Key features of 'Big Mao': ▌ Self-funded operations / No external VC ▌ Strong team capabilities Projects that meet these criteria? Previously YFI, now HYPE. Solstice actually ticks all the above boxes too. Although it’s not 'Big Mao,' here’s the breakdown: Funding background: Incubated by Deus X Capital, with no external institutional investment. Team credentials: One co-founder was the former Head of European Operations at Galaxy Digital, and the other co-founder was the former Global VP of Trading at Galaxy Digital. One major advantage of having no external VC constraints is the significant freedom in tokenomics design. At the time of SLX TGE, the initial circulating supply will be about 24% of the total supply, with potential external sell pressure sources including: ▌ Public sale: 0.29% (fully unlocked) ▌ Community allocation: 37.71% (21.2% unlocked at TGE) The majority of tokens are held by the team. Now, putting token structure aside and focusing on fundamentals: Solstice’s core strategy is market-neutral. By shorting spot positions in the derivatives market, it consistently captures funding rates, basis spreads, and staking yields. In simple terms, it’s the Ethena of the Solana ecosystem. Currently, its TVL has surpassed $500 million and has successfully attracted renowned institution Bullish (NYSE: BLSH) as its latest capital allocator. According to the official announcement, 3% of SLX supply in Season 2 will be allocated to points users, with distribution scaling alongside TVL growth. With both control over supply and the motivation to maintain it, it’s really not advisable to go against the project team.