Solace - Briefing Document
-- PRE-CALL CHECKLIST ---
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.
- Generally, how does the product work?
- Provide basic information about the product
- Info Above
- Details of product stemming off high level overview
- Info Above
- Outline a few mid to high-level topics about the product
- Topics Above
- Results of the product so far
- Ethereum and Polygon for wallet coverage. Aurora will be the next network for wallet coverage.
- Practical applications of product.
- Detail current functionality of project, where it is deployed, TVL.
- The token is deployed on Ethereum, Polygon and Aurora, and so is the token incentives. 3 Liquidity pools. Incentivized with 6million Solace in each liquidity pool. Not including the one that Solace owns, and the one that Solace owns is on Ethereum.
- Current and potential use cases.
- Wallet Coverage that covers hacks and exploits. Future: (Increase coverage: depeg risks, NFT coverage) Cover nearly any sort of hacks, exploits or loss event.
- Outline steps for a beginner to get started.
- Go to Solace.Fi, connect your wallet. Let it analyze your positions. Choose your coverage. Deposit some funds. You are covered.
- Token economy.
- Ethereum, Polygon, Aurora.
- Any recent, meaningful updates to the project.
- Just launched wallet coverage on Polygon, and created cross-chain coverage. Just launched Uniswap Polygon pool. Liquidity mining incentives.
- Roadmap/future applications
- Technical updates
- Ping Nima for the Roadmap
- Community updates or changes
- Ping Nima for the Roadmap
About the ecosystem
- Find one or two things the speaker has shared in the past about the future growth, impact of web3?
- Nikita completely believes that Decentralization will be a dominant player in the market of finance. Crypto will be one third of the entire economy.
- How will their project(s) contribute to the evolution and adoption of web3?
- Solace will make web3 saver. And this will get more people to join the space. Which will lead to mass adoption through attracting risk-adverse people.
- What are some web3 projects/tools that the project integrates to create a more robust ecosystem?
- Ethereum, Polygon, Aurora. Specific Protocols: Zapper (protocols for coverage). Zerion and Tin.Network dashboards/wallet visualization. A bunch of working relationships: Frax, and Maker, Gelato, GYSR, and Try Solaris.
Anything else?
Resources
References
- Relevant project links including discord, website, twitter, podcast, medium, mirror, substack, gitbook, etc.
- Social media details of the guest.
Sources
- List every source used to curative the information in this outline. including blogs, tweets, sources of images, websites, youtube videos, interviews, podcasts, books, etc.