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e
base, long lockups for contributors, and structural demand
pulled from product usage rather than emissions.
03.3 · THE FLYWHEEL
How TVL feeds SLX
demand.
01 USX TVL grows organically and via YaaS integrations.
02 More capital gets deployed into YieldVault strategies,
generating more fees from product activity.
03 Ecosystem resources are allocated toward growth,
liquidity, and product development.
04 Users hold SLX for credit access, early vault entry,
and instant unlocks, creating persistent demand from
usage.
05 More SLX gets staked to activate access privileges.
Demand for those privileges compounds with usage.
06 The credit market and Nexus drive retention, keeping
TVL sticky rather than mercenary.
07 YaaS captures TVL in both directions, decoupled from
crypto market cycles.
SOLSTICE.FINANCE 10
03 · TOKENOMICS 3.4 SUPPLY · 3.5 REVENUE
03.4 · SUPPLY REDUCTION MECHANICS
Demand replaces emissions.
SLX locked in credit markets is removed from circulating supply for the duration of the loan.
SLX locked for instant unlock capacity is similarly illiquid.
There are no perpetual emissions. Over time, incentives are replaced with user-funded demand.
LOCKED IN CREDIT
SLX collateralizing active loans is
illiquid for the loan duration. As credit
volume grows, the locked share of
supply grows with it.
LOCKED FOR UNLOCK CAPACITY
Instant unlock backing requires staked
SLX. Capacity scales with redemption
demand, taking more supply off the
market.
NO EMISSIONS
There are no perpetual emissions. As
the protocol matures, token incentives
give way to demand funded by real
product usage.
03.5 · PROTOCOL ECONOMICS
Multiple streams that scale with TVL.
Solstice operates multiple fee streams that scale with TVL:
YieldVault performance fees, Instant Unlock fees, credit
market spreads, and OTC execution fees.
During the growth phase, fees are reinvested into user
acquisition, liquidity, and product development. This is
deliberate. Sophisticated DeFi participants have seen what
happens when premature token distributions launch before
durable economics are established. Solstice is building for
compound growth first.
Protocol resources are deployed toward ecosystem
growth, liquidity incentives, and product development
based on governance proposals.
FEE SURFACES
YieldVault performance fees.
Instant Unlock fees.
Credit market spreads.
OTC execution fees.
SOLSTICE.FINANCE 11
SECTION 04 LONG-TERM VISION & GOVERNANCE
04. Long-term
vision &
governance.
Operational governance focused on protocol health, not
financial entitlement. Staked SLX is designed to give
participants a voice in the parameters that shape product
behavior.
SOLSTICE.FINANCE 1204
04 · GOVERNANCE 4.1 PROTOCOL-WIDE · 4.2 PRODUCT-LEVEL
04 · GOVERNANCE
A voice in protocol parameters.
Staked SLX is designed to give participants a voice in protocol parameters, ecosystem resource allocation, and product
development priorities. The intent is operational governance focused on protocol health, not financial entitlement.
Holding or staking SLX does not entitle users to profit distribution. As governance activates in phases, SLX stakers are
expected to help shape how discretionary protocol resources (ecosystem incentives, liquidity allocation, treasury
deployment) are allocated.
04.1 · PROTOCOL-WIDE GOVERNANCE
GOVERNANCE CATEGORY PARAMETERS INFLUENCED
Ecosystem Development How protocol resources are directed toward grants, integrations, and
infrastructure.
Ecosystem Resource Cadence Cadence, sizing, and execution parameters of resource deployment.
Staking Reward Configuration Distribution mechanics and reward weighting models.
Access Threshold Standards Baseline locked stSLX requirements across products.
Treasury Deployment Strategic use of treasury-controlled SLX reserves.
04.2 · PRODUCT-LEVEL GOVERNANCE
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.
SOLSTICE.FINANCE 13
SECTION 05 FAQ
05 · FAQ
Frequently asked.
Is SLX equity in Solstice?
No. SLX does not represent equity, debt, or ownership. It is primarily an access and utility token with governance layers
attached to staked positions. Its value derives from access, staking, and protocol participation.
How do I earn rewards with SLX?
Stake SLX to receive stSLX. The vault exchange rate increases as SLX rewards stream in from the Solstice treasury. No
claiming or compounding required.
Cycle 1 carries a 20% base APY. The formula is: base rate minus eUSX's 7-day rolling APY. When eUSX yield compresses,
more SLX flows from the treasury to top up the difference. The two move in opposite directions by design.
Shortly after TGE, stSLX gets composable PT and YT markets across DeFi, giving holders a second layer of utility beyond
passive yield.
What does locking stSLX actually do?
Locking signals long-term alignment. It unlocks protocol privileges: credit market access, early vault entry, and governance
participation. Instant eUSX redemptions (Instant Unlock) activate in a later phase. Your stSLX continues to appreciate while
locked.
If I only hold SLX and do nothing, what happens?
You have price exposure to protocol growth and increased SLX demand from product usage, but you don't receive staking
rewards or access premium features.
What's the difference between eUSX, strcUSX, aiUSX, and tbUSX?
Each is a YieldVault token with a different yield source. eUSX captures crypto funding markets through delta-neutral
strategies. strcUSX accrues corporate fixed-income dividends from Strategy Inc.'s STRC preferred shares. aiUSX finances AI
infrastructure credit markets. tbUSX deploys into programmable sovereign-rate and treasury strategies. The four sources are
structurally uncorrelated, so holders can pair them as diversifiers across the YieldVault stack rather than treat them as
substitutes.
Are rewards guaranteed?
No. Rewards depend on realized protocol activity and governance-directed allocations. There is no fixed or guaranteed yield.
The protocol is focused on establishing durable economics and ecosystem growth.
Is the SLX supply schedule fixed?
Yes. The full release schedule is fixed and completes 36 months after TGE. Circulating supply follows the published vesting
schedule.
How is governance scoped?
Governance is operational, focused on protocol parameters, vault strategies, fee schedules, and ecosystem allocations. It
does not direct treasury distributions or grant financial entitlement.
SOLSTICE.FINANCE 14
SECTION 06 GLOSSARY & DISCLAIMER
06 · GLOSSARY
Glossary.
USX Overcollateralized settlement layer backed by audited dollar reserves, tokenized treasuries, and delta-
neutral hedged positions across major digital assets. Accountable Proof of Solvency dashboards.
eUSX Yield-bearing token deployed into delta-neutral strategies via the YieldVault.
strcUSX Yield-bearing token providing exposure to Strategy Inc.'s STRC preferred share dividends via the YieldVault.
Structurally uncorrelated to eUSX.
aiUSX Yield-bearing token providing exposure to AI infrastructure credit markets via the YieldVault. Structurally
uncorrelated with eUSX, strcUSX, and tbUSX. Launches June 2026.
tbUSX Yield-bearing token providing programmable exposure to sovereign-rate and treasury infrastructure via the
YieldVault. Structurally uncorrelated with eUSX, strcUSX, and aiUSX. Launches June 2026.
SLX Native token of Solstice Finance, tradeable on major exchanges. Utility activates when staked into stSLX.
stSLX Liquid staking token received when SLX is staked. Represents a share of the staking vault. The exchange
rate rises as SLX rewards stream in from the treasury, so each token is worth more SLX over time. Cycle 1
APY is 20%. stSLX launches at TGE. Composable PT and YT markets across DeFi open shortly after.
YieldVault Framework for deploying capital collateral into managed yield strategies.
YaaS Bidirectional B2B infrastructure. Outbound embeds yield into fintech. Inbound tokenizes external strategies
for Solana distribution.
Flares Off-chain airdrop program rewarding USX/eUSX usage with SLX distribution rights.
Equinox Strategies
Ltd
BVI-licensed Approved Manager operating the flagship delta-neutral fund.
Solstice
Foundation
Non-profit governance body overseeing protocol stewardship.
06 · DISCLAIMER
Disclaimer.
This document is for informational purposes only and does not constitute an offer, solicitation, or recommendation to buy, sell, or hold SLX tokens.
SLX does not represent equity, debt, or any ownership interest in Solstice Finance or any affiliated entity. Token holders have no right to dividends,
profits, or any guaranteed financial return. The value of SLX is derived solely from its utility within the Solstice ecosystem. All forward-looking
statements are subject to risks, uncertainties, and assumptions. Protocol performance, revenue projections, product timelines, and the activation
of any governance framework described herein are not guaranteed and remain subject to protocol development and applicable regulatory
requirements. Participation in the Solstice ecosystem involves risk, including the potential loss of the full amount of any capital deployed.
Prospective participants should conduct their own independent research and consult with qualified legal and financial advisors.
SOLSTICE.FINANCE 15
SOLSTICE FINANCE SLX LITEPAPER · MAY 2026
SLX wraps
a protocol that
already works.
Built for institutions. Open to everyone.
SOLSTICE.FINANCE 16
0 3 · T O K E N O M I C S S E P T E M B E R 2 0 2 6 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.
Changes to this document.
This page amends Section 03. The Foundation allocation completes its releases in January 2028, shown in the allocation
table as a 20-month window.
Litepaper v1.1 · September 2026 · Full statement published on solstice.finance.
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