This article is a deep dive into Solidex crypto. If you recently heard about Solidex, Solidly, and its token, this article will introduce what this project is about. No matter what your level of understanding is, we’ll break complex things into easy-to-grasp concepts.
There are thousands of projects in the crypto space. Keeping up with most of them can be quite hard. This is especially true as every day, more than 80 crypto projects come to life. On the other hand, some projects can be quite deceiving. That’s why investors need to make sure that crypto projects have actual use cases and users can truly benefit from the services offered.
Solidex recently made headlines in the crypto community when its total locked value (TVL) reached around USD 2 Billion within just a few days since the project launched. That’s the true power of crypto! Let’s break down what Solidex, Solidly and Fantom have all in common.
What is Fantom and FTM?
Fantom is a decentralized blockchain that allows developers to build decentralized apps (Dapps) on top of its blockchain. Fantom is very similar to Ethereum, and even fully compatible with its blockchain. On the other hand, it offers additional characteristics that make it a proper competitor to Ethereum and even other smart contract blockchains.
Fantom’s “layer 1” is called Lachesis, and handles the hard work on the blockchain, along with verifying the transactions via a proof-of-stake (PoS) consensus. Every time a new project gets deployed on Fantom, a new blockchain gets created as a “layer 2”. This ensures that “layer 1” doesn’t get overloaded and enhances scalability and speed.
FTM is the native token on the Fantom blockchain. Users can utilize it to pay for fees when deploying Dapps, to stake, and for governance. Now onto the next piece of the pie…Solidly!
What is Solidly DEX?
Solidly is a Decentralized Application (Dapp) built on top of the Fantom blockchain. Since Solidly is an exchange, it will naturally be a Decentralized Exchange (DEX) using automatic market-making (AMM). Let’s break this down:
- A Decentralized exchange (DEX) is a platform where parties buy or sell different assets.
- Automatic Market Making (AMM) is a standard where instead of having different parties negotiating their sales in a peer-to-peer exchange, an order would fill automatically through a peer-to-contract exchange, thus automating the entire process without any intervention.
What is SOLID Token?
The native token is the SOLID token, and users can vest it by creating a lock (1 week, 1 month, 1 year, or 4 years). When doing so, users will receive in turn VeNFTs. The higher the lock duration, the more valuable the VeNFT would be. All the fees from the platform become earnings for VeNFT holders. This is the same concept as having a locked savings account for 5 years that earns an interest in the bank. But imagine you wanted to break this lock, most traditional banks won’t allow that to happen. In DeFi, you can simply sell the “ownership” of this account to someone else, represented by selling the associated VeNFT. Thank you DeFi!
Quick recap: Solidly uses the Fantom blockchain and provides liquidity pool services and staking. Its liquid native token is SOLID, and the “not-so” liquid other asset is the VeNFT.
The project started back in January 2022 and aims to provide a platform where users can participate in liquidity pools (LPs). The famous Andre Cronje also is responsible for building Solidly. He is also known to have founded Yearn.Finance and other major DeFi projects. Solidly claim to have very low fees as they operate on the Fantom blockchain, and focus on secondary markets where stablecoins and other volatile cryptos are swapped. Now, what does Solidex have to do with all f this? Well, let’s introduce SOLIDEX CRYPTO!
What is Solidex Crypto?
Solidex is an optimizer for Solidly. It accumulates SOLID tokens (from Solidly) and provides more liquid alternatives and earns higher yields since you’ll be receiving their own protocol token. Now don’t giggle, as their own token is called SEX, and their liquid token is called SolidSEX.
85% of the SOLID rewards that Solidex is earning goes to the pools, 10% goes to people who have staked their tokens for SolidSex, and 5% goes to people who have locked their SEX tokens. If you lock SEX tokens, you will receive fees and bribes generated from the platform. Many estimate that this is a significant amount, hence why all the hype around this project.
Quick Recap: Solidex allows users to receive higher SOLID rewards without the need to maintain the total lock duration. The APR yields range from stablecoins to volatile tokens.
How to Use Solidex?
Since Solidex is a Dapp, you’d need a wallet that supports it. Those types of wallets will help you send, receive, and store digital assets. Wallets come in many forms. They are either built into your browser, an extension added to your browser, a piece of hardware plugged into your computer or even an app on your phone. Metamask is a well-known wallet that supports Solidex. You can check an extensive guide on how to download it here.
How to Earn on SOLID Tokens?
Disclaimer: It is very important to remember that investing (especially in DeFi) carries a lot of risks. Invest only an amount you are willing to lose.
1- Participate in Pools
Go to Solidex Pools, and look for the ones that have high APRs. You can even use the filters on the table to directly spot the highest APR.
2- Convert to SolidSex
Another way to earn is to convert your SOLID tokens into SolidSex. In order to do so, you simply go to the Convert Solid section and enjoy a high APR.
3- Convert to NFT
The last way to earn on your SOLID tokens is to simply convert them to NFTs on Solidly. The APR won’t be as high as the previous earning methods, but you won’t have to worry about farming.
How to Buy SOLID tokens?
There are many ways to get ahold of SOLID tokens. The easiest way to do so is the following:
- Buy some USDC coins on Binance
- Send your purchased USDC coins to your Metamask wallet
- Go to Spookyswap
- Connect your Metamask wallet to Spookyswap
- Swap USDC to SOLID
