Solana's ecosystem revenue protocol, Solstice, uses its native token.SLXFollowing the completion of TGE, the total value locked in the protocol quickly rose to $500 million. Meanwhile, institutional custody and settlement platform Anchorage Digital disclosed a strategic investment in SLX. Despite community disagreements regarding the airdrop unlocking arrangements, institutional inflows into Solstice continue.
Anchorage Joins the List of Organizations
Anchorage Digital primarily provides crypto asset custody, settlement, and infrastructure services to institutions. With this investment, Solstice's list of institutional partners has expanded further, now including US-listed crypto exchanges such as Bullish, Bitcoin Suisse, Fasanara Capital, and RockawayX.
The two companies also overlap on the Global Dollar Network, powered by Paxos and focused on compliant digital dollar infrastructure, which has over 100 participating institutions. Solstice's overcollateralized stablecoin USX has USDG, a stablecoin on this network, as one of its collateral assets.
TVL rose rapidly after its token issuance.
According to DefiLlama data, Solstice's TVL (TVL) rose significantly after the SLX launch. On May 26, the protocol's TVL increased from approximately $400 million the previous day to over $500 million, marking a new high for the project.
The project team told SolanaFloor that this round of growth mainly came from institutional funding. Solstice stated that its cooperation model is closer to a traditional fund structure, with the specific execution completed on-chain by the protocol. Therefore, some institutions can allocate on-chain returns through its products even if they have not directly used crypto infrastructure before.
Airdrop unlocking arrangements spark controversy
However, the launch of SLX hasn't been all positive. Some users have questioned the unlocking mechanism of the airdrops. During the registration phase in April, the project stated that most users would receive all SLX at once upon claiming, with only larger allocations unlocked in installments. But after the official launch, the scope of the unlocking arrangement was broader than many users expected.
Earlier, the registration process itself had also sparked discussion. Solstice required users to complete wallet verification and pay a registration fee of 0.075 SOL, which was worth about $6 to $7 at the time.
Project team responds to registration fee and unlocking issues
Solstice Chief Marketing Officer Ryan Day stated that the team originally expected 25,000 to 30,000 users to register, but the actual number of registrations was approximately 14,000. Due to the large scale of unclaimed reward redistribution, the team ultimately decided to expand the unlocking schedule to mitigate the concentrated selling pressure after the token's listing.
He also claimed that over 10,000 registered users received more than double the initial airdrop amount after redistribution. Regarding the registration fee controversy, the project team denied that it was a fundraising scheme for users, stating that the fee was primarily intended to curb large-scale witch registrations.
Additional information:Solstice recently named DeFi Development Corp., Fasanara Digital, and Bullish as funding sources. CoinMarketCap data shows that SLX is currently priced above $0.21.
