General Discovery

Researched by: Jaris James

About the event

Project: Solace
Guests: Nikita (Discord: Nikita | Solace#8888 ) (Twitter: https://twitter.com/NikitaBuzovEth)
Topic: Decentralized Insurance/Wallet Coverage
Event schedule:
NOT FINANCIAL ADVICE

About our guest speaker

Nikita - Founder of Solace.
Write a short bio about the guest(s) including their role at the project they are speaking about.
- Find one or two things that are unique or interesting about our guest. Little known facts are great! i.e. owns two Shiba Inus in real life so bought a lot of SHIB.
  - Loves F1 Racing, and Sky Diving.
- Describe their crypto journey thus far. i.e. graduated from college in 2016, got their first bitcoin as a graduation gift, fell down the rabbithole of Ethereum, launched a DeFi protocol in 2020.
  - 2017 started mining Bitcoin & Ethereum. In 2020 DeFi Summer, started participating in DeFi protocols. (Liquidity Mining).
- How has their crypto journey impacted their decision to join/launch the project they work on today?
  - He couldn’t find any good services for decentralized insurance. (Nexus Mutual - KYC). A more comprehensive protocol for protection. Insurance that fits the ethos of crypto.
- What are some notable achievements that increase their web3 reputation?
  - Nikita’s first major project is Solace. The concept of the product. Secured a few million dollars of capital with a value of $30M. Quickly received the funds from Venture Capital.

About the project

What is the general positioning of the project? i.e. DeFi, NFTs, DAOs, governance.
- DeFi.
What is the value proposition of the project? How does it clearly differentiate itself from others in the web3 space?
- Main focuses - Being Simple. Must be as easy as signing into Twitter for mass adoption. Pride themselves on simplicity. (Get coverage in 3 clicks). Scalable model: Risk Pooling. Risk assessment for each protocol. Bundled by risk category. 10% discount for bundled coverage. Can easily leverage their coverage. Parametric Assessment Process: Completely automated. In one week time payout is sent, no need to file a claim. Simple, Scalable, Transparent. Leave it to the community to create risk products for Solace.
How does it benefit it community members and general web3 communities at large?
- Two fundamental ways. Coverage: wallet coverage. Nice user experience, simplicity. Promotional codes. The token: lots of opportunities to invest into Solace, effectively and directly, and liquidity mining incentives. Fun way to make money, easy way to get coverage.
Is it bridging blockchains, protocols, tools, communities, etc.?
- Started on Aurora and Polygon. Wallet coverage on Polygon, can protect you on Ethereum Mainnet as well. (Solace Native) - Another coverage for risk pooling. Take a cohort of defi protocols that are diverse in categories. Native tokens are used in the underwriting pools. Create yield in the treasury (borrow against underwriting pool). Pay off borrowed debt over time.
Does it bring a unique vision or approach to solve challenges in web3?
- The insurance is decentralized, scalable, easy to use and transparent.
How does it improve the web3 ecosystem?
- Gets more people involved in securing their positions. Long term goal: cover all of DeFi. Imagine if all of DeFi was covered, so if any protocol was to get hacked you would be covered.