The new stablecoin uses tools provided by Chainlink.
In the future, Solstice will launch SLX, a community utility token.
Solstice Finance, a Protocol of Decentralized Finance (Defi) that operates in the Solana Red, has announced the debut of Usx, a collateralized synthetic stabloin linked to the US dollar. The official launch was held today, September 30, although the Token already had a few days on-chain.
Unlike traditional stablcoins (backed by money deposits in bank accounts), USX is supported by assets deposited in the protocol and its value tries to stay 1: 1 with the dollar.
In the following graphic you can see USX’s behavior in the market since the Token is active:
Usx support can be verified in real time using the Chainlink decentralized oracles network, which reports the assets deposited as collateral, in the website From solstice finance:
However, being a synthetic currency, Your stability depends on guarantee assets maintaining their value. That is, a fall in those assets could affect the parity of the Token.
The Yieldvault program allows users to block their USX to generate income from the underlying assets, receiving in return Eusx, a token that represents their participation in the fund.
Through this program, users can obtain an annual rate of performance (TAE) 10.22%, although this projected performance does not guarantee future results.
Ben Sacrareski, CEO and co -founder of Solstice, pointed out That although the traditional stablocoins dominate the market, none of the leaders was born natively in Solana.
Despite Nacareski’s optimism, the adoption of Usx could be limited, since Other networks such as Ethereum or Tron dominate much of this nicheas reported cryptootics. This represents a challenge for the growth and expansion of USX.
Finally, Nacareski revealed his plans to launch SLX, a native utility token that will be distributed following a community -centered model.