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I started using @solsticefi because it's selling point is simple and strong: Ethena of Solana. Here are some details:
TVL growth:
TVL is $185M and it only took 4-5 days to reach this value. I guess momentum will continue in this way.
How can they provide 10% yield?
They do this similar to Ethena: funding rate arbitrage & hedged staking & tokenized t-bills (all delta neutral).
They don't mention any token names except for Bitcoin about funding rate arbitrage, but documents show that tokens are dynamic, and can/will be selected by the team.
Tokenomics & dynamic distribution of SLX
🖊️ They have 3 tokens. First one: USX is the synthetic stablecoin. Backed 100%+ by BTC, ETH, SOL, USDC, USDT.
✏️ By locking/staking USX, you receive eUSX. It is the ~10% yield earning/bearing token.
Holding USX and/or eUSX, utilizing them on DeFi platforms such as Raydium/Orca gives you flares/points.
🖌️ SLX: governance token. Not live yet. Token will be used for ecosystem growth & to incentivize active participants and builders.
SLX supply is fixed & buybacks are mentioned a couple of times on the website & docs. At $1B USD TVL, the first "Solstice Burn" event will be triggered.
There are 2 types of vestings for SLX. First one is classic time-based linear vesting.
Second one is dynamic vesting: new token releases & burns will take place based on milestones. Flares (Points) will be expanded as part of incentives with the growing TVL.
How to earn Flares (Points)?
Docs: "We start with 7.5% of total supply reserved for early participants, but this allocation will grow as our TVL increases. Post-TGE, protocol revenue will fund buybacks to increase token holder value."
🖊️ Multipliers will be quite important because there will be billions of flares in time. TGE is planned for December 2025.
Onboarding activities:
Connect your wallet: 1k flares.
Connect your X: 1k flares.
One time rewards:
First swap: 800 flares.
Using referral code: 1k flares.
▪️ You can enter my referral code: sNU26g8eHx & you will get this one time 1k flares reward. You can change your referral code anytime if you need.
Multiplier: 30% boost
If you write down "raydium" or "orca" in the "partner code" section, you can get this multiplier.
How to get higher flares/points?
Most of the multipliers work with $100+ USX and eUSX. So you can experience the protocol with $100 then decide to deposit more (or not).
By using eUSX, you are getting 10% yield. That's why multipliers are lower compared to USX (2x vs 10x).
If you use your eUSX in the liquidity pools, you will continue to get 10% yield while you are collecting flares/points.
I used USX/USDC pool on Raydium to get 10x multiplier. You can find the pool links on the website (I will add the link in the top comment).
Additional multipliers:
Ethos Score: 1.2x multiplier (>1.6k) - 1.5x multiplier (>2k) based on your Ethos reputation. You need to write a review for Solstice to activate this.
Early Adopter: 1.25x & 1.35x if you join the campaign in the first month. These multipliers (rewards) start after 30 days (with min 100 USX).
Loyalty Multipliers (with min 100 USX):
Day 15-30: 1.2x
Day 30-60: 1.4x
Day 60-90: 1.6x
Day 90: 1.8x
With all these multipliers, I think flares/points will be diluted a lot in time. If you want to join the campaign, it's better to start soon. Otherwise, it might not worth it.
Bonus note:
I noticed that there are some small typos on the website. You can find these and report to the team. These kind of things can help you to get recognized & rewarded.
Flares/points are reflected with some delay as well. I guess website will be faster/better in time.
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🔴 Live stream on X—turn on notifications!
January 21 | 9 AM UTC | 6 PM JST
We are live on The SUP with the builders behind @DexlynLabs and @growfitter! 🎙️
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