Solstice is quietly becoming one of the strongest yield engines on Solana. most people farm Flares, but few understand why the numbers look this stable here’s the simple version: TVL went $160M to $300M in weeks, just a yield engine that keeps printing the core is $USX backed by USDC/USDT and a delta-neutral vault that delivered 16–21% APY with 0 negative months even on crash days it held ~8% APY, that’s institutional-grade consistency compare that to the rest: • Ethena: $3-5B TVL, $4.6B FDV • UXD: ~$50M TVL, limited value capture • Resolv / Unitas / Neutrl: early, sub-$100M @solsticefi stands out because it’s native to Solana and came online with $100M+ liquidity directly from Deus X Capital, not VC rounds no unlock pressure, no early buyer overhead so what’s $SLX worth? stablecoin protocols usually trade around 1-3x TVL early on • at $300M TVL ➣ $300M–$600M FDV feels like the base case • if TVL pushes to $1B on hype ➣ >$1B FDV becomes natural • if TVL cools ➣ $100M–$200M FDV is the clean dip Solstice isn’t running on speculation, it’s running on real hedging returns and that usually leads to healthier price discovery at TGE