Solace sees great potential in full-stack scaling solutions that allow users a seamless experience with quick transactions and practically no transaction fees. Polygon is the way to achieve these goals.
Although great, secure, and universal, the Ethereum Network becomes more unaffordable every day for new investors, especially when they hear community members sharing how the smaller transaction fees are often greater than the transaction itself. Polygon, as a commit-chain that is a leader in the industry, is the perfect solution to this problem. Integrating with Polygon allows Solace to open its arms for both new investors and old ones who resigned because of the Ethereum gas fees.
All functions previously accessible only via the Ethereum mainnet will now be accessible with the same rates (e.g. staking, bonding, buying coverage) in order not to privilege anyone. Through the integration, users will be able to connect their wallets and execute all the transactions directly via Polygon bypassing the Ethereum Network (except for the process of depositing funds on Polygon). Solace cares deeply about user experience, making it effortless for anyone to use it. This is their next step to improve in this direction.
Why should you use Solace? It is a DeFi insurance protocol that stands out because of the innovative tech of risk management being a hybrid of users’ free will and an assessment of a professional team helping their way with mathematical risk assessment models. Unlike other insurance protocols, they own the underwriting capital reserved exclusively for claim payouts. Claims don’t even have to be filed, Solace handles the payouts proactively.
Not to mention an amazing staking, bonding, and a DAO-governance system that can be multiplied with a smart locks system to attract long-time investors.
After several months-long discussions about the details of the integration, they are happy to announce Solace will launch on Polygon on February 7! Enjoy your gains in new quality!
Solace is a one-of-a-kind crypto-insurance that makes it simple for anyone to protect their funds. Through mathematical models and the risk management team’s expertise, Solace assesses the risk of a user’s portfolio and provides cover without putting the hassle on the user.
Solace created the parametric auto claims assessment system (PACLAS), which monitors coverage policies, determines financial losses, and signs proof that allows users to submit a claim transaction and receive a payout in just one transaction. Solace aims towards complete automatization of the claim filing process and refrains from fallible methods like community votings on loss events.
Unlike its competitors, Solace uses a single-capital efficient pool across multiple chains and owns all its liquidity. Users don’t need to stake or invest their tokens to fund their pool. Instead, they use the bonding mechanism to give $SOLACE at a discounted rate in exchange for assets like ETH and stablecoins. This guarantees payouts to users that claim for loss events.
Gradually implementing a full DAO structure, Solace aims towards complete decentralization with $SOLACE as the governance token. Through staking and locking $SOLACE, users can multiply their staking rewards up to 2.5x and can multiply their voting power up to 4x. Long-term stakers earn more and hold more voting power.
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 7000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and $5B+ in assets secured.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your dApp, get started here.