Solidex – A native Fantom protocol

Published on: 21.01.2022

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.
Their native $SEX token entitles users to their share of protocol revenue, voting power and bribes.

Their 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.