Solstice TGE has been postponed multiple times, and now it's finally coming. Let's take advantage of the popularity and chat for a moment. Solana has always hoped to have an arbitrage like DeFi similar to Ethena to lock in a large amount of funds. So Solstice @ solsticefi was born in this context, currently TVL has over $400 million and ranks 11th in Solana DeFi. The original meaning of the word Solstice refers to the astronomical solstice and winter solstice. Because starting with Sol like Solana actually gives a feeling of being handpicked 。 Grok investigated and found that Toly has not interacted with Solstice, but Solana's official account and foundation often mention Solstice. It seems to have the intention of cultivating it towards the Solana version of Ethena. Since it is an Ethena project, it is easy to explain. It uses neutral arbitrage strategy funds as collateral and prints stablecoin USX (with USDE as the benchmark) at a 1:1 ratio. I also took a look at the strategy, and its overall disclosure is relatively small, but it can be roughly divided into three major parts: 1. Rate arbitrage. For example, holding spot goods and short selling equivalent tokens to earn fees; 2. Security Staking. For example, hedging some small coins and then doing staking to earn APR; 3. US treasury bond bonds. Now 3.5% -5.0% (depending on short medium long). And these positions in CEX are still managed by familiar Ceffu and Copper. Also, I checked the financial audit report and found that there is currently a slight over collateralization at around 100.5%. PS: This is one of Solstice's shortcomings, and we should indeed learn from Ethena. Ethena's transparency disclosure is better, which will show on which exchanges and what trading pairs have been opened. At present, the bare interest rate of USX is around 3.8%, which can reach around 8% after including token subsidies on Exponent (Solana version of Pendle), which is relatively good in a bear market. The market was better in the first two years, with around 20% in 2024 and around 10% in 2025. Finally, I also investigated the background of Solstice and found that it's a bit like the situation with Hyperliquid, where there hasn't been much external financing. They are projects incubated internally by Deus X Capital. Actually, it feels a bit similar to the Falcon of DWF here. By the way, Deus X Capital is a European fund, formerly known as Red Acre Ventures. Its previous portfolios were mostly focused on trading, so doing arbitrage projects on Solana can be considered as an old profession. The SLX issued this time is a governance token for the protocol, which can be pledged to become stSLX, with a total of 1 billion tokens. The second season can continue to be mined, but the snapshot rules for TVL in the second season have been updated. Old miners in the first season need to pay attention.