The Solanium platform is a decentralized platform on the Solana blockchain. The platform will introduce decentralized fundraising, time-weighted token participation, and governance voting to the Solana ecosystem.
In this article, we will discuss:
What is Solanium (SLIM)?
Solanium is a decentralized platform for fundraising and trading on the Solana blockchain. The platform includes a DEX UI, staking, portfolio management, governance and a launchpad.
The platform will be an all-in-one solution for Solana, with integrated wallet, DEX and transaction management. All major Solana wallets will be supported. The platform will extend any connected wallet with inline wallet management. The user does not need to leave the platform to view token balances, send or receive tokens, or manage token accounts. Experienced users can still manage their wallet through their wallet provider, and any changes will be directly reflected on the platform.
Users can wager SLIM tokens to receive xSLIM. xSLIM is the platform governance token that is used to:
- Early or exclusive access to the pool
- Launchpad rate distribution
- Better odds in lottery to win project allocation
- Vote on governance proposals
The Solanium platform includes:
- A launch pad / accelerator for launching new projects in the cryptographic ecosystem.
- Integrated wallet management to allow users to manage their wallets.
- A (serum) DEX UI.
- Governance and proposals.
- Integrations with other ecosystem projects.
First phase of the Solanium platform (SLIM) token
The first phase of the platform was the release of a custom GUI for Serum DEX. Finished pools can immediately create a whey market and start trading on DEX without permission.
Currently, there are many hosted front-ends commercially available in Serum, but all are based or forked in the Serum repository. Solanium will provide a custom GUI Serum built from scratch. It will support several key features like a custom grid, transaction manager, rich data display obtained from the Serum API and partners and will be fully responsive and dynamic.
Trading on DEX should be experienced as CEX trading (in terms of UI and UX). The user will be provided with the necessary information to start trading and a quick tutorial on all the functions if it is the user's first visit to DEX. The reference rates collected in the Serum negotiations will go to the Treasury of Governance.
How does SLIM token blocking work?
SLIM tokens can be locked for a selectable lock time, with a maximum lock time of 1 year. By blocking the SLIM tokens in the stakeout contract, the user will receive an xSLIM balance. xSLIM tokens are not transferable.
The xSLIM balance height is based on the amount of SLIM tokens locked and the time remaining before unlocking the tokens. The balance of xSLIM is decreasing linearly from the moment of the lock. Locked SLIM tokens cannot be withdrawn before the lock time has expired. However, it is possible to extend the time lock or increase the amount of staked SLIM tokens.
The xSLIM token qualifies the user for fee distribution, voting rights and exclusive or early access to the pool.
- Token Fixation - Token staking is designed to reward the most loyal supporters. By combining the bet amount with a lockout period, a smaller holder with a longer lockout can earn the same rewards as a big bettor with a shorter lockout.
Core function of the Solanium platform (SLIM) – Cryptocurrency?
The core role of the platform will be Solanium Pools. In Solanium Pools, anyone with a Solana wallet can create a pool to distribute an SPL token. An easy-to-use UI will be provided where users can configure their pool with just a few clicks. The UI will also have the option to create the SPL token for the user if the user has not yet implemented an SPL token.
The team will still manage the front-end and have the ability to filter and present certain pools, but anyone can create a pool in blockchain Solana and create your own UI to interact with it.
Each pool has a fixed percentage of fees that go to xSLIM token holders and the Treasury of Governance. Public pools will first be opened to xSLIM holders, who receive an allocation based on their participation, before opening to the general public. Pool creators will be encouraged to prioritize xSLIM holders
- Example: Pool X raises 10000 USDC by selling 1000 DEMO tokens. 2% of 10000 USDC will be distributed to xSLIM holders and 2% of 1000 DEMO will be placed in the Treasury of Governance.
- Distribution of fees - All platform and pool fees will be distributed to xSLIM holders. Each pool has a fixed 5% fee, which will be distributed / released to all xSLIM holders.
How will the Solanium Governance (SLIM) token work?
The first phase of Governance will be a mix between a centralized solution and blockchain voting. There will be a centralized application where users can sign in with their wallets and vote. Votes will be saved in the app's database. This can be compared to Snapshot for Ethereum projects.
All of this will be slowly converted to a fully decentralized application with chain voting. The reason behind launching a semi-decentralized solution first is because they want to capture community involvement as quickly as possible. The application will be open to other Solana projects, who are able to create their own environment there. Governance will be in charge of the Solanium Treasury. A user's vote weight is based on the amount of xSLIM tokens the user has at the time of voting.
- xSLIM - xSLIM is Solanium's governance platform and token that makes cardholders eligible for a wide range of benefits. xSLIM is non-negotiable or transferable and can only be obtained by staking SLIM or SLIM-LP tokens.
How does Solanium Token Distribution (SLIM) work?
The seed sales and private sales rounds are distributed to many different participants.
By distributing seeds, private and public sales are trying to create the fairest distribution of tokens possible, with no one entity holding large quantities of the supply.
For the purchase of tokens, Bonfida acquisition contracts were used to block the tokens prior to sale to the public.
The SLIM token sale took place on May 22, 2021 with 5 million SLIM tokens being sold. At the same time, an airdrop of 1 million SLIM tokens was distributed to over 500.000 participants.