Solace — a decentralized cryptocurrency insurance protocol. It offers users wallet coverage that pools the risks of a user's DeFi positions. This will make coverage more efficient and easier in terms of capital.
Solace uses its rating engine to analyze user positions in DeFi. By evaluating the risks, associated with each protocol, the value of the positions, and the variety of protocols in the wallet, the Solace scoring engine assigns risk scores to each position and provides a single policy price for the entire wallet. Moreover, the Solace Wallet Coverage product evolves over time through a risk assessment process.
Solace's in-house Risk Management (RM) team is constantly working with DeFi dashboards and data management tools such as DeFi Llama, Zapper and Dune Analytics. Protocols and community members can also contact the RM team and provide details of all protocols, covered by the wallet.
Other features:
| 1 | Solace intends to expand its coverage capabilities over the coming months with the launch of Solace Native, a solution for securing entire protocols. |
| 2 | Solace will invite up to 10 protocols for the first Native cohort. |
| 3 | In the event of a protocol hack with Native, they receive a payout. This gives the protocols peace of mind and gives users a sense of security, knowing that their funds can be recovered during a breach. |
Solace aims to secure the larger infrastructure of the crypto ecosystem, especially the bridges between networks. Solace understands this and looks forward to building bridges as the native product transitions to its future cohorts.
With Wallet Coverage, Solace is the only cryptographic protocol that offers simple, intelligent and transparent protection tools for people who want to explore crypto without sacrificing security.