Solace Portfolio Insurance Going Live in the Aurora Ecosystem
Solace Portfolio Insurance recently went live on the Aurora network, and the platform will now provide its decentralized insurance solutions to Aurora users.
In addition, Aurora users can securely explore decentralized finance. SPI (Solace Portfolio Insurance) is the first-of-its-kind DeFi insurance solution that lets users get policies for their portfolio, insuring positions for more than 220 decentralized finance protocols.
These protocols are spread across networks like Aurora, Fantom, Polygon, and Ethereum. Even if users change their positions, SPI moderates changes and makes changes to adjust the risk rate for coverage.
It restricts users from constantly managing their policies and overpaying. With this, Aurora users can cover their DeFi positions in protocols like Bastion, Origami, Bluebit Finance, Aurora+, etc. Given the popularity of the platforms, many more projects are trying to join the list in the future.
Besides the decentralized insurance solutions, SPI is also launching its token on the network. It will help users access bonds and provide funds to Solace’s pool in exchange for SOLACE tokens. In return, Solace can underwrite risks with protocol-possessed capital, offering additional security to users.
Currently, users can bond assets like NEAR, WBTC, AURORA, USDT, DAI, FRAX, USDC, etc. The token can also gain protocol-possessed capital and share the revenue streams across stakers.
SOLACE token holders earn governance rights and awards from token emissions and policy sales after staking the tokens. In addition, users can expand their rewards by leveraging the staking locks, multiplying their voting powers and rewards. Currently, the global average APR stands at 145% for staking.
With a recent collaboration with Celer, users can migrate their SOLACE tokens to other chains via Celer Bridge. Even though the existing bridging methods will not go away, they’ll be deemphasized. Solace has also launched a liquidity pool on the Trisolaris decentralized exchange, and the trading pair is wNEAR – SOLACE.
Since Solace owns its capital, it never liquidates the stakers by making the payouts.