What is Solidly

Solidly was a protocol that started in early 2022, and it worked very efficiently as an ecosystem coordinator. When it launched, it became the most innovative DeFi application of its time, and in its first week, it reached a TVL of as much as $2.3 billion.

Solidly's approach was based on a few key principles:

• Liquidity Providers (LPs) chose to give up their right to swap fees in exchange for earning emission tokens ($SOLID). They were depositing their LPs to the gauges, and receiving $SOLID tokens in return.

• The emission of $SOLID tokens to LPs was controlled by gauge votes, and the emission rates were determined by $veSOLID (Locked $SOLID) voters.

• These veSOLID voters not only received the accumulating swap fees from LPs but also had a strong incentive to encourage the growth of healthy pairs within the ecosystem, as voting for the pairs that had the highest volume would bring the most returns.

While the execution of the idea wasn't perfect, the design itself was undeniably ingenious. Several projects attempted to implement this concept, and notable successes like Velodrome, Thena, Pearl and Retro emerged as a result.

ConvergeX will be an attempt to do a similar thing by taking the idea a one step further, and our model will have it's differences & improvements over the Solidly model.