Solace Live On Aurora

Ana Marie — Tue, 05 Jul 2022 03:06:18 +0000

Solace Portfolio Insurance is live on Aurora

Solace live on Aurora and now provides its decentralized insurance platform to the Aurora ecosystem. The deployment allows the Aurora community users to explore DeFi in a safe and secure way.

Solace Portfolio Insurance (SPI) on Aurora

Solace Portfolio Insurance is the first DeFi insurance product that allows users to get one policy for their portfolio to insure positions for over 220 DeFi protocols across Ethereum, Polygon, Fantom and Aurora. Even as a user changes their portfolio positions, Solace monitors changes and adjusts the risk rate dynamically for coverage accordingly. This prevents investors from having to constantly manage their policy and overpaying for it.

Aurora users are able to cover DeFi positions in such protocols as Aurigami, Aurora+, Bastion, BlueBit Finance and many more will join this list in the near future. The whole list of 220+ covered protocols is here. (Aurora, Fantom, Ethereum and Polygon sections)

$SOLACE token on Aurora

Bonding

Through bonds, users provide capital to Solace’s underwriting pool in exchange for $SOLACE tokens at a discount. This allows Solace to underwrite risks with protocol-owned capital and offer more protection for more users.

What assets can be bonded:

AURORA
NEAR
WETH
WBTC
FRAX
USDT
USDC
DAI

Bond your assets here: https://app.solace.fi/bond

Stake and Lock SOLACE

The $SOLACE token is the tool to acquire protocol’s-owned underwriting capital and distribute the revenue streams among stakers. $SOLACE holders obtain governance rights and rewards from policy sales and token emissions once they stake their tokens. Users can increase their reward size by taking advantage of staking locks to multiply their rewards and voting power. The global average APR for staking is 145% (on July 4).

Stake $SOLACE here: https://solace.fi/about/staking

Bridge $SOLACE

Thanks to the partnership with Celer, users can move $SOLACE tokens from one chain to another using Celer Bridge.

Link for bridging: https://cbridge.celer.network/#/transfer

While the existing methods for bridging won’t go away they will be deemphasized in the app.

SOLACE Liquidity pool

Solace has opened the liquidity pool on Trisolaris DEX. The pair is wNEAR/SOLACE.

Go here to buy $SOLACE on the open market on Aurora.

About Aurora

Aurora an Ethereum Virtual Machine (EVM) built on NEAR Protocol, providing a scalable solution for developers and users in high-throughput, future-safe platform. Developers can deploy existing EVM smart contracts directly to Aurora with little changes. Users can enjoy a familiar experience with mainstream tools such as MetaMask and Etherscan.

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About Solace

Solace is a decentralized insurance protocol that offers Solace Portfolio Insurance, the first DeFi coverage product that allows an investor to insure positions for over 220 DeFi protocols across Ethereum, Fantom, Aurora and Polygon with one policy. The coverage is personalized to your portfolio, even if you change DeFi positions daily. Token holders can stake $SOLACE to earn emissions of policy sales and token distribution. Because Solace owns its underwriting capital, payouts are made by Solace, and stakers are never liquidated during a claim.