solstice

The stablecoin USX on the Solana chain has experienced severe fluctuations in the secondary market, once decoupling and dropping to $0.1, allegedly due to a depletion of liquidity.The Solstice team responded by stating that the decoupling of USX on the Solana chain is a secondary market liquidity issue. The team and market makers are working to resolve this and are injecting liquidity into the secondary market to ensure market stability. "The net asset value of USX's underlying assets and the assets held in custody by Solstice are completely unaffected, and the collateralization rate exceeds 100%. We have now requested a third party to issue a supplementary certification report immediately, and the team will release it as soon as the report is completed."The team emphasized that this is purely a secondary market liquidity issue, liquidity has been injected to restore stability, and the current price has risen to $0.94, with the primary market operating normally for 1:1 redemptions.

Solstice on the X platform indicates that its token SLX has been publicly sold on Legion, with a fundraising target of 4 million USD and a cap of 6.5 million USD for this round of public sale. The deadline for this round of public sale is 21:00 (UTC+8), and it is not available to users in the UK and the US.

ChainCatcher news, Solana synthetic stablecoin protocol Solstice TVL breaks 200 million USD. At the beginning of the month, it launched the yield-bearing synthetic stablecoin USX and a native staking protocol, achieving delta-neutral returns through arbitrage and staking strategies, fully collateralized by USDT and USDC to maintain its peg, allowing holders to access the YieldVault protocol.

ChainCatcher news, according to The Block, supported by the crypto investment firm Deus X Capital, Solstice Labs announced that it will launch the yield-bearing synthetic stablecoin USX and a native staking protocol on the Solana blockchain this summer. USX achieves Delta-Neutral returns through arbitrage and staking strategies, fully collateralized by USDT and USDC to maintain its peg, allowing holders to seamlessly access the YieldVault protocol with a total locked amount of $100 million.Currently, the stablecoin scale on the Solana chain accounts for over 5% of the total network amount of $238 billion, but there is a lack of fiat-pegged coins specifically designed for passive income. The CEO of Solstice Labs stated that USX aims to provide retail and institutional users with access to yield opportunities that are traditionally exclusive to institutions in DeFi, in a transparent manner.