Thread by @YieldAppLabs

@AndreCronjeTech claimed that the innovations in Solidly AMM model would herald an evolution in decentralized exchanges.

In our blog, we take a deep dive into the #Solidly Model and the various forks that have improved its core code.

yieldapplabs.medium.com/a-deep-dive-in…

Solidly’s new base-layer AMM is inspired by $OHM and $CRV. The AMM would reward pool voters with trading fees, which would help direct liquidity to where it is needed (based on fees).

The initial supply of locked veNFT positions was awarded to projects in the Fantom ecosystem.

However, this ended in the attraction of huge amounts of vampiric capital. Combined with a rushed launch of the protocol that included a lot of bugs and unhealthy token emissions, Solidly failed to capture long-term traction.

Many wrote off the Solidly model entirely. However, projects have worked on a few key fixes and optimizations to improve on the flaws of the original code, resulting in successful forks on other chains as well as a few anticipated upcoming launches.

1/@VelodromeFi — the fork on @optimismFND

- Optimism’s de-facto DEX with heavy incentivization of $OP grants.
- Fixed Solidly critical flaws & reduced weekly emissions.
Working on developments such as UI overhaul, relay for voting optimizations, & additional veNFT features.

2/@HermesOmnichain — the fork on @MetisDAO

- Created by DEX aggregator Maia.
- Established as one of the main DEX projects on the L2.
- Implemented a centralized whitelisting process
- V2 Whitepaper indicated plans to become an Omnichain DEX with concentrated liquidity.

3/@3xcalibur69 — the fork on @arbitrum

- Implemented similar changes as Velodrome, with algorithmic emissions minting.
- Goal is to become a Tri-AMM, with volatile and stable-swap pools, and a credit functionality.
- Multi-swap feature and working on ‘Unr3kt’ product.

4/@SolidlyETH - the migration to ETH

- Fantom native devs decided to fix Solidly bugs and migrate it to ETH mainnet due to lack of activity and liquidity on the $FTM chain.
- The team exposed Solidly’s flaws by performing a series of attacks and rendering DEX aspects inoperable.

- The past 6 months have been spent improving Solidly V1 into a fully functioning DeFi product — work has been dedicated to basic functions, bugs, tokenomics, and governance.
- Secured numerous launch liquidity partners such as @fraxfinance, @iearnfinance, @MIM_Spell, etc.

5/ @Equalizer0x — the fork on Fantom

- Filling the hole left by the demise of Soldily and subsequent migration to ETH.
- Elements of Solidly with notable changes - smaller max veNFT lock period, fairer token distribution, sustainable fees.
Targeting $ETH trading pair volume.

6/@ThenaFi_ - fork on @BNBCHAIN

- Aiming to become the liquidity layer on #BNB
- Fundraised through a NFT sale which enables holders a portion of the platform fees.
- Adjusted fee structure, redesigned bribe market, and aiming for a decentralized distribution of tokens.

It is clear that there is significant belief in the Solidly Model created by @AndreCronjeTech.

Projects above have tweaked & optimized the original code in hope to create a positive feedback loop that leads to more locked tokens > more liquidity > more fees > more locked tokens.