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Solstice has launched the USX stablecoin on the Solana platform. USX generates yields through trading strategies. Approximately $325 million in TVL has been locked in the protocol.
Reasons for the issue:
Lack of liquidity after launch; extremely low trading volume during the holiday period; price once dropped to around $0.80; panic selling occurred as the price declined.
Important reminder:
This is not a hacking attack; this is not a scam; funds are always fully backed.
Team response measures:
Verify all collateral for USX; enable 1:1 redemption; increase market makers to improve liquidity; provide additional rewards to enhance trading depth.
Follow-up developments:
Price is gradually recovering; USX price has risen back to near $1.0.
Cause of the panic:
Previous SLX ICO failure. Final explanation:
Insufficient liquidity caused the price to de-anchor; stablecoins require strong liquidity from the start.