USX 백서 전문

Staked SLX signaling on protocol- wide parameters. Phase 3 — Binding token votes on a widening set of parameters. SOLSTICE.FINANCE 19 ●08 · GOVERNANCE 8.2 PRODUCT-LEVEL · 8.3 RISK GOVERNANCE 8.2 · PRODUCT-LEVEL GOVERNANCE Parameters that touch products. Over time, locked stSLX holders may inﬂuence parameters of native on-chain products. Enterprise integrators who stake SLX may help shape decisions tied to their integrations. PRODUCT GOVERNANCE PARAMETERS YieldVault Allocation bands, conversion limits, vault capacity thresholds. Solstice Credit Markets Borrow caps, LTV bands, restriction-mode triggers. Payment Infrastructure Routing fee bands, discount tier thresholds, merchant incentives. Solstice OTC Market Execution fee bands, trade size thresholds, routing policies. 8.3 · RISK GOVERNANCE The Risk Committee. The Foundation's Risk Committee is the standing body responsible for risk-related decisions: Governance proposals that touch risk parameters go through the committee's review alongside any community signaling. The committee's authority is operational. It keeps the protocol safe to use while broader governance matures. The Risk Committee anchors the system while the broader framework activates. Committee composition includes representatives from the Solstice Foundation, Equinox Strategies, and rotating independent risk advisors with backgrounds in traditional asset management, on-chain risk, and smart- contract security. The committee meets on a ﬁxed cadence and publishes a public summary of decisions affecting protocol parameters or strategy onboarding. Over time, as the protocol's risk surface stabilizes and the governance framework activates, an increasing share of risk decisions will move into the public proposal process under SLX-holder review. Smart-contract audit approval. Strategy onboarding and credit-box calibration. Incident response. Pause authority in extraordinary conditions. SOLSTICE.FINANCE 20 ●SECTION 09 OUTLOOK SECTION 09 09. Outlook. The product stack described in this paper is in active expansion. New YieldVault strategies are in design, Nexus continues through its four-phase rollout, and YaaS integrations are onboarding across ﬁntech and consumer payments. Each new component builds against the same entity structure, the same reserve transparency, and the same SLX access model described above. VAULTS A widening shelf. aiUSX, tbUSX, and additional licensed strategies. All on the same YieldVault contract surface. NEXUS Phase by phase. Optimiser → Copilot → Credit & Yield Card → Progressive Autonomy. Each step expands the access stSLX unlocks. YAAS Embedded distribution. Fintechs, neobanks, payroll platforms, treasuries. Every integration deepens USX liquidity. The work of the protocol is to keep that framework steady while the shelf of strategies, partners, and distribution venues built on top of it continues to grow. NEXT Section 10 — Risk & Disclosures → SOLSTICE.FINANCE 21 ●SECTION 10 RISK & DISCLOSURES SECTION 10 10. Risk & disclosures. This document is for informational purposes only and does not constitute an offer, solicitation, or recommendation to buy, sell, or hold any digital asset. Prospective participants should conduct their own independent research and consult qualiﬁed legal, tax, and ﬁnancial advisors. 10.1 · ASSET DISCLOSURES Per-asset notes. USX Overcollateralized settlement layer asset. Reserve composition and coverage are reported through the Accountable Proof of Solvency framework and are subject to market, counterparty, and operational risk. USX is not legal tender, not a bank deposit, and not guaranteed by any central bank or deposit insurance scheme. eUSX Yield-bearing token reﬂecting the performance of a delta-neutral strategy operated by a regulated Approved Manager. Returns are not guaranteed. Historical performance is not indicative of future results. Redemption is subject to available buffer capacity and redemption queue policies. strcUSX Yield-bearing token providing exposure to Strategy Inc. STRC preferred-share dividends through an institutional custody structure. Returns depend on Strategy Inc. corporate distributions and are subject to issuer and market risk. Redemption is subject to available capacity. aiUSX Yield-bearing token providing exposure to AI infrastructure credit ﬁnancing through institutional partners. Returns depend on the performance of the underlying ﬁnancing positions and are subject to credit, counterparty, and market risk. Redemption is subject to available capacity. tbUSX Yield-bearing token providing exposure to sovereign-rate and treasury infrastructure strategies through institutional partners. Returns depend on the performance of the underlying treasury and rate strategies and are subject to interest-rate, counterparty, and market risk. Redemption is subject to available capacity. SLX Native token of Solstice Finance, tradeable on major exchanges. Utility and governance activate when staked into stSLX. SLX does not represent equity, debt, or any ownership interest in Solstice Finance or its affiliated entities. Token holders have no right to proﬁts, dividends, or guaranteed ﬁnancial returns. Any value derives from utility within the Solstice system. stSLX Liquid staking token received upon staking SLX. stSLX does not represent equity, debt, or ownership, and confers only the access rights and governance weight described in this paper. SOLSTICE.FINANCE 22 ●10 · RISK & DISCLOSURES 10.2 · 10.3 · 10.4 10.2 · FORWARD-LOOKING STATEMENTS Forward-looking statements. Protocol performance, product timelines, roadmap milestones, and the activation of any governance framework described in this document are forward-looking and subject to risks, uncertainties, and assumptions. Nothing in this document should be read as a commitment to deliver a speciﬁc product, feature, or outcome on a speciﬁc timeline. Solstice reserves the right to modify, suspend, or discontinue any feature or product based on regulatory, technical, or operational factors. 10.3 · RISK CATEGORIES Categories of risk. Market risk Digital asset prices, funding rates, and credit spreads move. Strategies that depend on these markets can underperform or produce losses. Counterparty risk Off-chain strategies rely on regulated custodians, prime brokers, and trading venues. Failures at these counterparties can affect performance and redemption. Technology risk Smart contracts, oracles, bridging infrastructure, and cloud systems can fail. Audits reduce but do not eliminate this risk. Regulatory risk Digital asset regulations evolve. Products and features may be modiﬁed, geofenced, or withdrawn to remain in compliance. Liquidity risk Redemption ﬂows depend on underlying fund liquidity and protocol buffer capacity. Stress conditions may delay redemption. Governance risk Parameter changes made by the Foundation or by governance processes may affect product economics. 10.4 · JURISDICTIONAL NOTICE Jurisdictional notice. Products and features described in this document may not be available in every jurisdiction. Availability may be restricted based on applicable law, local regulatory status, and sanctions considerations. Participation is subject to the protocol's terms of service and KYC/AML policies where required. Participation in the Solstice ecosystem involves risk, including the risk of losing the full amount of any capital deployed. SOLSTICE.FINANCE 23 Solstice Finance The yield layer for Solana. Built for institutions. Open to everyone. SOLSTICE.FINANCE 24 S E P T E M B E R 2 0 2 6 R E L E A S E S C H E D U L E U P D A T E S E P T E M B E R 2 0 2 6 U P D A T E SLX release schedule update. In September 2026 the Solstice Foundation amended the SLX release schedule. The amendment re-phases 75,000,000 SLX, 7.5% of total supply, into the September 2026 release, drawn from the Foundation, Community, and Airdrops allocations. What does not change. Total supply remains 1,000,000,000 SLX, every allocation finishes at the same size, and no new tokens are created. Later releases are reduced to repay the earlier ones, so the cumulative difference returns to zero at the final release in May 2029. Controls and verification. The Foundation does not sell the re-phased tokens and does not deposit them to any exchange. The Foundation allocation is held in segregated custody behind an on-chain release contract, and Community tokens reach users only as incentive rewards vest. The amended schedule, including the recipient wallet addresses, is on file with our exchange partners, which allows the movement of every re-phased token to be verified on-chain. This page supplements Section 07 (SLX utility and access). The amended schedule is on file with our exchange partners. Whitepaper v2.1 · September 2026 · Full statement published on solstice.finance. S O L S T I C E . F I N A N C E 25 ## /assets/SLX%20Litepaper%201.1.pdf SOLSTICE FINANCE SLX LITEPAPER · V1.0 SOLSTICE — SLX LITEPAPER · MAY 2026 SLX. The access layer. Access, prioritization, and governance for the Solstice yield protocol. Wrapping a stack that already works. SOLSTICE.FINANCE 01 SOLSTICE · SLX LITEPAPER MAY 2026 CONTENTS Table of contents. 01 Executive Summary Why SLX. Why now. 03 02 SLX across the Product Stack USX, eUSX, strcUSX, aiUSX, tbUSX, SLX & stSLX, future vaults, Nexus, YaaS. 05 03 Tokenomics Design principles, allocations, the ﬂywheel, supply mechanics, revenue. 09 04 Long-Term Vision & Governance Operational governance, protocol-wide and product-level parameters. 13 05 FAQ Common questions on staking, rewards, and access. 15 06 Glossary & Disclaimer Deﬁnitions, entities, forward-looking notice. 16 FOR THE READER This document describes the role of SLX inside Solstice Finance as of May 2026. Roadmap items, governance phases, and product timelines are forward-looking and subject to the disclosures in section 06. ISSUED May 2026 · v1.0 SOLSTICE.FINANCE 02 SECTION 01 EXECUTIVE SUMMARY 01. Executive summary. SLX is the access and prioritization asset that gates limited capacity across the Solstice product stack: early entry to new strategies, credit market eligibility, and governance. SOLSTICE.FINANCE 0301 01 · EXECUTIVE SUMMARY SOLSTICE — SLX LITEPAPER 01 · EXECUTIVE SUMMARY More than a governance token. SLX is the native token of Solstice Finance, trading on major exchanges as the foundational asset of the ecosystem. Demand for SLX is structurally tied to product usage: every product live today and every product launching next creates another reason to hold and stake. Staking SLX produces stSLX, the liquid staking token that gates access privileges: early entry to new strategies, priority vault entry, credit market eligibility, and governance. Governance is one layer of a broader utility model. Solstice Finance operates the largest Solana-native yield protocol, managing strategies capable of scaling into the billions, an overcollateralized settlement layer backed by audited dollar reserves, and a multi-tiered YieldVault architecture. Over three years, the protocol has achieved double-digit net IRR, no months of negative returns since inception. It is backed by a BVI-licensed Approved Manager (Equinox Strategies Ltd), secured by Solstice Staking AG's validator infrastructure, and supported by institutional allocators. Each dollar of USX TVL creates structural SLX demand through access gating, credit markets, and protocol- directed SLX allocation. SLX is scarce and tied directly to product usage, not speculation. WHY SLX. WHY NOW. Most DeFi tokens launch on promises. SLX launches on a three-year track record and infrastructure already in production. The token doesn't create the protocol. It wraps a protocol that already works. Every product already live (USX, eUSX) feeds SLX demand directly. Every product launching next (strcUSX, Nexus, YaaS) adds another demand layer. The earlier you stake, the more access privileges accrue as new products launch. SLX does not represent equity in Solstice Finance. It does not guarantee yield, proﬁt distribution, or price appreciation. Its value derives from utility within the Solstice system. SOLSTICE.FINANCE 04 SECTION 02 PRODUCT STACK 02. SLX across the product stack. Two on-chain assets live today (USX, eUSX) and ﬁve rolling out (strcUSX, aiUSX, tbUSX, SLX, stSLX), plus Flares, an off- chain rewards program. Each one feeds SLX utility. SOLSTICE.FINANCE 0502 02 · PRODUCT STACK 2.1 PROTOCOL ASSETS 02.1 · PROTOCOL ASSETS What each one does. USX SETTLEMENT The overcollateralized settlement layer for the Solstice ecosystem, backed by audited dollar reserves, tokenized treasuries, and delta-neutral hedged positions across major digital assets, with Accountable Proof of Solvency. All capital enters the protocol through USX. It's the base asset for yield, credit, and payments. eUSX YIELD The core yield product, deployed into Equinox Fund's delta-neutral strategies through a regulated, custodian-segregated structure. It brings a three-year track record with zero negative months. strcUSX CREDIT The ﬁrst Nasdaq-listed credit instrument tokenized on Solana. It gives users exposure to Strategy Inc.'s STRC preferred shares, an 11.5% annualized ﬁxed-income product backed by the world's largest corporate Bitcoin treasury. The yield source is uncorrelated with eUSX, so the two pair as diversiﬁers rather than substitutes. Launches June 2026. aiUSX AI YIELD On-chain exposure to AI infrastructure credit. Capital deployed through institutional partners into compute, inference, and training capacity ﬁnancing. The yield source is driven by enterprise compute demand, structurally unrelated to crypto funding markets and corporate ﬁxed income. Launches 2026. tbUSX T-BILLS Programmable sovereign-rate exposure engineered as a DeFi-native primitive from day one. Composable as collateral, as a quote asset, and as a base layer for structured products. The yield source is uncorrelated with crypto funding markets, corporate credit, and AI infrastructure ﬁnancing. Launches 2026. SLX & stSLX ACCESS Stake SLX to receive stSLX, a liquid staking token that appreciates as SLX rewards stream into the vault from the Solstice treasury. Cycle 1 carries a 20% base APY. After TGE, stSLX gets composable PT and YT markets across DeFi for ﬁxed-rate and leveraged exposure to staking APY. No unstaking required. Staking SLX (held as stSLX) waives the access fees on protocol features that non-stakers can still use by paying the standard rate: credit market access, priority vault entry, and Instant Unlock for YieldVault positions. Each feature is universal — stSLX holders pay no fee; non-holders pay it. Stakers also receive governance weight on operational parameters. Future vaults. The YieldVault architecture supports multiple strategies across risk proﬁles and yield sources. Every new vault follows the same SLX access model: holders get priority before outside capital. Each adds another source of structural SLX demand. SOLSTICE.FINANCE 06 02 · PRODUCT STACK 2.2 NEXUS · 2.3 YAAS 02.2 · SOLSTICE NEXUS Premium access for SLX holders. Nexus is Solstice's consumer app, a mobile-ﬁrst application that brings yield, credit, payment cards, and one-click strategies into a single surface. By bringing key ﬁnancial services in-house, Solstice controls execution, captures margins, and passes better terms to users. It's premium access for our SLX holders. Lending & Borrowing. Borrow against USX-denominated assets (USX, eUSX, strcUSX) without leaving the Solstice ecosystem. SLX will factor into access and borrowing capacity. Because Solstice controls minting, reserves, and proof-of-solvency, in-house lending can run on tighter economics with better yield opportunities for users. Currently in development. Yield Card. As USX becomes the core dollar asset for yield on Solana, SLX will let you spend in day-to-day transactions while idle capital keeps earning yield. SLX coordinates every Nexus feature through gated strategies and early access windows for stSLX holders when new products launch. IN DEVELOPMENT Lending Borrow against USX- denominated assets. IN DEVELOPMENT Yield Card Spend day-to-day; capital keeps earning. 02.3 · YIELD-AS-A-SERVICE Plugged into trillions of idle capital. Fintechs, neobanks, payroll providers, and consumer apps hold trillions in idle user capital with no native way to put it to work. YaaS is how Solstice plugs into that surface. One integration lets any platform offer yield on balances without building crypto infrastructure. The TAM is the entire pool of sitting money: card ﬂoat, neobank balances, payroll and salary rails, corporate treasury. Every integration ﬂows through USX, expanding distribution and deepening TVL. B2B partners beneﬁt the same way retail holders do. Holding SLX gives partners direct minting and redemption access and priority onboarding, in place of standard integration fees. The economics inside any product are the same for everyone. What works for individuals scales at the platform level. YAAS SURFACES Card ﬂoat between authorization and settlement. Neobank dollar balances sitting next to deposits. Payroll & salary rails on accrued, undisbursed wages. Corporate treasury idle reserves. FLOAT SURFACE Authorization-to-settlement windows hold capital in motion that has historically earned nothing for the issuer or end-user. DISTRIBUTION Each integration onboards an embedded user base. Solstice does not need to acquire those users. The partner already has them. WHY USX USX is the rail. Reserves are auditable, mint and redemption are open, and yield is generated through transparent on-chain strategies. SOLSTICE.FINANCE 07 SECTION 03 TOKENOMICS 03. Tokenomics. Community-ﬁrst design. Fixed supply with built-in reduction. Demand driven by usage, not promises. SOLSTICE.FINANCE 0803 03 · TOKENOMICS 3.1 TOKEN DESIGN 03.1 · TOKEN DESIGN Three principles. PRINCIPLE 01 Community-first. No VC allocation. The Flares airdrop program rewards USX usage, eUSX deposits, and ecosystem participation. It's designed to create the widest possible initial holder base and eliminate the systematic sell pressure that drove 84–85% drawdowns in comparable tokens post-TGE. PRINCIPLE 02 Fixed supply. Total supply is capped at 1 billion SLX. No perpetual emissions and no inﬂation. Every token releases on a ﬁxed, published schedule. PRINCIPLE 03 Usage-driven demand. Protocol activity generates recurring demand for SLX through access gating, staking requirements, and credit market locks. Higher TVL means more capital deployed, more fees generated, and more protocol resources directed toward the SLX ecosystem. ALLOCATIONS ALLOCATION SUPPLY % TGE % CLIFF (MO) VESTING(MO) Foundation 24.0% 50.0% 0 Community 37.71% 21.2% 0 36 Team & Advisors 20.0% 0.0% 12 24 Airdrops 10.0% Varied Varied Varied Strategic TVL Partners 8.0% 25.0% 0 12 Public Sale 0.29% 100.0% 0 0 SOLSTICE.FINANCE 09 20 03 · TOKENOMICS 3.2 ALLOCATIONS · 3.3 FLYWHEEL 03.2 · ALLOCATION NOTES What each bucket does. Foundation Protocol liquidity, market-making across centralized and decentralized exchanges, and treasury operations. Community Ecosystem incentives, liquidity programs, integration grants, and engagement rewards that drive product adoption and sustained TVL growth. Team & Advisors Core contributors and strategic advisors. The 12-month cliff and 24- month vesting ties execution to long- term protocol success. Airdrops Flares program and structured engagement initiatives that accelerate community growth. Strategic TVL Partners Institutional partners and liquidity providers expanding USX supply across new venues and platforms. Public Sale The Legion public sale, broadening retail participation. No VC allocation. Flares is the widest possible initial holder base, designed to neutralise the systematic sell pressure that has driven 84– 85% drawdowns in comparable tokens. WHY THIS MATTERS Comparable launches have concentrated >40% of supply with insiders. Solstice's schedule is built around a wid