After the token generation event (TGE) of its native token SLX, the Solana ecosystem yield protocol Solstice saw its total value locked rise rapidly to $500 million. Meanwhile, institutional custody and settlement platform Anchorage Digital disclosed a strategic investment in SLX. Despite community disagreement over the airdrop unlock schedule, institutional funding into Solstice continues.
Anchorage joins the institutional list
Anchorage Digital primarily provides institutional clients with cryptocurrency custody, settlement, and infrastructure services. With this investment finalized, Solstice has further expanded its list of institutional partners to include publicly traded crypto exchange Bullish, Bitcoin Suisse, Fasanara Capital, and RockawayX.
The two companies also intersect on the Global Dollar Network, an initiative led by Paxos focused on compliant digital dollar infrastructure, with over 100 participating institutions. USX, the overcollateralized stablecoin used by Solstice, includes USDG—a stablecoin on this network—as one of its collateral assets.
TVL rose rapidly after the token launch.
DefiLlama data shows that Solstice's TVL rose significantly after the launch of SLX. On May 26, the protocol's TVL increased from approximately $400 million the previous day to over $500 million, reaching a project milestone high.
The project team told SolanaFloor that this round of growth was primarily driven by institutional capital. Solstice stated that its collaboration model more closely resembles traditional fund structures, with the protocol handling execution on-chain, enabling institutions—even those that had not previously used crypto infrastructure—to access on-chain yields through its product.
Airdrop unlock schedule sparks controversy
However, the launch of SLX has not been without drawbacks. Some users have raised concerns about the vesting mechanism for the airdrop. During the registration phase in April, the project stated that most users would receive their full allocation of SLX immediately upon claiming, with only larger allocations subject to vesting. However, after the official launch, the scope of users subject to the vesting schedule was broader than many had anticipated.
Previously, the registration process itself sparked discussion. Solstice required users to complete wallet verification and pay a registration fee of 0.075 SOL, which was approximately $6 to $7 at the time.
The project team responds to questions regarding registration fees and unlocking.
Solstice Chief Marketing Officer Ryan Day said the team initially expected 25,000 to 30,000 users to complete registration, but the actual number was approximately 14,000. Due to the large scale of unclaimed rewards being redistributed, the team ultimately decided to expand the vesting schedule to alleviate concentrated selling pressure after the token launch.
He also stated that over 10,000 registered users received more than twice the initial airdrop amount after reallocation. Regarding the registration fee controversy, the project team denied that it was designed as a user fundraising mechanism, stating that the fee is primarily intended to deter large-scale sybil registrations.
Additional information: Solstice recently identified the following funding sources: Defi Development Corp., Fasanara Digital, and Bullish. According to CoinMarketCap data, the current price of SLX is above $0.21.