Solidex Finance has attracted $2.18B of belongings in just a few days since the mission launched on the Fantom blockchain — that’s good for the 22nd slot in all of DeFi as of Feb. 28, in accordance with DeFi Llama, which tracks total value locked (TVL).
At its present TVL, Solidex is ahead of sizzling tasks like Osmosis and DeFi mainstays like Synthetix.
Yield Optimizer
Solidex payments itself as “a protocol to optimize yield, voting power, and liquidity provisioning on Solidly,” in accordance with the mission’s documentation. In a nutshell, the mission is constructed on high of Solidly, a decentralized trade deployed on Fantom. Andre Cronje, who’s the founding father of Yearn Finance, is the mission’s lead.
Both Solidly and Solidex have tokens that the protocols are issuing as rewards to customers who deposit belongings of their good contracts. In the case of Solidly, which is even further ahead of Solidex with $2.18B in TVL, customers deposit belongings into liquidity pools to facilitate token swaps. This is just like any automated market maker (AMM).
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In trade for offering liquidity, customers obtain SOLID tokens, which they will lock up for veSOLID tokens. These grant holders declare on Solidly buying and selling charges, in addition to the chance to increase rewards by voting. If this sounds very familiar, it’s — Curve Finance’s CRV token features very similarly to SOLID.
In holding with the parallels to Curve and its related tasks, Solidex features in relation to Solidly like Convex Finance does to Curve — customers are in a position to lock up their liquidity supplier (LP) tokens representing their Solidly deposits and get rewarded not only with SOLID tokens, however, but also’s SEX tokens.
The yields are greater than strong— even for stablecoin pairs, a protected possibility as a result of neither token being risky, customers are in a position to generate a 19.3% APR with a Magic Internet Money (MIM) and USDC pool as of Feb. 28.
Users are additionally in a position to convert their SOLID tokens into SOLIDsex tokens, which they will then stake for 841% APR as of Feb. 28.
CryptoYieldInfo, a DeFi influencer, sees SOLID as having a brighter future than UNI, the token of crypto’s flagship DEX, Uniswap. Unlike UNI, which distributed 40% of its token to the Uniswap workforce, advisors, and buyers, 100% of SOLID tokens have gone to the general public, in accordance with CryptoYieldInfo.
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Andre Cronje famously launched 100% of Yearn’s YFI tokens to the general public, in what could have been the fairest token distribution in historical past.
Of course, CryptoYieldInfo is already eyeing the following yield farming alternative. “If you’re enjoying $SOLID, you can be earlier on a similar play on metis that can benefit from the test in prod of SOLID,” the influencer tweeted on Feb. 25. Metis is an Ethereum Layer 2, and CryptoYieldInfo is eyeing a token with the HERMES ticker, which seems to be the token for a new AMM.
