@bubai
🚨 Don't invest into solstice $STX presale : Here’s Why
Recently, Solstice announced its presale on legion at a $130M FDV with 50% unlocked at TGE and 50% vested.
This effectively means a $260M FDV at TGE for Pre-Sale Users.
Given current market conditions, most tokens start trending down within 5-6 days after TGE and relying on long vesting schedules adds further uncertainty. So yes that’s already a concern.
Now, here’s the real reason why I’m skipping this:
Solstice is a stablecoin yield platform. Currently Solstice has around $326M worth of stablecoins minted.
When you compare this with other major stablecoin issuers, the valuation looks stretched.
Let’s look at the top3 examples:
1. Ethena
• FDV: ~$3B
• USDe minted: ~$6.4B
• FDV / TVL ≈ 0.46
2. Falcon Finance
• FDV: ~$930M
• USDF minted: ~$2.2B
• FDV / TVL ≈ 0.42
3. BounceBit
• FDV: ~$116M
• TVL: ~$433M
• FDV / TVL ≈ 0.37
Across the sector, a fair FDV/TVL ratio averages around ~0.4.
0 reply
0 recast
2 reactions