1d ago
[Dreaming of Ethena on Solana. Solstice(@solsticefi)]
1. TL;DR
▶Solstice is a DeFi protocol operating the Solana native stablecoin $USX and YieldVault.
▶Achieved a TVL of $211.75M just 16 days after launch.
▶The TGE for the $SLX governance token is scheduled after reaching a TVL of $1B.
▶Developed by a team led by Ben Nadareski, formerly of Galaxy Digital.
▶Provides an annual yield of 15.4% through a delta-neutral strategy.
2. Expected FDV Valuation and Tokenomics
▶Estimated at $200~500M based on Jito and Raydium TVL.
▶7.5% of the total supply will be airdropped to the community (Flares rewards).
* 1% is also allocated for the Xeet tournament airdrop.
3. Key Team Members and Stakeholders
▶CEO & Co-founder: Ben Nadareski (former Galaxy Digital VP, responsible for Goldman Sachs BTC derivatives).
▶Chairman & Co-Founder: Tim Grant (CEO of Deus X Capital, former head of Galaxy Digital EMEA).
▶CIO & Co-founder: Stuart Connolly (CIO of Deus X Capital, CEO of Alpha Lab 40).
- Support and Partnership Structure
▶Major Support: Deus X Capital (a $1B AUM digital asset company).
▶Liquidity Providers: Galaxy Digital, MEV Capital, Bitcoin Suisse, Auros (essentially investments).
▶Partnerships: 30+ ecosystem partners (Chainlink, Kamino, Raydium, etc.).
▶Audit: Halborn (security audit), Ceffu/Copper (custody).
4. How It Works and Protocol Structure
▶$USX is a Solana native synthetic stablecoin pegged 1:1 to USD.
▶Fully collateralized: Over 100% collateralized with USDC/USDT (future expansions to SOL, ETH, BTC planned).
▶Transparency: Real-time on-chain verification via Chainlink Proof of Reserve.
▶Accessibility: Institutional investors can mint directly after KYC ($500K minimum), while regular users can access through DEX.
- YieldVault Revenue Strategy
▶Generates stable income without market directional risk through a delta-neutral strategy.
▶Funding fee arbitrage: 50%, generating income during volatile periods.
▶Hedged staking: 30%, SOL/ETH staking + derivatives hedging.
▶Tokenized government bonds: 20%, providing low-volatility base returns.
* A native stablecoin supported by the Solana community.
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