An Overview: DeFi Insurance Protocol Solace Goes Live
Summary
“As a user, I don’t trust the current mechanisms like voting, staking or market forces, in other words ‘wisdom of the crowd,’ to accurately evaluate risk exposures and predict losses,” said Solace founder Nikita Buzov. Instead, Solace offers coverage for minting vulnerability, flash loan attacks, trojan fake tokens, proxy manipulations, math errors and re-entry attacks according to its website. Solace said insurance claims will be automatically validated and requested within the network, and payouts will be made in a single transaction. "DeFied insurance is a great idea and I’m excited to see where this product goes" said attorney Mark Billion. But," he cautions, "The jury is out on what is covered, and what a policy holder can do in the event that they disagree with any given outcome."