Bitcoin just hit a new all-time high, and you probably took some profits, but don't know where to park your stablecoin. Fortunately, I know just the right place.
Solstice is a stablecoin-focused DeFi protocol on Solana built around a synthetic stablecoin (USX) and a yield-bearing liquid staking token (eUSX). It's quite similar to Ethena, and if you missed the airdrop farming excitement around that protocol, Solstice just might be the next big opportunity in the stablecoin sector.
In addition to USX and the yield-bearing version, eUSX, Solstice is about to launch its native governance token, SLX, and 7.5% of the total supply will be airdropped to early users of the Solstice app.
I really like Soltice's Dynamic Distribution model, where token distribution is bound to the growth of TVL and not just on a certain date or time. Also, not sure whether Soltice is following the trend set by Hyperliquid or not, but they have no VC scheduled vesting either, which is, of course, a big plus.
Here are some key principles of SLX distribution:
If you are interested in learning more, check out the whole docs page here.
Flares, And How To Earn Them
So, the airdrop points on Solstice are called Flares, and you can earn them in the following ways:
- Connect your Solana wallet - 1000 Flares
- Connect your X account
- Enter Partner Code:
This means either ORCA or RAYDIUM, the two partner dexes. For example, I decided to provide liquidity on Raydium, and I'm now receiving a 30% Flares boost.
Add referral code - 1000 Flares, you can use my code if you wish: tPUK2KKquW
Just enter the code under the 'Global Multipliers' section.Swap UCDC to eUSX, which is a liquid staking token that you can use with DeFi partners such as Orca & Raydium. If providing liquidity isn't your thing, you can just hold your eUSX and earn 10.04% APY on it. You also earn Flares by holding eUSX, and the longer you hold, the better multiplier you receive (4x for 1 month, 10x for 3 months).
Swap some USDC to USX. Similar to eUSX, you also get multipliers for just holding USX.
Provide liquidity. I chose to use Raydium and put my USX & eUSX into a liquidity pool. Since it's a stable/stable pair, the APR isn't obviously that great, but I'm getting a 10x multiplier right away for my daily Flares.
All tasks, quests can be found under the 'Earn Flares' tab, and I recommend planning your strategies beforehand by checking out partner platforms and comparing multipliers.
Conclusion
Solstice was launched on September 30th, so we are still very early. I've been providing liquidity for only two days now, and thinking that for smaller accounts like myself, being early is crucial. Especially since TGE of SLX is promised to happen already in December according to Soltice docs.
If I remember correctly, Ethena airdrop farmers ate very well after the TGE, and if Solstice is anything similar, this could be a very good opportunity. I know, since BTC is pumping and the rest of the crypto market is likely to follow, farming airdrops with stablecoins might not be the most sexy idea, but my thesis has always been not putting all of my eggs in a single basket. No matter how hard the market pumps, it's good to have stables ready, and why not put them to work while waiting for a possible dip or even a black swan event?
If you are interested, check out Solstice and consider using my referral code: tPUK2KKquW
Thank you for reading, and don't forget to check out my X account for more!
Follow for more on X!
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