Solidly (SOLID)

ve(3,3) is built on Fantom and will include an emission-based incentive structure and an AMM.

Basics

• Based in:
• Started in / Announced on: 6-1-2022
• Testnet release:
• Mainnet release:

History

• Got launched with a lot of traction in February 2022 but it's co-founder Andre Cronje announced his departure from DeFi in early March, leaving people wondering what will happen with Solidly from here on out.

Audits & Exploits

• Bug bounty program can be found [insert here].

Bugs/Exploits

• From Blockthreat (16-2-2022):

"Solidly Exchange patched a critical NFT double counting vulnerability after it was responsibly disclosed through its bug bounty program."

Token

Token Allocation

• Its project NFT will be released for the top 20 projects in Fantom chain in terms of TVL.
• From this thread (11-1-2022):

"On a weekly basis, 2000000 tokens are available as incentives on pools. Tokens are then distributed based on current voting weights. Locked ve(3,3) will be given to projects in Top 20. These projects can then decide how to direct incentives."

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed [insert here].

Implementations

• Built on: Fantom

How it works

• From this thread (11-1-2022):

"1/ Weekly emissions adjusted as a % of circulating supply As more tokens are vested, impact of emission is decreased

2/ Ve lockers increase holdings proportional to weekly emission

3/ Ve locks are NFTs As opposed to the non-transferrable ve mechanics, tokenizing the lock position allows locks to be traded on the secondary markets."

• From this deep dive (7-2-2022):

"Starting with its ve-tokenomics, Solidly behaves very similarly to Curve, with some major caveats. For Curve, veCRV holders receive 50% of fees no matter what gauges they vote for. This, of course, can be problematic as someone who owns veCRV could vote for a pool that generates no fees for Curve, yet they still receive 50% of the protocol’s aggregate fee revenues. Solidly attempts to solve this issue by making it that you only receive fees from the pools you vote for. Therefore, participants are incentivized to vote for the pools with the highest fees as that is the only way in which they receive cash flows from the protocol.

The other caveat has to do with emissions. For Curve, emission of future CRV tokens is based on a pre-determined release schedule. Every day, X number of tokens will be emitted according to the project’s code. Although how those tokens get emitted is based upon the incentivized pools, the aggregate amount of CRV tokens released daily is predicable for the foreseeable future. Solidly takes a different approach for how emissions should be done (From here on out, the token of Solidly will be referred to as ROCK).

Another caveat is an anti-dilution provision. Solidly aims to emit ROCK without diluting older holders of ROCK. It does this in a simple manner, actually. If you lock your ROCK as veROCK, you receive the necessary number of weekly emissions to maintain your previous share over Solidly. If your locked position amounted to 1% of Solidly, your position would remain at 1% even after any further emissions occur. In order to not get their % of Solidly diluted, ROCK holders are incentivized to lock as veROCK, thus ve(3,3)!

The last difference with the Curve ve system is that veROCKs are NFTs. By making them NFTs, it allows veROCK to be traded in secondary markets and used as collateral. Effectively, you do not lose out on the capital efficiency of ROCK by locking it as veROCK."

Staking

• From this thread (11-1-2022):

"ve(3,3) will not distribute fees in native token, or as a stable, but instead as the asset in which fee was accrued, and it is passed on."

Roadmap

• Can be found [Insert link here].

Competition

• It's a new exchange, an AMM, but instead of being controlled by liquidity providers (LPs), it's controlled by the protocols.

Team, Funding and Partners

Team

• Full team can be found [here].
• Andre Cronje
• Daniele Sesesta

(:

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