SolaceOpen App

Terms & Conditions

Thank you for checking out Solace. Below are the details concerning Solace Coverage and the process and procedures when a smart contract exploit event occurs. Please read them carefully prior to using the site or purchasing coverage, and if you do not agree with these terms and conditions please exit the site. If you have any questions please contact us on twitter or discord and we can provide clarity. Solace reserves the right to change the terms and conditions at any time.

Timing of coverage

Solace coverage is based upon a model that allows for users to carry a balance for payment of their premiums. This premium balance is then gradually used to secure and protect their positions. As long as there is a balance to cover select positions, coverage is secure and active. Cover shall terminate and the previously covered position(s) will no longer be active when the prepaid policy premium hits a zero balance.

At this time we are unable to provide notification when your position is no longer covered or the covered position exceeds the selected protection. This could occur if your position increases in value. We suggest that in addition to actively managing your coverage, that you select the option to protect 120% of your highest position to help mitigate this possibility.

When your wallet is connected and the coverage process is complete, the timing of the start of coverage will be as follows. If the covered protocol is on the same Blockchain where the policy was purchased, the policy will take effect in the next block once the policy has been confirmed. If the covered protocol is on a different Blockchain from where the policy was purchased, the Cover will take effect 15 minutes after the timestamp of the block where the cover is confirmed on the Blockchain.

We do not guarantee that the website, or any content on it, will always be available or uninterrupted. Access may be interrupted, suspended or restricted, including because of a fault, error or unforeseen circumstances and/or because of maintenance.

We do not guarantee that the website, or any content on it, will always be available or uninterrupted. Access may be interrupted, suspended or restricted, including because of a fault, error or unforeseen circumstances and/or because of maintenance.

Covered events

Solace coverage products cover technical risk or smart contract exploits and hacks.
These include all of the following:

Non-Covered events

Does not provide for:

Payout amount

A claim payout will only cover losses actually incurred where such losses do not exceed the Cover Limit in effect at the time of exploit. Calculation of actual loss shall be done by examining the price of the cryptocurrency in question at the time of transaction in which loss occurs based on data extracted from CoinGecko or any other sources regarded as reliable and fair. Any recovered losses received from the exploited protocol as compensation for your losses shall be excluded from the claim payment and not considered part of the loss amount.

Automated payout process

Following determination that an exploit has occurred, and a subsequent loss, claims are processed proactively and require no action from the policyholder. This occurs within seven (7) days after the loss.

Should a policyholder believe they are entitled to a claim that has not been paid out within seven (7) days of an exploit, a request can be made to reexamine the matter. Under these circumstances, proof of loss must be submitted during the Cover Period or within 15 days after the Cover expires. Proof of loss could include, but is not limited to: a snapshot of the impacted wallet address's balance at blocks before and after any losses have been applied; and/or a description of the attack which results in the loss from the covered protocol team or security specialist; and/or references to any relevant on-chain transactions showing assets being moved; and/or evidence to prove the ownership of the impacted wallet address; and/or supporting materials to determine the price of lost assets; and/or other evidence showing a loss occurred.

Upon considering a rejected claim, Solace Claims Assessors will examine any evidence of proof of loss that is provided, as well as any additional details that assist in resolving the matter. All Cover is provided on an optimistic settlement basis with Solace DAO members having final determination on which reexamined claims are within our coverage policy as listed above.