On a day when only one story feels relevant (Russia’s escalating violence against Ukraine), we still wanted to bring our community some development news from the DeFi space concerning Andre Cronje’s Solidly announcement last night.
Last night, voting and rewards went live on Solidly, kick-starting this exciting new addition to the Fantom ecosystem.
Solidex also announced they are live ahead of the start of Solidly emissions, which will be commenced at midnight UTC on February 24th.
- Why should you be paying attention?
- Solidly for dummies.
- What is Solidex?
- Why is it such a game changer?
Solidly’s launch is a go!
The Fantom community has been holding its collective breath in anticipation of the long-awaited launch of Solidly.
With voting and rewards going live on Solidly, the aggregators are ready to spring into action.
Total Value Locked (TVL) in the Fantom network skyrocketed in anticipation of the snapshot, with investors eager to secure a piece of the Solidly pie.
The first 8 launch partners who contributed their SOLID NFT to Solidex include Multichain, Geist, Curve, REN, Yearn, vdDAU, Saddle and Abracadabra.
These partners are now announcing which pools will receive their allocation of Solidly incentives.
The Fantom community seems to be backing the project in number, with 107 pools available and a TVL that has shot up over $500 million.
What is Solidly?
Solidly is the decentralized exchange (DEX) where you bond your tokens into a liquidity provider (LP) token.
It is also where you would go if you wanted to swap two Fantom tokens (for example, FTM for MIM), earning SOLID rewards in the process. Similar in use case to SpookySwap.
Solidex and 0XDAO are the competing boost aggregators for the Solidly exchange at this point.
Users take their LPs (purchased on Solidly) to Solidex (or 0xDao) and they plan on using your SOLID emissions in a coordinated way to ensure best rewards.
What is Solidex?
Solidex is a yield optimizer for the Solidly token, built on top of the Fantom network.
In a nutshell, it allows Solidly liquidity providers to earn trading fees and claim boosted SOLID (without locking up their SOLID).
That’s great news for liquidity providers, as they can receive ‘boosted’ SOLID and liquidity mining rewards with very little effort.
It’s a protocol you can really sink your teeth into. Although a detailed article will follow, here is a quick overview of why Solidex may have the legs to go the distance.
The SEX token is Solidex’s native token and entitles users to their share of protocol revenue, voting power and bribes.
Solidex’s top features!
If you are a liquidity provider, you:
- Earn SOLID via emissions from the protocol’s veSOLID.
- Earn 1 SEX for every 4.2069 SOLID earned.
- Pay a 15% performance fee on SOLID earned, but no deposit or withdrawal fees.
If you are a SOLID locker, you:
- Earn 10% of liquidity provider fees on all SOLID farmed.
- Earn trading fees.
- Earn 3.5% of the newly minted SEX.
If you are a SEX locker (I beg your pardon?!), you:
- Have voting rights on which gauges to earn future SOLID emissions (using the protocols veSOLID).
- Earn trading fees and ‘bribes’.
- Earn veSOLID from Solidly expansions.
- Earn 5% of liquidity provider fees.
- Earn token whitelisting fees from SOLID auctions.
The wide range of pools available is impressive, with a diverse set of ‘stable’ and ‘variable’ pools available to allow you to choose your risk profile on one decentralized exchange (DEX).
We are strong supporters of the Fantom ecosystem at Crypto Banter. Andre Cronje was the chief architect of the chain, and his work on Solidex has community members chomping at the bit. If you’ve had a chance to put it to use, leave your comments below – we’d love to hear what you think!