Solstice Finance, a decentralized finance (DEFI) protocol operated by Solana Red, has announced the debut of USX, a secured synthetic stabroin associated with the US dollar. The official launch took place today, September 30th, but the tokens already had a chain for several days.
Unlike traditional stubcoins (backed by bank account money deposits), USX is supported by assets deposited in the protocol And its value is attempted to remain 1:1 in dollars.
In the following graphics, the token is active, allowing you to see USX’s behavior in the market.
USX support can be verified in real time using the ChainLink decentralized Oracles network, which reports assets deposited as collateral on the Solstice Finance website.
However, since it is a synthetic currency, Your stability depends on the guaranteed assets that maintain their value. In other words, a decrease in these assets can affect the parity of the token.
The AldeVault programme allows users to block USX to generate revenue from underlying assets and receive EUSX, a token representing participation in the fund.
Through this program, users can get an annual rate (TAE) of 10.22%, but this predicted performance does not guarantee future results.
Solstice CEO and co-founder Ben Sacrareski said that while traditional stubcoins dominate the market, no leader was born natively in Solana.
Despite Nacareski’s optimism, USX adoption could be limited. Other networks like Ethereum and Tron dominate much of this nicheas well as reported encryption. This represents the challenges for USX’s growth and expansion.
Finally, Nacareski revealed plans to launch SLX, a native utility token distributed according to a community-centric model.
