Everything About Solidly

Adam Boudjemaa
5 min readFeb 11, 2022


Now is such an exciting time for the DeFi enthusiasts to witness. Since the recent launch and unveiling of ve(3,3) as Solidly or SolidSwap protocol, participants have had mad, rushed anticipation.

Meanwhile, Fantom has massively outshined other chains like Binance to become the best third blockchain by TVL. While other assets significantly declined in value in the crypto crisis market, Fantom’s exponential success.

Initially, the SolidSwap protocol was supposed to be distributed among the top 20 projects on the Fantom ecosystem. However, with the recent turn of events in curve wars, it was extended to 25 protocols with the highest TVL on Fantom.

Solidly is designed as a new automated market maker (AMM) decentralized model on Fantom, previously referred to as “ve(3,3)”.

Instead of the usual market maker connecting buyers to sellers, an AMM pools money from several token holders and rewards them in fees for adding their liquidity.

Solidly will operate based on the same model as Olympus and Curve Finance. This is because the term ve(3,3) is coined from a combination of two mechanics: Curve Finance (CRV) and OlympusDAO (OHM).

‘ve,’ known as “voting/vested escrow,” indicates protocol mechanics as employed by Curve, and (3,3) indicates Staking/dilution mechanics like OlympusDAO.

To further elaborate, vote escrow signifies that the longer you lock your tokens, the higher your rewards and the larger your share in the voting pool of protocol. However, you cannot sell your tokens when they are locked.

While (3,3) implies that premium trade occurs at a minimum of the protocol treasury value, which translates to a more significant premium and higher APY.

Hence, ve(3,3) allows you to deposit a base token in exchange for a non-transferable token. Although, if you choose to lock your tokens, that “lock” will be represented by an veNFT — non-fungible token, which will allow you to circulate those locks.

SolidSwap token $ROCK is a highly inflationary, emissions-based token that’d enable its holders to vote and incentivize their liquidity pools. The token is controlled by the protocol rather than by liquidity providers.

In other words, the tokens will help keep up with inflation so that the percentage of the protocol the holders own upon launch will always be the same value as represented by the original veNFTS — locked voting tokens (veROCK), which are in the form of non-fungible tokens. Holders can sell these veROCK tokens on a secondary market.

Furthermore, a yield aggregator for Solidly is ready to launch once the parent protocol is released. This aggregator is named Solidex Finance.

How does it work?

This new protocol utilizes emerging economic models (OHM and CRV). It’d improve fee revenues for ROCK holders.

Image source: Mudit Gupta

With veROCK, investors are rewarded for locking their tokens in a protocol over a stated period in return for a reward. And this is because the $ROCK is backed by Solidly treasury. Invariably, it empowers investors to make decisions and govern the protocol.

Also, gauges and bribes are natively enabled into Solidly. Thus, there’d be no need for off-chain voting. And holders can only gain from pools they’ve voted for.

Gauges and Bribes were first introduced by convex to gain more CRV tokens. Projects use the mechanics to gain more token liquidity by enticing users with rewards in exchange for their voting rights.

Who Qualifies to Hold this Token?

Only the winning protocols on Fantom received these tokens. After which, each protocol may decide how to distribute these tokens to its community. You can secure your spot by staking in any of the leading protocols on Fantom.

The top 25 protocols with the highest TVL

Notably, the protocols that received these tokens will own 25% of Solidly protocol revenue in perpetuity. This percentage will remain fixed, which is why these protocols are pumping today.

The allocations of the tokens were based on the protocols’ value by TVL. Fifteen of the tokens went to Fantom native projects.

It’s interesting to note that three native Fantom protocols (VeDAO, 0xDAO, and Radial) were gatecrashed, intending to vie for some NFTs. Thus, 20.7% of the 15 NFTs went to these newcomers, while 41.3% went to the more elderly protocols on Fantom.

VeDAO (TVL $626 million) was focus-built to suck up liquidity, enticing users with mouthwatering returns through the emission of its token.

veDAO’s token $WEVE was not designed to have any monetary value but to solely govern the use of ve(3,3) non-fungible token as well as its earnings. Users can farm by staking FTM or ethereum in veDAO farms.

In response, developers from major Fantom projects like Scream, Liquid Driver, SpookySwap, and Revenant grouped to launch a counter-attack through a new protocol called 0xDAO (TVL $4.2 billion) to prevent VeDAO from getting the lion share of ROCK.

0xDAO aims to offer a fully decentralized infrastructure that maximizes profits has capital efficiency and voting power for 0xDAO. Thus, generating a free market for established protocols on Fantom looking to increase liquidity.

OXD holders will have a say on how the treasury is allocated. Once trading begins, 0xDAO intends to redistribute the yields collected from ve(3,3) emissions-based voting between the treasury and stakers.

Final point

Solidly is the next big thing because it utilizes emerging economic models such as OHM, CRV, Convex, and bribes. It’s designed to resolve all the loose ends in the cryptocurrency market. It’s a protocol enabled for more efficient swaps for both stables and typical crypto assets, highly speedy, with a proof-of-stake blockchain network — all the while giving mad returns to holders.



Adam Boudjemaa

Lead Blockchain Developer @polytrade_fin — Head of Blockchain @retreeb_io — Ex-Blockchain Developer @FantomFDN