Hey guys I’m Seraph from Solidly Labs and it’s nice to meet you! I wanted to introduce Solidly to you, the continuation of the original Solidly from Fantom, from way back in the days when Andre first introduced it to the world!
Solidly has come a long way since, launching as V1 on Fantom in early 2022 (by Andre), then us re-launching as V2 on Ethereum in early 2023 with the Fantom Foundation & Andre Cronje migrating their position to our version and recently having released our V3 in mid October 2023!
We are extremely proud to say that we had a 97% migration rate and made almost everyone whole from the V1 disaster despite having nothing to do with it, we didn’t do any team allocations and haven’t raised a single cent in capital - we are a community project and 100% VC-free.
One month ago we have launched SolidSync, our latest innovation, which enables us to do many new cool things. SolidSync is our in-house crosschain messaging aggregator using Chainlink’s CCIP early access program in addition to LayerZero’s and Axelar’s general message passing protocols. It’s a new bridging primitive and a public good in progress! The way it works is that when you send a message or token cross-chain, it sends it with all 3 providers independently. The messages are then collected on the destination chain, hashed & compared against each other, and if 2 out of 3 are matching, the action is triggered (i.e. vote, mint, transfer, governance etc.).
We leveraged this technology to make Solidly a fully secure & permissionless omnichain protocol, expanding so far to Fantom, Arbitrum, Optimism and Base without a single hickup - we already had 5 full omnichain epochs with crosschain emissions being distributed to all child chains.
- veSOLID voter bridges their NFT to one or more childChains.
- The voting weight of the NFT is automatically recorded in the L1 bridge contract.
- User votes with their NFT on childChain(s)
- At epoch flip, the L1 bridge notifies the crosschain rewards distributor and instructs it to send emissions to all childChains in accordance with their aggregate bridging weights.
This allows us to have an extremely gas-efficient omnichain setup. The best thing: all actions can be triggered completely permissionlessly each epoch.
Having covered how we manage to come to Optimism while retaining the same token, NFT & governance structure, let’s get to the actual core tech - Solidly V3!
Solidly V3 is an iteration upon Uniswap V3, we have seen many projects forking V3 so far, but we are the only one actually improving the core technology, as can be seen by the on-chain results.
What is different?
- 50% gas savings on swap, 60% on mints/burns
- Full JIT protection (JIT Protection - Solidly)
- Volatility adjusted swap fee aglorithm, front-running veteran MEV bots on mainnet
- Zero smart contract risk for LP staking (via merkle tree processor)
To someone new in DeFi these might seem like buzzwords, but what it essentially means is that 1 dollar creates more value on Solidly V3 than on Uniswap V3.
Yes, we have on-chain proof for this: we have effectively outcompeted Uniswap in its own backyard in major bluechip pairs…wait for it…by capital efficiency factors of 9x!
Both volatility adjusted swap fees and non-custody staking apply 1:1 to Optimism. While JIT might not be relevant depending on how the sequencer operates, does the gas cost matter?
Yes! Absolutely. We have run a series of tests both against Uniswap V3 and Velodrome V2 and in all cases Solidly is significantly cheaper for swapping, up to 50% cheaper!
This means when you swap on Uniswap at $25c a pop, you’ll be able to do the same thing on Solidly for $12.5c! It may not seem like much, but many bots on Optimism have already realized this and are already arbitraging & routing through Solidly. This becomes increasingly more relevant anytime L1 gas spikes sustainably (i.e. 50+ gwei for weeks on end). We have seen swaps on Optimism and Arbitrum go for several dollars (I believe up to $8), at which point our gas savings come to shine even more.
The effects can already be seen now. We have been live for only 6 days, we have ~1m in TVL and we already have multi-million dollar volumes each day in main ecosystem pairs like OP & WETH, with only 1 aggregator live.
At Solidly we take security extremely seriously, as a matter of fact it is always the #1 priority in everything we do. We have so far completed 4 audits, the latest being with Cyfrin. The audit by Cyfrin passed with flying colors, 0 criticals and 0 highs, it’s getting released in the next days. The other 3 previous audits can be found here:
Medium: Seraph – Medium
All in all, we’re very excited to have launched on Optimism and to be building on the Superchain. Optimism hasn’t seen the same influx of ve(3,3) dexes as on other chains, Solidly marks the first deployment since Velodrome and we’re excited to bring some healthy competition!
If you made it through here, cheers!