Ever thought about investing in Solace? (Interactive due-diligence inside)

Hi everyone! As you may already know from my previous publications, we analyze crypto projects by various indirect metrics to discover interesting insights on them.
Today I was just looking at the top tickers by Discord members' growth and spotted an interesting one - Solace:

Solace is an insurance protocol that aims to invent the future of DeFi Insurance. The protocol helps you to protect your funds against smart-contracts exploits across 180+ protocols with an intelligent single policy that automatically adjusts coverage to changes in your positions.

Looking closer at alternative data metrics for SOLACE, we can see that it had an unusual increase in the number of Discord members. From less than 1K to 6K members just in 2 weeks. Looks strange, right?

Are these cheat subscribers, or were they gained organically? Good question. Solace had an increase in Discord members right after announcing Phase 1 of $SOLACE Airdrop. Phase 1 is focused on driving community growth. Therefore, new and existing users gain eligibility to the airdrop by joining the Solace Discord server and inviting people to the server. They offered each valid invite 40 points to the airdrop - that's how they promoted their community.

What about other metrics? The number of GitHub contributors has also increased 10X times in just over 1 year. More than 100 programmers and engineers have been engaged, which means that the project is in the active development and isn't going to stop:

The live SOLACE price for April 18th is $0.044 USD. It had a considerable drop (more than 50%) in price in February 2022. But looking at how actively this project is being developed and discussed - it definitely can give you some Xs.

The main competitors of Solace are: Opium Insurance (OPIUM) with a live price of $0.486 USD as of April 18th;  and Unslashed Finance (USF) with a live price of $0.203 as of April 18th.

But these projects have smaller potential than Solace according to the alternative data metrics. For example, OPIUM had only 42 GitHub contributors in March compared to the 391 they had in January:

To sum it up, Solace looks like a project that is keeping an eye on in the next weeks/months based on Contora's team analysis.

If you are interested in getting access to these and many other dashboards with alternative data for 7,700 crypto projects (Discord/Telegram audience, Twitter mentions,  development activity, etc.), just drop us a line here:


Subscribe to Contora

Don’t miss out on the latest issues. Sign up now to get access to the library of members-only issues.