Are we witnessing the birth of the next $ENA?

In just 3 months since its launch, it has become the largest native stablecoin on Solana.

60% of tokens are distributed to the community, with zero VC allocation.

Built by the core team from the former Galaxy Digital.

This is the story of Solstice as of now.

On December 22, $SLX @solsticefi will launch its public offering on Legion. The question everyone is concerned about: Is it worth participating?

This question is not easy to answer, but I will provide you with several important reference dimensions.

1️⃣ From the perspective of product moat—this is a protocol at industry benchmark level.

Launched on September 30, in just 3 months, the TVL surged to $325 million, making USX the largest native stablecoin on Solana.

Behind this rocket-like growth miracle is actually the result of years of technological accumulation.

Solstice did not suddenly emerge as a new project.

Since January 2023, it has been operating, managing over $200 million in assets for institutional clients through private strategies. The historical net IRR reached 13.96%, validated through multiple market cycles.

Most protocols issue tokens first and then prove their products; Solstice first validated its business model before going to the public market.

💰 Sources of income:

Funding rate arbitrage: Capturing price differences in the perpetual futures market.

Delta-neutral staking: Generating staking income while avoiding price risks.

Tokenized treasury bond strategy: Stable income based on short-term treasury bonds.

Even in the extreme environment of a 30% overall market correction in October, Solstice still maintained positive returns. This kind of risk resistance is extremely rare among DeFi protocols.

Currently, there is a lack of native yield-generating stablecoins on Solana, forcing a large amount of capital to cross-chain in search of yield opportunities. USX fills this gap, allowing funds to circulate within Solana.

More importantly, the depth of integration.

Solstice is deeply integrated with Chainlink's oracle network, achieving real-time reserve proof.

Collaborating with leading protocols like Kamino, Orca, and Exponent for liquidity optimization.

This level of ecological embedding is difficult for newcomers to replicate.

2️⃣ From the perspective of team genetics—strong Galaxy Digital lineage.

Solstice is incubated by Deus X Capital and has not accepted any external institutional investment.

Deus X Capital is led by Tim Grant, the former head of Galaxy Digital's European business, managing over $1 billion in assets.

Tim Grant is also a co-founder of Solstice.

Another co-founder and CEO of Solstice, Ben Nadareski, served as the Vice President of Global Trading at Galaxy Digital from 2021 to 2022, leading the first BTC derivatives trade with Goldman Sachs.

Other team members come from institutions like Solana Labs, Coinbase, and BlackRock.

This configuration is quite rare.

A strong team also gives Solstice the capability for both horizontal and vertical expansion and integration, similar to ENA.

Solstice Staking is one example, which is another business line currently operated by the Solstice team.

With $1 billion in staked assets and 7,000 validator nodes, this scale is already among the top in the industry.

From acquiring and managing $1 billion in ETH staked assets at Bridgetower Capital to collaborating with Bitcoin Suisse and LTIN to launch institutional-grade DVT clusters, Solstice is transforming from a pure staking service provider to a cross-chain digital asset infrastructure network.

3️⃣ From the perspective of token economics—community-first distribution logic.

Total supply of $SLX is 1 billion.

📊 Distribution is as follows:

▌ Ecosystem incentives: 50%

▌ Community airdrop: 10%

▌ Team and advisors: 20% (1-year lock-up period + 2-year linear unlock)

▌ Node operations: 20%

Several key designs.

No VC allocation, all public offering participants enjoy equal conditions.

When the protocol's TVL reaches $1 billion, the team commits to burning a portion of the unissued supply.

Community-first distribution model, with 60% of tokens flowing directly to the ecosystem and users.

4️⃣ Public offering parameters and risk assessment.

On the Legion platform, sales start on December 22.

FDV: $130 million.

Unlocking: 50% TGE, 50% linearly unlocked over 3 months.

The risk points are obvious—the unlocking mechanism is not user-friendly, requiring users to bear volatility risks.

But the opportunities are also worth noting:

Institutional-grade team + validated product-market fit + gaps in Solana's ecological infrastructure + no VC unlocking pressure.

More importantly, Solstice is not just a stablecoin protocol, but a yield infrastructure for the Solana ecosystem.

If we benchmark against the development trajectory of Ethena, this story is just beginning.

🕒 Take action now:

▌ Register on Legion and complete KYC - https://legion.cc/

▌ Start building your Legion Score.

▌ Prepare funds and pre-deposit.

DYOR

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