Big Mao's several key features:

▌Self-funded operation / No external VC
▌Strong team strength
Matching these conditions, there is $YFI in the past, and now $HYPE.
Solstice also meets all of the above conditions.
Although not Big Mao, but:
Funding background: incubated by Deus X Capital, no external institutional investment received.
Team background: one co-founder is the former head of Galaxy Digital's Europe operations, another co-founder is the former Vice President of Global Trading at Galaxy Digital.
A major advantage of not being constrained by external VCs is the freedom to design tokenomics.
$SLX At the TGE, the initial circulating supply was about 24% of the total supply, with only the following considered as potential selling pressure sources:
▌Public sale: 0.29% (full circulation)
▌Community portion: 37.71% (TGE circulation 21.2%)
Most of the tokens are held by the team.
Setting aside the token structure and focusing on fundamentals.
Solstice's core strategy is market-neutral: by shorting the spot long positions in derivatives markets, it steadily captures funding rates, spot-futures spreads, and staking yields.
In simple terms, it is the Ethena of the Solana ecosystem.
Currently, its TVL has surpassed $500 million, and it has successfully attracted well-known institution Bullish (NYSE: BLSH) as the latest fund allocator.
According to official sources, 3% of the $SLX supply in Season 2 is allocated to stakers, and this will grow with TVL.
Full control and motivation to control the market, it’s really not recommended to go against the project team.