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BTC Solstice Finance has launched a Solana-based token that takes dividends from a Nasdaq-listed preferred stock and splits it into two portions with different risk levels, a first in decentralized finance.
Solstice Finance is a platform for building income products for institutional investors on Solana, a fast, low-cost blockchain. Its new token strcUSX is linked to Strategy Inc.'s Series A permanent preferred stock (code-named STRC), which is listed on the Nasdaq and pays an annualized dividend of 12% every two months.
Strategy (formerly MicroStrategy) holds more than $58 billion in bitcoin, which the company said gives the dividend a credit quality related to the Bitcoin holdings of the world's largest company.
Gaps targeted by products
STRC pays stable dividend income, but its market price does not move in sync with revenue. Solstice pointed out that if investors buy at close to $100 and the price drops to more than $80, gains over the past few months could be offset by falling prices even if dividends continue to arrive.
strcUSX aims to separate these two components-revenue and price risk.
Splitting mechanism
Depositors can choose between two tokens. Preferred tokens have a target annualized return of approximately 7% and receive preferential payment, shielding their holders from most price fluctuations, and are designed to meet the needs of institutions seeking stable returns.
Subordinated tokens have a target return of more than 20%, but bear losses first. They are designed for investors who pursue higher returns and are willing to take more risks. Both are standard Solana tokens that can be traded in DeFi apps or used as collateral.
Users need to deposit Solstice's settlement token USX to receive a share that matches their risk appetite. Revenue continues to accumulate rather than being paid in batches; redemption requires a seven-day wait for unlocking, or redemption is made immediately after paying a fee.
Solstice claims that its product management exceeds US$500 million and sees the offering as a step in bringing traditional finance to the chain. Ramzy Ali, head of DeFi at the Solana Foundation, said: "Bitcoin is an asset, Solana is infrastructure."
