Solstice’s $SLX Debut Faces Heavy Selling as Airdrop Users Criticize Vesting Rules
Solstice Finance’s native $SLX token has already been met with controversy since its launch, as some airdrop participants are not satisfied with the conditions that had to be fulfilled.
$SLX officially launched trading on 25 May on exchanges such as Binance Alpha, Bitget, OKX, Gate.io and MEXC. It had a fully diluted valuation of just under $230 million when it was initially launched, but dropped considerably within a few hours. Market data showed that shortly after launch the token lost over 40% of its value due to a mass sell-off of allocations.
Airdrop Farmers Push Back
The most significant and common complaints were from users who joined Solstice’s rewards program called ‘Flare’ and were hoping for a fully unlocked airdrop. Instead, many found their allotments are subject to vesting periods that require three months or nine months to unlock.
Community members were also upset by the short registration period, with some saying they were not informed and were deprived of allocations. It was reported that only registered wallets would be able to receive Season 1 rewards, whereas unregistered allocations would be lost.
Uneven Distribution Raises Questions
The airdrop distribution appeared biased, leading to criticism from the community. More than 99% of eligible wallets were allocated the lowest reward level, while only a small number of wallets controlled a larger share of distribution.
On-chain watchers attributed some wallets’ ability to sell SLX prior to the completion of public claim windows to selling pressure during the token’s first trading day.
Despite the controversy, Solstice says its token design is geared toward long-term growth of the protocol rather than short-term speculation. The project does not set specific dates for vesting and unlocking; instead these are linked to platform adoption and total value locked on the platform.
Conclusion
Although Solstice attracted attention with significant exchange listings, the troubled airdrop introduction has marred the launch. The backlash highlights the tension between projects seeking to prevent farming abuse and users demanding instant access to rewards. So far, the market appears skeptical about the long-term prospects of $SLX.
This article was originally published as Solstice’s $SLX Debut Faces Heavy Selling as Airdrop Users Criticize Vesting Rules on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.
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Solstice’s $SLX Debut Faces Heavy Selling as Airdrop Users Criticize Vesting Rules
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