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DeFi Insurance Protocol Solace Goes Live
Insurance claims will be automatically validated, and payouts will be made in a single transaction.
Decentralized finance (DeFi) insurance protocol Solace, which provides coverage policies for Aave, Compound and Uniswap among others, has gone live after eight months of development and four months on the Ethereum Rinkeby and Kovan testnets.
The protocol provides compensation for losses by managing risk using assessment based on analytics instead of voting or staking. The protocol is intended to help liquidity providers hedge their risk when there is potential of smart contract exploits.
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“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,” said Solace founder Nikita Buzov.
Solace said insurance claims will be automatically validated and requested within the network, and payouts will be made in a single transaction. The protocol describes itself as “censorship-resistant” and does not feature a know-your-customer (KYC) method.
Solace has received financial grants from Polygon, NEAR and Aave.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
