Solidly
Crypto Overview
Overview
Solidly is a decentralized exchange (DEX) protocol originally launched on the Fantom blockchain and later relaunched on the Ethereum network. The protocol aims to provide efficient token swaps with low slippage and reduced fees through its ve(3,3) tokenomics model.
Purpose and Utility
The SOLID token serves multiple functions within the ecosystem: It acts as a governance token allowing holders to participate in protocol decisions, provides liquidity mining incentives, and enables fee sharing for token holders who lock their tokens (veSOLID).
Business Model
The protocol generates revenue through trading fees from its DEX operations. A portion of these fees is distributed to veSOLID holders. The core business model revolves around providing decentralized exchange services and liquidity provision, which are permissible activities under Islamic finance principles as they involve actual asset exchange and value creation.
Development and Adoption
The protocol has undergone significant changes since its initial launch, including a migration to Ethereum. While the development activity has been consistent, the project maintains an active GitHub repository and continues to implement protocol improvements.
Token Distribution
The token distribution includes allocations for liquidity mining, protocol incentives, and team tokens. Team tokens are subject to vesting schedules to align long-term interests.
Revenue Model Analysis
The primary revenue streams come from legitimate exchange activities and liquidity provision, which involve actual asset transfers and value creation rather than interest-bearing mechanisms.
Crypto Impact
To assign a comfort level investing in Solidly from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Solidly.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.