Alchemy, StableNode, LD Capital, 1010.capital and Prycto. Alongside these funds, several individual investors joined the seed round, including: Illia Polosukhin from NEAR, Jeffrey Zirlin from Axie Infinity, Julien Bouteloup from StakeDAO & rekt.news, Evgeny Yurtaev from Zerion, Alex Shevchenko from Aurora, Sandeep Nailwal from Polygon, Kiril Nikolov from Nexo, Seth Ginns from CoinFund, Aleksander Larsen from Axie Infinity, and Quentin Milne from Stake Capital. The team doubled in December 2021, hiring additional developers, and introducing two new divisions: Growth and Risk Management. Services, Solace is a cross-chain protocol now online on Ethereum Mainnet, Polygon and Aurora. Future plans include spreading on other blockchains.
Solace Wallet coverage
Its intelligent flagship product offers coverage for the following types of exploits: Minting vulnerability, Flash loan attack, Trojan fake token, Proxy manipulation, Math error, Re-entry attack.
Solace will soon release its B2B project as a counterweight to its Solace Wallet Coverage designed for individuals.