Solace (SOLACE)
Insurance protocol
Basics
History
Audits & Exploits
- Scored 91% on DeFi Safety (7-4-2022):
"Solace has a great test report in their GitHub test repository. Other protocols could view this as a model to emulate for users to identify which tests developers use on their protocol. This protocol has not undergone formal verification. Solace has documented a deployment to a testnet. The testnet contracts are listed alongside the mainnet contract address for users seeking to verify them. Solace was audited twice before deployment."
With the comment:
"Solace leaves us feeling at peace by demonstrating a fantastic commitment to good process quality. We're very reassured by this, given that they're an insurance protocol that will have the backs of some of the most unfortunate people in DeFi.
Writing this report was one of the most fun and iterative we've done yet. Thanks to a diligent team, Solace scores well in all areas, though credit should be focused on the sharp software documentation, clear oracle information, and rigorous exploit mitigation details.
These docs clearly and fully explain the access controls of each Solace contract, their ownership parameters and upgrade capabilities. In combination with pre-deployment @hackenclub and @Quantstamp audit findings being fully resolved, Solace clearly prioritizes security.
To let us truly enter a meditative state when using Solace, they should consider formal verification testing. We're happy that they're working on a bug bounty and our review will be updated the second it is live."
Bugs/Exploits
Governance
Admin Keys
- From DeFi Safety (7-4-2022):
"The relevant Solace smart contracts are identified as immutable and upgradeable, depending on the specific contract. Solace's smart contract ownership is clearly defined as being a 3/9 MultiSig signature scheme. However, it is worth noting that the specific key holders are not identified. A pause function and its capabilities within the Solace vaults are adequately described at https://docs.solace.fi/docs/dev-docs/Contracts/utils/Vault#pause. Solace does not use a timelock, and this is justified on grounds that it does not fit in with their development processes at the moment. This is subject to change as their DAO develops."
DAO
Treasury
Token
Launch
Token Allocation
Utility
Other Details
Coin Distribution
Technology
- Whitepaper or docs can be found here.
- Code can be viewed here. From DeFi Safety (7-4-2022):
"At 450 commits, the protocol's developer team can take solace in the wealth of their rich development history."
Implementations
How it works
Fees
Upgrades
Staking
Validator Stats
Liquidity Mining
Scaling
Interoperability
Other Details
Oracle Method
- From DeFi Safety (7-4-2022):
"Solace does not use oracles. It instead relies on exploit data feeds from sources such as Rekt, Defiyield, CryptoSec, and more. In addition, they call Zapper's API in order to receive a list of supported protocols. Solace documents three separate flashloan attack/manipulation countermeasures. They're primarily resolved via preventing loan repayments in the same block."
Their Other Projects
Holdr
- The team behind Solace is working on a friedly fork of Balancer, Holdr, to be launched on Aurora (9-12-2022). It has gotten grants of both Aurora and NEAR.
Roadmap
- Can be found [Insert link here].
Usage
Projects that use or built on it
Competition
Pros and Cons
Pros
Cons
Team, Funding and Partners
Team
"Solace’s team is currently composed of 10 people: 5 engineers, 1 UI/UX designer, 2 BD & marketing, 1 operations, 1 founder (also an engineer)."
Funding
- From a Holdr post (9-12-2022):
"Over the past years Solace team has been awarded grants from Polygon, Aave, NEAR, Celer, and Aurora, following successful completion of the specified goals. Additionally, Solace DAO has been funded through a seed round in 2021 (raised $1.1M)."
- StableNode says they invested (7-11-2022).
Partners
- Partnered up with DeFi Safety (8-2022).
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