Solidly cryptocurrency exchange was founded in 2021. It is an Automated Market Maker (AMM) based on Uniswap V2 and built on the Fantom blockchain. The platform allows the swapping of two tokens in a liquidity pool in a completely decentralized manner. However, unlike Uniswap V2, the Solidly crypto exchange supports low slippage trades between pegged assets like stablecoins.
To gain access to the platform, users just need to connect their Fantom wallets. This removes the burden of complicated Know-Your-Customer (KYC) verification processes. As far as restrictions go, Solidly crypto exchange can be used in all countries, except countries that have placed restrictions on cryptocurrency activities. Before moving forward with Solidly, it is advisable to check if your country supports crypto activities.
At the time of writing this article, there are over 200 Solidly trading pairs available, and they are divided into two markets – stablecoin and token markets. The Solidly spot is the only trading/swapping tool available. The platform does not support margin, futures, or leverage trading. Solidly only supports crypto token deposits and there are no fees attached to these deposits. However, there is a flat Solidly crypto fee of 0.01% on all swaps made on the platform. All trading fees generated go to users who voted for the gauge attached to a given liquidity pool.
The SOLID token is the native utility and governance token of the Solidly cryptocurrency exchange. It is used for rewarding liquidity providers in the form of Solidly exchange fees they have earned through liquidity provision, rather than for simply just providing liquidity. This creates a positive feedback loop around liquidity provision and Solidly volume. As more fees are generated (i.e. the more protocol revenue) LPs stand to benefit as they receive some portion of the total amount generated. Overall, there is a total supply of 100,000,000 tokens, with emissions being distributed on a weekly basis.
veSOLID is the vote-escrowed token of the protocol. It is used for governance, gauge rewards, and gauge voting. It also serves as a reward booster, as liquidity providers who hold veSOLID tokens receive 40%-100% of the reward. veSOLID tokens are non-transferable and can only be obtained by locking SOLID tokens for a specified amount of time.
You learn more about SOLID or check the current Solidly crypto price right here.
Solidly crypto exchange natively supports gauge bribes and adjusts them according to user votes. In addition to traditional bribes, which allow a protocol to expand their on-chain liquidity by bribing voting-escrow token holders to vote in a specific way, Solidly has developed the concept of “negative voting.” Through this type of voting, users can attempt to prevent emissions from going to a pool. The platform allows users to attach bribes to a gauge, as well as participate in negative voting to prevent a particular pool from receiving emission rewards.
Also, the exchange allows SOLID token staking. The staked Solidly tokens get issued as NFTs. These NFTs function as a receipt of your position and allow investors to trade them in secondary markets or use them as collateral, increasing the efficiency of the native token.
About the Company
Solidly was founded by South African crypto developer Andre Cronje. Cronje rose to fame with Yield Finance, a yield aggregator service. He is considered to be one of the most innovative and brilliant developers in the crypto and blockchain space.
The team also has Daniele Sestagalli. He is a prolific community builder that surged to fame with his MIM, Wonderland, and Popsicle Finance projects.
Shortly after the launch of Solidly, Andre announced that he was leaving the project and other projects founded by him. The platform is now run and managed by an anonymous team known as Solidex.
As of December 2022, Solidly's trade volume stands at $92 thousand, or an equivalent of 6 BTC over a 24-hour period.