Solidly Fork Season - SolidLizard

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@a16z has been aggressively depositing into these 2 protocols in the past 24 hours which now contributes to ~25% of its portfolio on DeBank. Let's take a look at @solidlizardfi and Solidly V2 👇 🧵

Just 1 day ago, A16z's portfolio had $2M locked in SolidLizard with $0 in Solidly. Check out this thread by @Neo110x. twitter.com/Neo110x/status/1627042715056873472?s=20

14 hours ago, they bought up and added another $1.5M in the WETH-USDC pool earning a base APR of 58-145%. The 695 $SLIZ is locked for 4 years to boost the WETH-USDC pool, which brings the min. APR to ~130%

And just 4 hours ago, they added $5.2M in the USDC-USDT Solidly V2 pool earning a 23.8% APR.

This quickly boosted SolidLizard to the Top 10 TVL spot on Arbitrum with a TVL of $60.3M. Just a week ago, its TVL was $12M (a 400% increase)

Solidly V2 which recently migrated from Fantom to ETH, also saw a significant boost in TVL, currently sitting at $69M Just a week ago, it was $17M (~300% increase)

SolidLizard is an Arbitrum DEX that uses the ve(3,3) governance model developed by Andre Cronje in Solidly to incentivize user participation through voting, bribes, and token locking. Solidly was previously a Fantom DEX which has now migrated to ETH.

SolidLizard is the 4th Solidly-forked DEX by TVL, trailing closely behind Solidly V2.

SLIZ uses 2 different price curves, the Uniswap v2 and the Curve Stable Swap. Curve's being more suitable for correlated assets like USDC-USDT. The fees for trading volatile assets are 0.4%, while stable assets have a fee of 0.02%.

By locking $SLIZ, users get veSLIZ (vote-escrowed $SLIZ), allowing them to vote for gauges (pools) on a weekly basis, and receive 50% of the trading fees and 100% of the bribes for the associated pool. veSLIZ also allows you to boost your APR on pools (like xGRAIL)

SolidLizard current offers 4-fig degen APRs on pools like the v-SLIZ-WETH or v-SLIZ-USDC pool

The maximum lock duration is 4 years and the minimum is 1 week, each granting a different amount of veSLIZ per $SLIZ locked. e.g. 100 $SLIZ locked for: 4 years - 100 veSLIZ 1 year - 25 veSLIZ 1 month - 1.65 veSLIZ 1 week - 0.2 veSLIZ

Bribes are tokens paid by a 3rd party to veSLIZ holders in exchange for their votes. They can use the bribed votes to vote on whatever pool they want.

Voting on a pool gives it more $SLIZ rewards based on the total number of votes it received. These rewards are distributed based on the TVL of the pool and typically result in an APR. This mechanism allows the most useful pools to get more rewards over time.

SolidLizard recently announced a partnership with @GMDProtocol where they will introduce the GMD-ETH pool. twitter.com/solidlizardfi/status/1627144735314833410?s=20

For those curious about what @GMDProtocol is, here is a good deep dive thread by @Only1temmy twitter.com/Only1temmy/status/1626857476074389507?s=20

If you're curious about the emerging number of ve(3,3) projects lately, I'd highly recommend learning more about the mechanic in this thread by @Slappjakke twitter.com/Slappjakke/status/1601897785262907392?s=20

It appears Solidly forks are gaining popularity. On Jan 1, TVL across Solidly forks was $97M. Just under 2 months later, TVL grew ~500% to $580M. BY NO MEANS IS THIS ADVICE TO APE, but I might just follow the a16z money here and scoop some up myself 😄

If you're interested in learning more about the 2 Solidly forks above SolidLizard, here are some gud threads: Velodrome - by @DeFiMinty twitter.com/DeFiMinty/status/1605619737492324355?s=20 ThenaFi - by @Slappjakke twitter.com/Slappjakke/status/1600124207626539008?s=20

Gigabrains who may be interested (1/2) @DefiIgnas @crypto_linn @crypthoem @defi_mochi @DAdvisoor @CharlieXDeFi @DeFi_Cheetah @2lambro @korpi87 @crypto_condom @DegenCamp @ThorHartvigsen @TheDeFISaint @Only1temmy @CryptoKaduna @ViktorDefi @alpha_pls @CJCJCJCJ_ @OuroborosCap8

Gigabrains who may be interested (2/2) @rektdiomedes @0xFlips @Chinchillah_ @jake_pahor @Subli_Defi @Slappjakke @0xSalazar @thelearningpill @WinterSoldierxz @0xCrypto_doctor @DeFiMinty @0xSalazar @kindahangry @schizoxbt @0xKickflip @_FabianHD @CryptoShiro_ @rektfencer @arndxt_xo