The Solidly War may have ended, but the ve(3,3) mechanism proposed by AC has been attracting DeFi builders ever since. In recent months, many new Solidly fork projects have emerged, attempting to mine new value from ve(3,3). During this wave of market activity, we have witnessed their collective explosion, causing many seasoned DeFi players to exclaim: we have entered the Solidly fork season. BlockBeats is here to take stock of the main Solidly fork projects currently available.
Velodrome is an AMM DEX on Optimism, aiming to provide deep liquidity, low trading fees, and low slippage. It is also currently the highest TVL Solidly fork. Velodrome was built by the veDAO team on top of Solidly, with multiple improvements made to its mechanism.
Velodrome is currently the top-ranked protocol in terms of TVL on the Optimism network, with a total locked value of $287 million and a VELO staking rate of over 80%. It has already joined the liquidity grid of Velodrome, and protocols holding veVEL include Beefy, Optimism, Inverse Finance, Lrya, Alchemix, Synthetix, Liquity, FRAX, Perpetual, Maker, Lido, Sonne Finance, Hop, and many others.
THENA is an AMM and liquidity layer based on Solidity on the BNB Chain. It was launched on January 5, 2023 and as of the date of publication, its TVL has reached $159 million.
THENA's main token, THE, has a staking rate of 48.7%.
SolidLizard is a DEX on Arbitrum that adopts the ve(3,3) mechanism. Currently, SolidLizard is ranked seventh in TVL on Arbitrum, with a TVL of $83 million. The main token for SolidLizard is SLIZ, with a staking rate of 50.4%.
Currently, there are few protocols participating in the SolidLizard liquidity grid, and most veSLIZ is still held by SolidLizard. However, SolidLizard recently announced that protocols such as Beefy and Overnight will participate in holding veSLIZ from the next Epoch.
Sterling Finance, also based on Arbitrum, officially launched on February 21st. Its TVL is currently $24 million, with a main token STR staking rate of 28.7%. As it has just launched, there are currently few protocols participating in the Sterling liquidity grid, but it has begun to establish partnerships with protocols such as Tarot.
Equalizer is a DEX on Fantom, also built on the Solidity mechanism, with the main feature of canceling Rebase. Currently, Equalizer is the third-ranked protocol in Fantom TVL, with a TVL of $44.82 million, and the main token EQUAL has a staking rate of 69.2%.
Satin Exchange is an AMM DEX on Polygon. The main feature of Satin Exchange is its stablecoin CASH, which is backed by veToken veSATIN from the SATIN-CASH trading pair, rather than just SATIN. Therefore, Satin's staking and voting rewards are higher than those of the typical Solidly fork, due to the CASH rebase incentive.
Currently, Satin Exchange has just concluded its Public Sale and has not yet announced its launch date. Projects such as Beefy, Polygon, KlimaDAO, Stader Labs, Lido, and LI.FI have established partnerships with Satin or may join its liquidity grid.
After a week of frenzy, the token price of the Solidly fork project has gradually stabilized. Whether it is the Solidly fork season or the Solidly fork episode, let us wait and see.
