What is Solidex?
Solidex is to Solid, what Convex is to Curve. The concept is simple:
- Liquidity providers deposit their LP tokens into Solidex to earn boosted SOLID rewards without having to lock SOLID themselves.
- SOLID lockers earn a portion of the protocol revenue in exchange for providing boost to LPs.
- Our native $SEX token entitles users to their share of protocol revenue, voting power and bribes.
Although Solidex builds upon existing DeFi concepts, we are proud to announce that we are not merely a fork. Our codebase is built from scratch specifically to integrate with Solid — it is not an adaptation of Convex or another protocol.
How does it work?
Each time a user deposits SOLID (or a veSOLID NFT) into Solidex, they receive SOLIDsex. SOLIDsex is a 1:1 representation of the SOLID balance locked within the protocol. The protocol continually extends the lock time to maintain a 4 year lock — SOLIDsex cannot ever be converted back to SOLID.
Liquidity providers can deposit their LP tokens into Solidex and take advantage of the boost received from the protocol’s locked SOLID. LPs are additionally compensated with SEX rewards at a rate of 4.2069:1, meaning that for every 4.2069 SOLID earned they receive 1 SEX.
A total of 10% of SOLID earned by LPs is taken as a fee. 5% is given to LPs on the SOLIDsex/SOLID pair, as compensation for locking their SOLID. The other 5% is locked as SOLIDsex and distributed to SEX lockers.
Making SEX work for you
SEX is the native protocol token. Users can lock it for up to 16 weeks to gain voting power over SOLID gauges and to receive a portion of the protocol fees. The SEX locking system is a hybrid ve-model allowing for multiple locks of varying lengths with a weekly decay rate.
SEX lockers can vote to direct the protocol’s gauge weight votes. Because of the ratio of SOLID to SEX, and max duration of a SEX lock, we expect SEX to be considerably more attractive than SOLID in terms of gauge weight voting power.
There is a hardcoded minimum vote weight given to the SOLIDsex/SOLID and SEX/WFTM pairs.
Initial Bootstrapping
Solidex will be accepting deposits of veSOLID NFTs immediately after the NFTs are minted. All NFTs deposited prior to the launch of the main Solid protocol (before SOLID emissions begin) will receive:
- The normal SOLIDsex representation of the deposit
- A proportional share of 10% of the eventual SEX supply
- A permanent fixed percentage of the Solidex gauge voting power, directed to the Solid pool of their choosing
We believe this is an excellent way to attract an initial community, offering a benefit for both the protocols that deposit as well as their users.
Development is almost complete, and we anticipate launching at the same time as Solid. Our code will be open sourced upon launch.
Telegram and Discord will be live tomorrow and we invite any protocol in the top 20 to reach out.
Rock Solid Sex.
Twitter: https://twitter.com/SolidexFantom
