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verage (less junior vs senior) Higher leftover per token, thinner cushion Junior leftover is variable on purpose. It is the leveraged STRC side of the book: more yield, no funding fee, no personal liquidation price. Junior’s price can fall if senior leaves when STRC is below the vault’s average buy. A rise in STRC’s price does not raise junior’s target or on-screen price. That extra value builds the cushion. Target junior figures are not guaranteed. Stress can cut leftover yield and book value. A sale below the average buy hits junior first. See Risk Disclosures . Compared with raw STRC Raw STRC SR-strcUSX JR-strcUSX Income Full preferred dividend path Capped 7% target path Leftover after senior Price path Full market mark Grows toward 7% outside liquidation Book value; hit only if the vault sells below what it paid Exit Stock market Instant fee / 15-day queue / DEX Every 2 weeks after the first window / DEX Settlement Brokerage / cash USX USX strcUSX is structured, USX-settled access to STRC-linked carry. It is not a 1:1 substitute for the preferred share. How APY is shown Metric Meaning Trailing 30-day What the exchange rate or book value actually did, annualized Projected Forward estimate from coupon, book mix, and parameters Early vault APY can look noisy when the book is small. Trailing and projected figures are not guarantees. Compared with eUSX eUSX SR-strcUSX JR-strcUSX Driver Crypto funding STRC yield without the daily price Leveraged STRC: leftover yield, no funding fee Character Moves with funding Steadier Higher yield; price can fall if senior leaves below the average buy Coverage Operating target: about 200% coverage (total ÷ senior). Stage ratios stay at 112% / 110–112% / under 110%. The STRC dollar price that maps to each stage moves with the vault’s average buy. Worked examples: Junior and Senior . Live figures publish on the Proof of Solvency dashboard . All payments are USX the protocol chooses to send. Target rates are not guaranteed. Actual rates depend on the structured return stream, vault health, and governance decisions. APY targets and senior/junior mix can change. The vault publishes senior and junior targets against a reference book. Solstice may shift senior/junior ratios, coverage posture, and related parameters as market conditions and liquidity change, including when that supports growth of the product. Live rates, balances, and coverage publish in the app and on the Proof of Solvency dashboard . Target figures are not guaranteed. See Risk Disclosures . Previous Deposit and Redemption Next Risk Disclosures ## /solstice-for-users/yieldvault/strcusx/risk-disclosures Risk disclosures SR-strcUSX and JR-strcUSX carry different risk on purpose. Senior is STRC yield without the daily price ride. Junior is closer to leveraged STRC: more yield, no funding fee, no personal liquidation price. Junior’s price can fall if senior leaves and the vault sells STRC below what it paid. strcUSX is not a cash substitute, Treasury bill, or money-market fund. It is not the same as holding STRC one-for-one. It splits STRC-linked income and sale risk across two tokens. You do not own the underlying STRC. Payments are USX the protocol chooses to send, based on revenue and governance. Live parameters, balances, and coverage publish in the app and on the Proof of Solvency dashboard . Risk profile by tranche Risk factor SR-strcUSX JR-strcUSX Rate variability Low–medium Medium–high If STRC’s price drops and nobody sells Senior path holds Book value holds If senior leaves and the vault sells below its average buy Senior path holds while junior lasts Junior’s price can fall Redemption Instant (fee) or 15-day queue Every 2 weeks after the first window; can tighten or close under stress Displayed price Growing senior claim Book value Risk label Low–medium High Core risks 1. STRC is unsecured preferred, not a pegged note STRC is preferred equity of Strategy Inc. It is not collateralized by Strategy’s bitcoin. The $100 stated amount is used for dividend math. It is not a contractual right to exit at $100. Strategy can change the dividend. Price can stay below stated for a long time. That has already happened. 2. Coupon is not total return A high stated dividend can keep paying while the secondary price is down. If you need to sell below entry, you lock in a capital loss. 3. Junior is hit by a sale, not by a price move alone If STRC’s price drops and senior stays, junior’s on-screen price does not fall. Junior takes a hit when the vault sells STRC below what it paid. That usually happens because senior is leaving and the vault needs cash. After junior is exhausted, senior can lose principal. 4. Junior is the leveraged side Higher junior target yield is the leveraged STRC path: more of the coupon, no funding fee, no personal liquidation price. Junior can lose most or all principal if senior leaves and the vault sells a lot of STRC below what it paid. 5. Isolation from USX strcUSX does not sit in USX reserves. USX holders who never mint strcUSX do not take this STRC book. strcUSX holders should not assume USX’s reserve mix backs their STRC-linked returns. 6. Book value is not live market value (junior) Junior book value can differ from a pure live mark of STRC. A rise in STRC’s price builds a cushion. It does not raise junior’s on-screen price. Always check STRC price and coverage before minting or redeeming. 7. Liquidity is staged Senior instant exit costs a fee that can rise in stress. Junior’s main exit is every 2 weeks after the first window and can pause when coverage is weak. DEX prices can sit far from vault value. 8. Target rates are not guaranteed No contractual guarantee of 7%, ~20%, or any other rate. Governance and vault conditions govern payments. 9. Operational stack Smart contracts, price feeds (including market-hours limits on equity preferreds), custody, brokerage execution, and counterparties can fail or delay. Audits and attestations reduce these risks. They do not remove them. 10. Not legal ownership of STRC No shareholder rights, no direct dividend claim, no right to force redemption of preferred shares. 11. Treasury-bill cash A smaller slice of the book sits in short-term US Treasury bills so the vault has cash for day-to-day exits. That cash can be used up. It does not remove STRC price or credit risk. Shared risks in more detail Reference asset / issuer risk If Strategy reduces, suspends, or stops STRC dividends, or if preferred credit spreads widen sharply, the structured stream and vault payments fall. STRC price risk A drop in STRC’s price does not, by itself, cut junior’s on-screen price. Junior covers a sale below the average buy. Senior is shielded only while junior capacity and stage rules hold. Stage ratios (112% / 110%) stay fixed. The STRC prices that hit those bands move with average buy and mix. See the worked examples on Junior and Senior . Macro and balance-sheet sensitivity STRC can move with rates, risk appetite, and confidence in Strategy’s bitcoin treasury model even though STRC itself is not bitcoin-collateralized. Smart contract and oracle risk YieldVault architecture has been audited by Halborn and SEP2. Confirm current audit scope in the app and docs. Stale or missing STRC feeds can block mint or redeem. Governance and parameter risk Fees, caps, stage bands, and rate settings can change under governance. Senior-specific risks Remaining loss after junior is wiped out in liquidation Rate cut in Restricted High instant redemption fee in stress Treating senior as “risk-free 7%” (it is not) Junior-specific risks Principal loss, including total loss, if the vault sells a lot of STRC below what it paid 2-week exit gates and stress pauses Gap between book value and live STRC price Extra loss if you borrow against junior elsewhere A rise in STRC’s price does not raise junior’s on-screen price. That extra value stays in the cushion. Stage behavior Stage What to expect Normal (BAU) Normal target accrual. Junior book value holds when STRC’s price moves. A drop hits junior only if the vault sells below what it paid. Restricted Harder junior exit; possible senior fee spike and rate changes. STRC dollar trigger moves with average buy. Liquidation Unwind so remaining STRC can be sold before senior is wiped; junior first; wind-down claims; no return to normal operation What strcUSX is not Not equity in Strategy or Solstice Not debt with a fixed coupon claim on STRC Not a money-market or bank deposit Not bitcoin-backed paper Not a guaranteed 7% or ~20% product Not part of USX reserves Not a promise that STRC returns to $100 This is not financial advice. You can lose capital. Junior risk is elevated. Do your own research. Past performance does not guarantee future results. Parameters can change under governance. Legal framework: Risk Disclosures , Terms and Conditions , Legal Disclaimers . Previous Yield and APY Next Frequently asked questions ## /solstice-for-users/yieldvault/strcusx/frequently-asked-questions Frequently asked questions Common questions about SR-strcUSX and JR-strcUSX. Mechanics: Junior and Senior Tranches . Risks: Risk Disclosures . What is strcUSX? A Solana vault product that gives structured, USX-settled access to income linked to Strategy Inc. preferred shares (STRC). It splits that book into senior and junior tokens. You do not own STRC. Where do I see live numbers? In the app and on the Proof of Solvency dashboard : balances, coverage, rates, and fees. Is this the same as holding STRC? No. Holding STRC takes the full market price move. Senior is STRC yield without sitting in that daily price. Junior is closer to leveraged STRC: more yield, no funding fee, no personal liquidation price. Junior’s price can fall if senior leaves and the vault sells STRC below what it paid. If everyone stays, a drop in STRC’s price does not cut junior’s price. Credit risk, dividend changes, and liquidation risk remain. See How this differs from holding STRC . Does strcUSX put USX at risk? No. strcUSX is isolated and optional. STRC-linked exposure does not flow into USX reserves. USX stays overcollateralized and non-directional, with composition on the Proof of Solvency dashboard . What’s the difference between senior and junior? SR-strcUSX JR-strcUSX Target 7% About 20% when the vault is about twice senior Feel STRC yield, skip the daily price Leveraged STRC: more yield, no funding fee, no personal liquidation price When junior can lose After junior is gone If senior leaves and the vault sells STRC below what it paid On-screen price Grows toward the 7% path Book value Exit Instant (fee) or 15-day queue Every 2 weeks after the first window, with caps Where does yield come from? USX payments linked to STRC preferred dividends (current issuer reference: about 12% on $100 stated, twice a month, variable). Senior takes 7% first. Junior takes the leftover. When the book is filled below $100 STRC, yield on what was paid is higher than the stated coupon, which feeds the leftover available for junior. A rise in STRC’s price does not raise those targets. Extra value stays in the cushion. What’s in the book? Mostly STRC, plus a smaller slice of short-term US Treasury bills so the vault has cash for day-to-day exits without always selling STRC. Do I have a claim on STRC dividends? No. Is junior marked to market every day? No. The product shows book value . Mint and redeem also use the live market value so flow does not unfairly move value between leavers and stayers. Book value can still differ from the live STRC price. Check STRC and coverage on the dashboard before minting junior. What happens if STRC’s price drops? If senior stays and the vault does not sell: junior’s on-screen price does not fall. Both sides can keep earning their targets. If senior leaves and the vault sells below its average buy: junior takes that sale first. Restricted: junior exits tighten. Senior may still leave via fee or queue. Liquidation: junior takes loss first. Senior only if junior is wiped out. Then wind-down. The STRC dollar level that trips Restricted or Liquidation moves with the vault’s average buy. See Junior and Senior . What happens if STRC’s price goes up? The extra value builds a cushion the protocol can use later if senior needs to leave below the average buy. It does not raise junior’s on-screen price or junior’s target yield. Can I lose money on senior? Yes. In liquidation after junior is exhausted, and via fees or lower rates in stress. Senior is protected relative to junior, not risk-free. Is 7% guaranteed? No. It is the senior target in normal conditions. It depends on the STRC dividend path, vault health, and payments the protocol chooses to send. Can I lose money on junior? Yes. Junior is the leveraged side. Its price can fall if senior leaves and the vault sells STRC below what it paid. If everyone stays and the vault does not sell, junior’s price does not fall just because STRC’s price dropped. Is ~20% junior guaranteed? No. Leftover and variable. It moves with the STRC dividend, the senior target, and the junior:senior ratio. Is $100 a put on STRC? No. Stated amount is used for dividend math. Price can stay below stated for a long time. Do not assume exit at that number. How does redemption work? Senior: instant with a fee, or free 15-day queue. Junior: first window request cut-off 23 August 2026 , settlement 26 August 2026 , then every 2 weeks , with caps and coverage checks. Settlement uses min(book value, mark-to-market). Can pause in Restricted or Liquidation. Can I cancel an unlock? No. What are Restricted and Liquidation? Coverage ratios stay fixed: normal ≥112%, Restricted 110–112%, Liquidation under 110%. The STRC price that maps to each band moves with the vault’s average buy. Restricted exists so junior can still cover senior in a hard selloff. If senior stays and the vault does not sell, junior’s on-screen price does not fall. Worked examples: Junior and Senior . How does collateralization work? Coverage = (senior NAV + junior NAV) ÷ senior NAV. The vault targets about 200% coverage (junior roughly matching senior). Senior mint is junior-led so coverage holds. Live coverage publishes on the dashboard. Should I be careful minting junior when STRC is below the book’s purchase price? Yes. Check STRC’s market price and vault coverage. Book value is not a live mark. How do strcUSX and eUSX work together? Different drivers (preferred credit vs crypto funding). Many people hold both as diversifiers. How is this different from other STRC-linked products? Some products put preferreds under a synthetic dollar or mark STRC on a yield leg next to T-bills. strcUSX keeps USX independent of STRC and puts STRC-linked risk only in this optional vault. Inside the vault, a small Treasury-bill cash slice sits next to STRC. It is not the return engine. Do I earn Flares? Yes, while you hold. Flares stop when you start an unlock. Is strcUSX audited? YieldVault architecture has been audited by Halborn and SEP2. Confirm current audit scope in the app and docs. Attestations run through Accountable.Capital. Previous Risk Disclosures Next tbUSX ## /solstice-for-users/yieldvault/tbusx tbUSX tbUSX is designed to carry sovereign rates onchain: programmable exposure to sovereign-rate and treasury infrastructure strategies through institutional partners. It's built for DeFi venues from day one - as collateral, a quote asset, and a base layer for structured products. Like every vault token, it ships through YieldVault : mint with USX, redeem back to USX plus accrued yield. The strategy sits on the shelf in Yield Sources . tbUSX is in active design, subject to product, custody, and regulatory readiness. Token specifications follow as launch approaches. Previous Frequently asked questions Next SLX ## /solstice-for-users/slx SLX SLX is the protocol's alignment & governance token, trading on major exchanges as the foundational asset of the ecosystem. Staking activates it: stake SLX, receive stSLX, and stSLX is the key to every protocol privilege. The deeper the lock, the deeper the access. On its own, SLX represents no equity, debt, or ownership, and holding it entitles no one to dividends, profits, or any guaranteed financial return. Value derives from utility within the Solstice system, which activates through staking. The full economic model is in the Litepaper, the protocol architecture in the Whitepaper: both on Resources . Utility stSLX unlocks: Priority vault entry when new YieldVault capacity opens Instant redemption of eUSX and other yield tokens, an alternative to the standard cooldown Credit market access inside Nexus, with locked stSLX scaling borrowing capacity Higher autonomy tiers in Nexus Progressive Autonomy Governance weight on protocol parameters as the governance framework activates stSLX itself accrues staking rewards into its exchange rate; mechanics and the current cycle's yield are on stSLX . As the stack grows, so does SLX utility: every new vault, Nexus phase, and YaaS integration is built to carry an SLX access or priority component. Governance Solstice governance is operational: protocol health, risk configuration, and resource direction. It distributes no financial entitlements, and staked SLX confers no right to fees, profits, or other economic distributions. It activates in phases. Today the Foundation's Risk Committee sets parameters, reviews audits, and approves deployments, with community signaling on selected proposals. Staked SLX holders take on a widening share of decisions as the system matures, first through signaling, then through binding votes. At the product level, locked stSLX holders may influence parameters across YieldVault, credit markets, payment infrastructure, and the OTC market. Token Design Property Description Type Alignment & governance token Contract Address SLXdx4BUt2v9uJQNzWqSfzTJ9UKLUDsvxHFMEEdrfgq Supply Fixed, 1 billion tokens Distribution Usage, staking, liquidity, and participation programs Emission Model Fixed, published vesting schedule Transferable Yes Governance Yes, staked positions Get SLX SLX trades on major centralized exchanges and DEXs; live venues are listed on CoinGecko and CoinMarketCap . Flares campaigns distribute SLX allocations for protocol participation; see Flares . Tokenomics Total supply is fixed and distributed across ecosystem development, community incentives, liquidity, treasury reserves, and core contributors. Community buckets unlock before the team's, and releases follow fixed, published vesting schedules that vary by allocation. The schedule was amended once, in September 2026. Total supply, terminal allocations, and the May 2029 completion date are unchanged. Locked SLX leaves circulating supply: credit-market locks hold for the duration of the loan, and instant-unlock capacity locks are similarly illiquid. There are no perpetual emissions; over time, incentives are replaced with user-funded demand. The full allocation breakdown and vesting schedules are on Tokenomics . Distribution mechanics only. Not investment advice. References to burns describe planned actions and are not guarantees. Parameters may be updated for risk, market, or compliance requirements. Previous tbUSX Next Tokenomics ## /solstice-for-users/slx/tokenomics Tokenomics SLX supply is fixed at 1 billion tokens. Solstice is incubated by Deus X Capital. Full mechanics are in the Litepaper, on Resources . Allocation Allocation Share Tokens Purpose Foundation 24.00% 240,000,000 Protocol liquidity, market-making, treasury operations Community 37.71% 377,145,777 Ecosystem incentives, liquidity programs, integration grants Team & Advisor