SolidLizard Swap

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Their Official site text: 

Arbitrum ve(3,3) DEX
SolidLizard Swap is a ve(3,3) permissionless liquidity market, community oriented on Arbitrum.
LAUNCH APP
Low fees on stable and volatile swaps
Profits shared between veLockers and Protocol owned Liquidity
Only on Arbitrum One

Welcome

SolidLizard, permissionless liquidity market, community oriented ve(3,3) dex on Arbitrum.

SolidLizard is a decentralized exchange built on Arbitrum that offers low-cost token exchanges and reduced swap fees, using a governance model called the ve(3,3) system, which was developed by Andre Cronje and introduced in Solidly. 

This system rewards active user participation through voting, bribes, and decisions on whether to lock or unlock the governance token. When a majority of users lock their tokens, they can enjoy the economic benefits of the ve(3,3) model, including increased token yield, and reduced inflation of native tokens while controlling the circulating supply of the token. 

The goal of the ve(3,3) structure is to create an environment where users can actively choose to collaborate and create a cycle of growth that reinforces itself over time. 

Before accessing SolidLizard, it is required to read and agree our .

The team

We are a multicultural team based in central Europe and Asia. Our members have multiple successful experiences in Web 2.0 and Web 3.0 projects. Our dev team built some multi million TVL projects on the BSC during the last bullrun. That's something we are aiming to do again on Arbitrum, our new home.

Like many Defi teams, we chose to stay anon while staying transparent with everything related to this project. We are aiming to offer you the best Defi experience on the Arbitrum One chain and will focus on rewarding our long term investors in priority. We are here to build, and don't forget : SolidLizard is just the beginning of our journey! 

Wallet Setup

To use the Solidlizard protocol, you will need an external wallet such as MetaMask that is compatible with the Arbitrum One network. When setting up your wallet, make sure to download the latest version from an official source and follow the instructions carefully. It is also important to safely backup your recovery phrases and never share them with anyone. In addition, never enter your recovery phrases into any website or app other than your wallet. 

The following instructions will guide you through the process of setting up a MetaMask wallet in your web browser. 

To install MetaMask, go to the MetaMask website and click "Install MetaMask". You can install the wallet on various browsers and devices that support iOS or Android. 

Then, click "Add to browser" in the top right corner and "Add Extension" to finish the installation. You will know MetaMask has been installed when you see the fox logo in the top right corner of your browser. 

To use MetaMask, you must first create a wallet to hold your cryptocurrencies. Click on the MetaMask logo in the top right corner and agree to the terms and conditions. Enter a password and click "Create" to create your wallet. A list of 12 "seed words" will appear, which you should save as a file and store in a secure location. Never share your private key or seed phrase with anyone, as this will give them access to your crypto. 

In case you forget your password or lose your device, your seed phrase is your only option for recovery. It is recommended to write the seed phrase on a piece of paper and make multiple copies for safekeeping. 

After storing your seed words file, click "I've Copied It Somewhere Safe". By default, your MetaMask wallet is set to the Ethereum mainnet network. 

To use Solidlizard, you should switch to the Arbitrum One network by clicking on your current chain at the top of your wallet and selecting "Add network" at the bottom of the list. Then, enter the required information.

Arbitrum RPC:

Network name: Arbitrum One

RPC URL: https://arb1.arbitrum.io/rpc 

Chain ID: 42161 

Currency symbol: ETH 

Block Explorer URL: https://arbiscan.io/

You can also add the Arbitrum One chain to your Metamask using. All you have to do is to connect your wallet to Chainlist and search for Arbitrum One, and then click on "Add to Metamask"

Bridges

Bridging to Arbitrum One is pretty easy, we recommend you to use one of the bridges bellow. They have a great liquidity, low slippage and proved their reliability over time. You can use them to bridge from most EVM chains (Ethereum, BNB Chain, Polygon, Avalanche, etc.) to Arbitrum One Mainnet :

Liquidity Providing

SolidLizard allows users to earn income through liquidity provisioning. By adding liquidity to the incentivized gauges, users will receive a share of the rewards allocated to those gauges based on the amount of liquidity they have provided. 

Approximately 62% of SLIZ's supply is directed towards liquidity providers and 33% will go to the veSLIZ holders at the epoch 1. 

However the veSLIZ holders will see their share of the emissions increase every week. Rewarding our long term investors. The team receives 5% of the total emissions.

However, the liquidity providers do not receive any swap fees from the gauge's trading volume. Instead, their income is generated from the rewards distributed by veSLIZ to the gauge. 

50% of the swap fees are given to veSLIZ users who have voted on the gauge, which encourages the generation of swap fees and voting on gauges with higher trading volume. The 50% remaining will be used for buybacks of the SLIZ token and deepen the liquidity.

Fees & Distribution Mechanism

SLIZ utilizes two different price curves, the Uniswap v2 and the Curve Stable Swap, with the latter being more suitable for trading correlated assets such as USDC-USDT allowing a higher trading volume and lower slippage. 

The fees for trading volatile assets on SolidLizard are [0.4%], while stable assets have a fee of [0.02%]. 

The fees generated from trading on SolidLizard are distributed to voters over a period of 7 days at the beginning of the next epoch. These fees are distributed proportionally to veSLIZ users who voted for their chosen gauge.  If any protocol chooses to bribe a pool, the veSLIZ holders that voted for that pool will share the whole bribe proportionally too.

Stable Pools

Stable pools are intended for assets that do not fluctuate in price very much. They are perfect for stable pairs, allowing traders to trade with low slippage and at the best rates even with large traded volumes. 

x³y + y³x ≥ k

Variable pools

Variable pools are designed for assets with high price volatility. These pools use a generic AMM formula that we generally find in DEXs like Uniswap or Pancakeswap. 

x × y ≥ k

Visual representation of the formulas

The mathematical formulas are used to keep the total pool liquidity balanced at all times.

Below, you can find a visual comparison between the stable (red) and volatile (green) AMM pricing equations, where:

x is the amount of first asset in the pool 

y is the amount of second asset in the same pool 

k is a fixed constant

​

Whitelisting & Gauge Weight

Whitelisting

Being permissionless, SolidLizard allows projects to get thier token whitelisted on the platform. In order to get whitelisted, a token must be submitted by a wallet having 0.5% of the total circulating supply of SLIZ . This requirement is meant to encourage a diverse range of tokens to be listed on the platform, which in turn can increase fees and attract more votes, potentially leading to a virtuous cycle of growth. Additionally, veSLIZ holders can downvote tokens that engage in unethical practices such as whitelisting fake tokens.

Gauge Weight

When a gauge on the platform receives votes from veSLIZ, it will receive more SLIZ rewards based on the total number of votes it received. These rewards are distributed based on the total value locked in the gauge and typically result in an annual percentage rate (APR). Thanks to this mechanism the most useful pools will get more rewards over time.

How to Use the Boost Calculator

The Boost Calculator is a tool that helps users determine how many veNFTs, or veSLIZ tokens, they need to increase their rewards on the SolidLizard exchange. These tokens are obtained by locking SLIZ, the governance token of the ecosystem. 

The Boost system is meant to increase earnings for users with fewer SLIZ tokens and discourage whales from trying to dominate the market and create a situation of monopoly. This new mechanism guarantees higher rewards for every investor choosing to lock their tokens which is pretty healthy for the protocol itself. To use the Boost calculator, follow these steps: 

 Go to the liquidity page on the SolidLizard dapp and select the info icon. After selecting the icon, you will see your current APR displayed in both percentage and dollar value.

Use the boost icon to see how much your rewards will increase with veSLIZ. 

​

Click on "Create veSLIZ" and keep in mind that you can combine NFTs to increase the value of your NFTs, which could lead to a bigger boost.

​

On the Stake LP page, you can see how much additional veNFT you need to achieve the highest APR by attaching your veNFT and starting the Calculator with your existing Voting Power.

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On the Liquidity page, the fire symbol next to the APRs shows that the user has added and staked liquidity on these pools and has boosted their APRs with NFTs. If the fire icon is grey, it indicates that the user has added tokens to the liquidity pool but has not staked or boosted. All other pools without an icon show that the user is not participating in liquidity farming for those pools.

​slztokens

Increasing the capital efficiency

slzTokens are here to increase SolidLizard capital efficiency. These synth tokens are pegged assets that represent USDC, USDT, and ETH, and are called slzUSDC, slzUSDT, and slzETH, respectively. These tokens can be minted at a ratio of approximately 1:1 with an initial 0.01% fee and can be redeemed or minted at any time with no locking period. The slzTokens will be highly liquid and can be easily bought or sold in the market.

The collateral assets used for minting slzTokens generate yield through secure farming strategies. Currently, there is only one strategy available, which involves single asset staking on the Stargate Finance protocol.

Benefits of slzTokens:

One of the primary benefits of using slzTokens is that earnings generated by the collateral will be utilized to buy back and burn SLIZ from the market every few days, reducing the SLIZ supply and creating a constant buying pressure that benefits all users of the protocol.

Furthermore, the SolidLizard team plans to reward slzTokens users with higher yields compared to non-synthetic pairs. For instance, ETH/USDC liquidity providers will earn lower yields than ETH/slzUSDC providers, who will in turn earn less than slzETH/slzUSDC providers. Therefore, by utilizing slzTokens, users can enjoy higher yields and greater benefits.

The need for synth Assets in SolidLizard

SolidLizard has identified a need for slzTokens to achieve two primary objectives. Firstly, to introduce a deflationary mechanism for SLIZ while also offering better capital efficiency for users. Secondly, to reduce selling pressure from "farm & dump" users by encouraging all users to contribute positively to the SolidLizard ecosystem through utilizing their funds to generate yields on other protocols.

However, it is important to note that slzPairs will not replace traditional pairs, as classic tokens will still be required for routing and volumes.

Disclaimer

The usage of slzTokens comes with several risks that need to be acknowledged. These include possible issues with the Stargate protocol from Layer Zero, unaudited slzTokens (although an audit is planned for release soon), and the use of proxy contracts for deploying strategies. 

To minimize these risks, SolidLizard will set an initial maximum mint cap for slzTokens. This cap will limit the impact of potential issues related to smart contracts and will be set at 300k for slzUSDC and slzUSDT, and 140 for slzETH. The cap will increase gradually over time. Additionally, the team will timelock ownership of slzTokens after a few days of tests to ensure added security.

ncentives & emissions

veSLIZ rewards people who lock more of their SLIZ tokens and use them to increase their voting power, collect bribes and swap fees from the most productive gauges. The more SLIZ tokens they lock, the greater their rewards will be. The exchange also rewards liquidity providers through emissions rewards. Pools with high rewards attract the most votes in general. Which attracts the liquidity providers creating a virtuous circle.

Emission Schedule

Weekly emissions start at 15M SLIZ and decay at 3% per week (epoch).

The SLIZ supply does not have a maximum limit, but emissions are distributed in a system of decreasing inflation, resulting in a smaller amount of SLIZ tokens being minted over time. 

Also the percentage of the SLIZ supply that is locked in veSLIZ  determines the rate of emissions, so the higher the percentage of the supply that is locked, the fewer SLIZ tokens will be minted. Overall, this system helps to balance the circulating supply and the inflation on SLIZ over time.

Weekly emissions are dependent upon the ratio of veSLIZ to total SLIZ circulating supply: ​

Emissions * (1 - veSLIZ.totalSupply / SLIZ.totalSupply)

The result is that the more SLIZ users lock in, the smaller the rewards distributed to Liquidity Providers, the greater the deceleration of emissions and the smaller the future total supply.

Also the higher the % of SLIZ locked in relation to the supply, the lower the SLIZ circulation supply will be in the future.

veSLIZ

Understanding and Using veSLIZ

veSLIZ is a center piece of the SolidLizard protocol. By locking their SLIZ, users get veSLIZ that allows them to vote for gauges on a weekly basis, and receive 50% of the trading fees (will increase over time) and 100% of the bribes for the associated pool.

veSLIZ holders will also be able in the future to partake in governance and cast votes for protocol improvement proposals.

veSLIZ Voters Receive

Trading fees generated by the pool(s) they vote for

Bribes deposited for the pools they vote for

Weekly veSLIZ rebase

veSLIZ Specifications

ve(3,3) Mechanics: The Olympus DAO anti-dilution method is combined with Curve's vote-escrowed model in the Solidly-initiated ve(3,3) Mechanics concept. This mechanism safeguards veSLIZ holders from dilution and enables a dynamic distribution of veSLIZ among participants over time. The anti-dilution level is capped at 30%.

Gauge: A pool with dynamic SLIZ rewards based on veSLIZ weekly voting allocation. 

Bribes: Custom amount of tokens paid by a third party on a gauge to veSLIZ holders in exchange for their votes.

Max Lock: 4 years.

Flexibility: veSLIZ positions can be merged and sold on the secondary market.

Voting

To vote, it is important to be aware of epochs. Each epoch lasts for 7 days, after which the bribes and trading fees are distributed.

You earn only from the gauges (pools) you have voted for.

Trading fees and bribes are claimable as a lump sum after the epoch has ended.

You can change or reset your vote only at the next epoch

If you forget to vote, the weight of your vote remains, but you lose the bribes and trading fees.

Warning: once you vote, you won't be able to vote again for a period of 6 days (even if you didn't use all your voting power)

By participating in veSLIZ voting and governance, holders have the opportunity to earn trading fees, bribes, and weekly distributions. The ve(3,3) Mechanics, Gauge, Bribes, Max Lock, and Flexibility features of veSLIZ provide a unique and dynamic experience for users. Remember to vote weekly and stay informed about the epochs to fully take advantage of the benefits of holding veSLIZ.

Rebase rewards claim is available one full epoch after tokens are locked. External bribe rewards are claimable after a new epoch has started (epochs increment right after 23:59 UTC each Wednesday).

Protocol Owned Liquidity

When you make a trade on the SolidLizard DEX, you will pay a between 0.02% (stable pairs) and 0.4% fee (volatile pairs). 

50% of the fees are returned to the veSLIZ holders every week. while the other 50% goes to the treasury. Most of the fees accumulated by the treasury will be used to buy back SLIZ tokens and build a deep liquidity on the SLIZ-ETH pool over time. 

SolidLizard is one of the is the first exchanges to introduce POL to its system. By using a significant portion of the fees to buy back SLIZ and create liquidity pools, the platform can maintain deflationary pressure on SLIZ, leading to an increase in its price over time. Additionally, it will ensures that  there will always be enough liquidity for SLIZ, even during bear markets.

Airdrop to protocols

At launch, a part of the veSLIZ supply will be airdroped to major protocols on Arbitrum. These protocols were chosen based on factors such as total value locked, trading volume, and the quality of their product. We aimed to find a balance between protocols that are native to the Arbiturm chain and those from other blockchain networks. The airdrop of tokens to these protocols will be locked in veSLIZ for 4 years.