SOLA-X: Key Details on the Upcoming Raise

22 Jun 2023 · 7 min read

Product

Guide

SOLA-X

The SOLA-X raise is set to commence soon, and we are pleased to provide the essential information regarding this event. For those who might be unfamiliar, SOLA-X is a DeFi hub which integrates advanced features to improve user experiences in the DeFi space. Let's break it all down:

Overview of SOLA-X

SOLA-X is a cross-chain DeFi hub that aims to enhance user experiences by providing a seamless interface for traders and liquidity providers. The hub integrates various features to help mitigate some common challenges in the DeFi space such as impermanent loss, reduced Annual Percentage Yields (APYs) for liquidity providers, and high slippage coupled with price impacts for traders.

SOLA-X integrates unique features such as the "Smart Liquidity Routing", which aims to ensure seamless transfer of assets across multiple liquidity pools. The hub also attempts to deal with "front-running" by using smart liquidity pools to limit slippage or price impacts. Furthermore, SOLA-X implements a "Smart Liquidity Arbitrage" strategy which negates the need for external arbitrage bots and enhances APY.

The SOLA-X protocol will be deployed on the high-performance chains of Solana and Sei, which allows for faster transactions. Additionally, SOLA-X's native token, $SAX, is designed to be multichain, making it accessible not just on SOLA-X's primary chains, but also on the Ethereum network.

Understanding $SAX Tokenomics

In the DeFi world, the design and distribution of a project's native token play crucial roles in its ecosystem. This is also the case for SOLA-X's native token, $SAX. The initial pricing for $SAX is set at $0.03, however, investors on AngelBlock will be able to access it at $0.0175 as part of SOLA-X token seed sale. The maximum token supply stands at 500,000,000.

The collective fundraising goal for SOLA-X is targeted at $3,180,000. This funding aims to support the platform's development roadmap and foster its community. Despite this raise, the initial market capitalization of $SAX is set at $1,057,500, with the fully diluted market cap calculated to be $15,000,000.

The $SAX token is designed to incentivize user participation and network growth. By staking $SAX tokens or locking them within the platform's smart liquidity routing pools, users are rewarded with veSAX. This derivative token grants holders several benefits, such as the opportunity to multiply their APYs, participate in governance decisions, and enjoy various discounts within the ecosystem.

Key Details on the SOLA-X Raise

The SOLA-X raise on AngelBlock is part of a larger fundraising effort. With $350k already secured during the pre-seed round and an additional $300k raised in the seed round outside of AngelBlock, the raise aims to solidify the project's financial foundations. The AngelBlock round contributes to a $700k seed round, inviting the wider community to participate in SOLA-X's development.

The SOLA-X raise is set to begin on the 29th of June and conclude on the 8th of July. For the AngelBlock round, a softcap of 50,000 USDT has been set as the minimum amount SOLA-X aims to raise, necessary for immediate development goals. The hardcap goal is set at 200,000 USDT, funds that would further the development of SOLA-X's offerings and help with the roadmap.

Each $SAX token is priced at $0.0175, and the raise will take place on the Ethereum chain, making it important for participants to consider the associated gas fees. AngelBlock is working towards implementing gas in THOL to provide lower fees and additional token utility, with this update expected to arrive by year's end.

Only USDT will be accepted in the SOLA-X raise, though AngelBlock team has in the plans to integrate multiple currencies in the future.

A crucial detail to note for potential investors is the method and timeline for the release of the $SAX tokens. The tokens will be released according to the planned vesting schedule defined by SOLA-X (chart below), and the process will be overseen and managed by them.

As AngelBlock is hosting part of the seed sale, the $SAX tokens will be locked for a period of six months, beginning from the Token Generation Event (TGE). Post this cliff, the tokens will be released proportionally over an 8 month period.

Navigating the KYC Process: A Step-by-Step Guide

Participation in the SOLA-X raise for contributions exceeding $999 requires completion of a Know Your Customer (KYC) process. This process is a regulatory requirement designed to prevent fraud and illegal activities.

The KYC process is managed by Fractal ID, an identity solution provider for the web3 space. Completing the KYC process prior to the raise can help avoid potential delays that may occur due to high demand during the raise.

For more information about the KYC process and how to complete the identity verification check out our dedicated article.

Milestones and Badges: Investor Involvement and Project Progress

On AngelBlock, the role of an investor extends beyond merely contributing capital. Upon making an investment, the contributor is assigned a Badge, a unique, non-transferable ERC-1155 token. This Badge symbolizes the investor's voting power during milestone voting, thus participating in critical project decisions.

Due to their non-transferable nature, these Badges ensure only the original investors can take part in milestone voting, upholding the integrity of the project's development direction. It is essential for investors to vote from the wallet that initially received the Badge.

SOLA-X's roadmap includes clearly defined milestones, each tied to a specific release of capital. These milestones cover several carefully planned stages of project development, including technical elements such as stable pool contracts and token smart contracts deployment, and key functional components such as smart order router deployment. This milestone-centric approach offers more transparency and protection to investors.

Engaging investors in the decision-making process through milestone voting promotes a mutually beneficial environment. The Badge system not only verifies investor participation but also enhances trust and transparency in the project. This methodology contributes to a more robust and engaging fundraising ecosystem.

Detailed Milestones

Milestone 1:

[Solana] - Stable Pool Contract Deployment: SOLA-X will deploy liquidity pools designed explicitly for stable assets, such as USDC-USDT or wBTC-renBTC.
[Sei] - Token Smart Contract Deployment: The SOLA-X token will be deployed on the Sei testnet or mainnet (if available) as CW20 standard.
End date: August 31, 2023
Percentage of capital distributed: 20%

Milestone 2:

[Solana] - Smart Order Router (SOR): Smart Order Router will be deployed, so that users can swap assets through different pools if this results in an optimized price. For example, if a user wants to swap asset A to C, Smart Order Router will choose A to B to C for an optimized price.
[Sei] - Weighted Liquidity Pool Smart Contract (Test on Testnet), SEI Dapp (Swap): SOLA-X will deploy a swap smart contract on the Sei Testnet so that users can swap assets like USDC to Sei.
End date: September 30, 2023
Percentage of capital distributed: 20%

Milestone 3:

[Solana] - Smart Liquidity Routing (SLR) release on devnet: SLR will be deployed on testnet. With SLR, a user only has to deposit one single asset in order to provide auto-rebalanced liquidity to multiple liquidity pools. The user will receive APY automatically from these pools until he decides to withdraw the liquidity and to unstake his tokens.
[Sei] - Stable Pool Contract (Test on Testnet), SEI Dapp (Deposit/Withdraw LP): SOLA-X will deploy liquidity pools designed explicitly for stable assets, such as USDC-USDT or wBTC-renBTC.
End date: October 31, 2023
Percentage of capital distributed: 25%

Milestone 4:

Successfully conducted IDO, TGE & Listings: SOLA-X will close the public sale round and will list the token on one top 25 CEX according to CoinMarketCap and one DEX with minimum initial liquidity of $200,000.
End date: November 30, 2023
Percentage of capital distributed: 35%

With each milestone marking a significant step in SOLA-X's evolution, the project progresses methodically while maintaining active investor involvement and ensuring high transparency. To learn more about the unique features of AngelBlock, including milestones, badges, and staking tiers, please refer to the article “A Breakdown of Features for Investors”.

Ready, Set, SOLA-X

The SOLA-X raise offers an opportunity to participate in a new DeFi project. With its unique features and comprehensive roadmap, SOLA-X is looking to make its mark in the DeFi landscape. The AngelBlock team encourages all prospective investors to do their due diligence and research each investment opportunity thoroughly.

Please note, the raise begins on the 29th of June and ends on the 8th of July. To participate, ensure you've completed the KYC process and have USDT ready in your wallet. To participate in the SOLA-X project when the raise begins, visit the SOLA-X project page. Thank you for your continuous support, and we look forward to seeing you in the SOLA-X raise.

Written by: Christian Santagata