What is Solanium? All you need to know about SLIM

The DeFi landscape is ever-changing. Solanium contributes to this by introducing decentralized fundraising, time-weighted token staking, and governance voting to one of the most well-known blockchains in the cryptocurrency industry, Solana. In this article, we’ll explore how Solanium works and its innovative features.

What is Solanium?

Solanium is a decentralized platform for fundraising and trading built on the Solana blockchain. Because of its host chain, the platform inherits all the advantages of the innovative blockchain technology and the existing network.

Solanium is one of the first launchpads on the Solana network, with a vision of designing an all-in-one solution that will position it as the premier launchpad It features an integrated wallet, decentralized exchange (DEX), and even supports all major Solana wallets.

Solanium believes good UI is one of the core principles that should be prioritized in the crypto ecosystem. By staking the native token SLIM, users can invest in public fundraising rounds (IDO) of budding projects and gain other staking incentives.

History of Solanium

Solanium was founded in 2021 and is located in Amsterdam, Netherlands. Since its inception, Solanium has raised over $16 million in capital and funded over 42 projects. Investors in this project include MEXC, Rarestone Capital, Serum, Skyvision Capital, Insquare Ventures, Big Coin Capital, PetRock Capital, and TRGC, amongst others.

How Does Solanium Work?

Solanium features a decentralized exchange (DEX) providing a similar trading experience to a centralized crypto exchange in terms of user experience and interface. The platform provides users with tutorials explaining how to navigate the exchange, further simplifying the user experience.

Solanium users must also have a certain amount of xSLIM tokens in their account to participate in an IDO on the Launchpad. These tokens can be obtained by placing a bet in SLIM. The developers gave the following example of how the system works in the documentation:

For example, You have 1000 SLIM tokens. You will lock these for three months; this means you will receive 250 xSLIM on the first day of your stake. Each day, your balance will decrease by 2.77 xSLIM. After 30 days, you have 166 xSLIM, and you decide to re-lock your initial stake for three months again, so your new balance is 250 xSLIM.

How to Participate in IDO Whitelist on Solanium?

An IDO (Initial DEX Offering) is a fundraising method in the cryptocurrency industry that involves the issuance and sale of new tokens on a decentralized exchange (DEX). They occur on decentralized trading platforms like Solanium, thus eliminating the need for intermediaries.

This is how to participate in Solanium’s IDO whitelist:

Step 1: Voting Page

Source: https://solanium.medium.com/introduction-to-solanium-e2e7a10de343

The Solanium Governance Programme allows the community to be the last level of due diligence, as the community gets to vote for projects launched on Solanium. Any new projects must create an in-depth project page for the community to vote on once they pass an interview with the Solanium team. Until the voting goes through, users are advised to check Solanium’s social media pages to stay updated on the latest IDO announcements.

Step 2: Register for the Whitelist

Connect the wallet that you want to participate in the IDO with. Ensure that you have a Solana/SPL wallet to participate. Solanium has already integrated with most of the acclaimed wallets in the Solana network, including Phantom, Solflare, Slope, and Sollet.

It is extremely competitive to win a whitelist slot, and so participants are required to perform social tasks. You will also receive social tickets after completing tasks, and you can also take part in the referral campaign to earn more tickets.

Users must also log in to Telegram and link their Telegram account to their connected wallet.

Step 3: KYC

A KYC (Know Your Customer) is a mandatory process when participating in the Solanium whitelist. The Solanium team will ask you to undergo an identity verification process operated by Synaps to verify your eligibility. If you do not pass the KYC, you will be unable to participate in the token sale phase as well.

Once you have successfully completed your KYC into any IDOs on Solanium, you can use the same wallet address to participate in subsequent Solanium project launches without having to go through the same process again.

Step 5: Token Sale

If you get selected for the whitelist, you can follow the IDO timeline to ensure you don’t miss the token sale. This phase lasts 24-72 hours, giving you enough time to prepare funds and contribute your designated allocation. If you fail to contribute during the token sale period you will lose the allocation.

Main Features of Solanium: Pools and Staking

Solanium Pools

Solanium pools are a core function of the platform. With the pools, any user with a Solana wallet can create a pool to distribute an SPL (Solana Program Library) token. Solanium provides an easy-to-use UI where users can set up their pool with just a few clicks. The UI can also create the SPL token on behalf of the user if they still need to deploy an SPL token.

Staking

Users can lock SLIM tokens for up to a year at the maximum. However, when they lock the SLIM tokens in a staking contract, the user receives an xSLIM balance, which is not transferrable. The amount in the xSLIM balance is relative to the number of SLIM tokens locked and the staking period.

The SLIM tokens staked cannot be withdrawn before the timelock expires. However, extending the staking period or increasing the amount of staked tokens is possible. Moreover, the xSLIM token (the governance token for Solanium) qualifies its holders for fee distribution, voting rights, and exclusive pool access.

Solanium uses a five-tiered system, allowing SLIM token stakers to increase their chances of receiving allocations to launchpad events. Tiers four and five receive guaranteed allocations.

To qualify for tier 1, users must hold at least 100 xSLIM tokens. Tier 2 requires 1000 xSLIM, tier 3 requires 5000 xSLIM, tier 4 requires 10,000 tokens, and tier 5 users need to hold at least 50,000 xSLIM tokens. Higher-tiered users can manually set their tier lower as well.

Solanium also works hard to provide the most fair distribution model. At the last sale, the total raise was 160,000 USDC and was distributed as follows:

• Tier 1 had a 15% win rate and was allocated $57 million
• Tier 2 had a 30% win rate and received $79 million
• Tier 3 had a 90% win rate and got $90 million
• Tier 4 had guaranteed allocation and received $162 million
• Tier 5, also with guaranteed allocation, was allocated $771 million

User Friendly

Solanium will launch a custom graphic user interface(GUI) for the Serum DEX. Many hosted front-ends are available on Serum, but they are all based on the Serum repository. Solanium will provide Serum with a custom GUI built from scratch, and it will support various features like a custom grid, transaction manager, and rich data display, and the interface will be fully responsive and dynamic.

Solanium Token System

The Solanium ecosystem runs on a dual-token system. These tokens are:

SLIM

SLIM is an SPL token based on Solana. An SPL token is built on the Solana blockchain, and the Solana Program Library is a set of pre-built programs that facilitate the creation and management of different types of tokens and assets on Solana designed to create fungible and non-fungible tokens on the Solana blockchain. Users can also stake SLIM tokens to earn xSLIM tokens, which are governance tokens. Users staking the SLIM token can choose the length of their lock-up period for up to a year maximum.

SLIM Tokenomics

The total supply of SLIM tokens is 100 million tokens. The circulating supply is 30 million tokens, and the market cap is over $3 million. The token will be distributed as follows:

• 25% will be allocated to the community
• 20% will go to the Solanium team
• 15% will be sold at a private sale
• 5% will go to the seed sale
• Another 5% will be used for the public sale
• Advisors will get 5% of the distribution
• Another 25% will be allocated to the foundation

xSLIM

This is the governance token for Solanium. Holders of this token are granted exclusive access to public fundraising pools. xSLIM can only be earned through staking SLIM tokens, which are non-transferable. Aside from access to pools, xSLIM holders can vote on governance proposals and get better odds in the lottery to win project allocations. However, the token distribution for xSLIM tokens is currently unavailable as well.

All pools have a fixed percentage of fees paid to the xSLIM token holders and the Governance Treasury. xSLIM holders will first get access to public pools and an allocation based on their holding before the pool is opened to the general public. This will also ensure that pool creators will be incentivized to prioritize xSLIM holders.

Main Funded Projects on Solanium

Solanium has raised over $16 million in capital for up to 42 projects. Some of these include:

Honeyland

Honeyland is a free-to-play strategy game created by Hexagon Studios. Players build their colony of bees and send them out to harvest honey ($HXD) or hunt for in-game consumable NFTs like power-ups or even playable characters. They can also risk their honey to attack other hives in an auto-battler loop. Its ecosystem offers different game modes including solo, PvP, and tournament modes.

Dragon War

Dragon War is a turn-based strategy game where players can buy heroes and summon dragons to form a team to battle against NPCs and other players. Players earn rewards through tokens (DRAW) after completing various activities in-game or trading their NFTs with other players.

DarleyGo

DarleyGo is the world’s first myth-based NFT horse racing game that allows players to breed, train, race, and collect NFT horses. All horses are unique and have special characteristics and abilities. DarleyGo is based on Solana and features a two-token system where $GXE is a low-velocity token providing a solid monetary base for the in-game economy. At the same time, $DGE is the governance token for the DarleyGo universe and is primarily used for breeding, staking, voting, special rewards, and the in-house marketplace.

Solanium Governance Model

Platform governance will combine on-chain voting with a centralized application where participants register their wallets and vote on proposals to make changes on the platform. Solanium uses this centralized approach in hopes of expediting community engagement and adoption. This process will become fully decentralized over time, though.

The weight of votes is also proportional to the amount of xSLIM tokens held. This means that at the time of voting, the more xSLIM tokens a user has, the more their vote can successfully influence a result. When a fully decentralized governance model exists, xSLIM token holders will be responsible for the Solanium Treasury. As a result, the community could decide which projects should receive funding, how much each project gets, and how much should be reserved for ecosystem development and incentives.

Additionally, each Solanium pool has a fixed fee of 5%, and all xSLIM token holders will receive a distribution of the fees gathered from Solanium pools.

News on SLIM

In May, Solanium held a vote on the new project SafeYields. SafeYields is an ecosystem that brings utility to SAFE, a token designed to sustain positive price action. The news was announced on their Twitter page on May 9th, and the project was whitelisted around May 17th. The SafeYields sale was then announced on May 19th.

Is SLIM a Good Investment?

Solanium offers an innovative approach to fundraising in the cryptocurrency industry. Combined with its pools and staking system, it is set to be a key player in the Solana ecosystem. However, it must be noted that the cryptocurrency market is quite volatile, so every investor is advised to do extensive research and consult qualified financial professionals before investing in Solanium.

Take Action

SLIM is available for purchase from centralized and decentralized platforms like gate.io. Check the SLIM price here and begin trading your favorite pairs.

• SLIM/USDT
• SLIM/ETH