DeFi Insurance Protocol Solace, Backed by Polygon, NEAR and Aave in Now Live

Insurance-alternative protocol allows DeFi liquidity providers to hedge their risk in the event of smart contract exploits

Los Angeles, CA, Oct. 19, 2021– (via Blockchain WireSolace, a risk management insurance protocol for decentralized finance, has launched after eight months in development and four months on the Ethereum Rinkeby and Kovan testnets.

Entirely community-run, Solace offers coverage policies for DeFi protocols such as Aave, Compound, and Uniswap. Claims are instantly and automatically validated and claimed within the network, and payouts are made in a single transaction. Capital providers contribute to a single underwriting pool that is coming to multiple blockchains.

Solace aims to revolutionize the DeFi industry by providing investors with safety and security while contributing to the ecosystem. The protocol manages risk via intelligent assessment based on quantitative measures and analytics instead of voting, staking or other forms of “crowd wisdom”.

Supported by financial grants from the Polygon network, the NEAR Protocol, and Aave, Solace coverage policies are now available for the following DeFi protocols:

  • Aave
  • Compound
  • Liquidity
  • Yearn
  • Curve Finance
  • Uniswap V2 and V3
  • Sushiswap

Eventually, Solace will have its own $SOLACE token to further decentralize the protocol’s governance, but the token will not be available at launch.

Standing out from traditional finance solutions, users can experience Solace while remaining entirely anonymous. The protocol doesn’t feature a KYC method and is entirely censorship-resistant. Solace is releasing with a launch version of its DAO, which includes members like the founders of Axie Infinity, Zerion, and Alchemy.

“There are a few points I really wanted to focus on. First is simplicity and usability. With Solace, you don’t have to understand how the protocol works “under the hood” to use it, not even read the docs, just visit and buy coverage, everything should be self explanatory without a knowledge barrier. Second is confidence in the claims assessment process. Claims processed by Solace are validated immediately and payouts happen in a single transaction, all thanks to our parametric automated system. Third is risk assessment. As a user I don’t trust the current mechanisms like voting, staking or market forces, in other words “wisdom of the crowd”, to accurately evaluate risk exposures and predict losses. Solace is driven by an analytical approach and incentivizes intelligent risk assessment through an architecture where people can offer their risk assessment models and earn fees for managing risk,” said Solace Founder Nikita Buzov.


About Solace

Solace is a decentralized coverage protocol, insurance-alternative, that allows DeFi liquidity providers and market makers to hedge their risk in the event of smart contract exploits. Solace advances risk management of decentralized financial products by efficiently making coverage policies available to liquidity providers and other protocols. For more information on the Solace protocol and to find out how you can contribute, head to

About the author

Brent Dixon is the owner of E-Crypto News and an early adopter of cryptocurrencies. He is a Book editor- that has edited numerous books on Cryptocurrencies. He has been a writer for more than 30 years. Covering everything from Jazz Music to Blockchain Technology. He currently lives with his wife on Miami Beach, Fl.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

Crypto casinos
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin57,511 0.84 % 0.18 % 0.41 %
Ethereum4,710.6 1.56 % 5.81 % 8.15 %
Binance Coin628.08 0.57 % 0.04 % 5.83 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana211.03 1.10 % 3.31 % 4.98 %
Cardano1.570 1.31 % 1.97 % 10.11 %
XRP1.010 1.04 % 0.88 % 5.45 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Dogecoin0.2215 0.68 % 1.42 % 7.23 %

Bitcoin (BTC) $ 57,458.00
Ethereum (ETH) $ 4,700.79
Binance Coin (BNB) $ 626.87
Tether (USDT) $ 1.00
Solana (SOL) $ 210.16
Cardano (ADA) $ 1.57
XRP (XRP) $ 1.01
Polkadot (DOT) $ 38.41
USD Coin (USDC) $ 0.998149
Dogecoin (DOGE) $ 0.21573