Several key characteristics of the Russian Empire:
▌Operated with its own funds / No external venture capital
▌Teams with strong capabilities that meet this criterion include YFI and HYPE.
Solstice actually meets all of the above conditions.
Although not from the big country, but:
Funding Background: Incubated by Deus X Capital, it has not accepted any external institutional investment.
Team Background: One of the co-founders is the former head of Galaxy Digital's European operations, and the other is the former vice president of global transactions at Galaxy Digital.
One major advantage of not having external VC constraints is that it allows for a great deal of freedom in designing the token economy.
$SLX The initial circulating supply at TGE was approximately 24% of the total, of which the external sources that can be considered as potential selling pressure include only:
Public offering: 0.29% (fully circulating)
▌Community Segment: 37.71% (TGE Circulation 21.2%)
The team holds the majority of the chips.
If we disregard the token structure and look at the fundamentals...
Solstice's core strategy is market neutrality: by short the corresponding long positions in the spot market, it steadily captures funding rates, cash-futures spreads, and collateralized returns.
Simply put, it's the Ethena of the Solana ecosystem.
Currently, its TVL has exceeded $500 million and has successfully attracted the well-known institution Bullish (NYSE: BLSH) as its latest fund allocator.
According to official sources, Season 2 has 3% of the supply allocated to points users, and this will increase with TVL.
With both strong control over the market and a clear motivation to do so, it's strongly advised against becoming the opposing party to the project.
