Bright Union integrates Solace
Even more choice for users who are looking for DeFi coverage
Another Partner in the Bright Network
We are thrilled to announce the partnership and integration with another up-and-coming risk platform, Solace. The entire decentralized insurance industry is growing at a remarkable rate. After the UST depeg and Luna crash, users are seeing the purpose of insurance and how it should be a necessity for any investor.
With this addition, Bright Union will now offer users the chance to cover their assets with 8 risk platforms, for over 400 protocols, wallets and exchanges!
Solace is an insurance DApp that builds coverage products for smart contract exploits. Solace’s mission is to make DeFi insurance a trustworthy, scalable, and transparent experience. The $SOLACE token powers the Solace DAO, so community members can take part in the development and governance of the protocol. In addition to providing insurance, Solace works closely with DeFi security solutions to increase the protective and preventive measures against smart contract hacks.
Solace designed a category-based risk assessment process that assesses the pooled risk of a portfolio. Based on the categories of protocols that a user is invested within, Solace applies our risk assessment process.
Solace rank the individual protocols within a wallet and give them a rating: safe, semi-safe, risky, unknown. Then, Solace assesses the risk of the categories of all the protocols and how their risks relate to each other (e.g. how dependent is DEX y to AMM z?). From there, Solace creates a unique risk rating and price for each portfolio policy. Read more in their docs.
Users are able to pay for their coverage in $SOLACE, $USDC, $USDT, $DAI, and $FRAX.
We’re thrilled to partner with Bright Union for a few reasons. An obvious one, more users will be able to compare and pick the right insurance policy that suits them best. Second, together we join forces to make DeFi safer and allow more people to participate with confidence.
Nikita Buzov, founder of Solace
Insure your funds against smart contract exploits across 220+ protocols with a personalized single policy that dynamically updates as your portfolio changes
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About Bright Union
Bright Union is the world-leading multi-chain decentralized finance cover marketplace. A platform to aggregate and match supply and demand, it also accelerates the industry by providing strongly needed insurance liquidity.
By aggregating & accelerating the entire web3.0 insurance landscape, Bright Union is uniquely placed to offer easy integration to any dApp, wallet, exchange or metaverse and provide their investors an extra layer of trust by offering the best insurance policies on point of need.
Is there a risk platform that you think we should integrate with? Let us know!
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