Using the SolStreet.finance V2 Alpha Protocol
A one-stop user guide and reference sheet responding to all of your burning questions.
Hey there, SolStreeters! For your convenience, we’ve worked all of your frequently asked questions into a single easy-to-read-and-share doc! Below you’ll find more on what SolStreet.finance is, as well as how you can use the protocol to build up an on-chain record of successful trades - as either an investor, fund manager, or both! 📈
SolStreet.finance is a non-custodial asset management and investment protocol built on Solana that allows asset managers and traders to launch non-custodial, decentralized investment funds directly to investors on the Solana blockchain. Deep liquidity is ensured via our Serum DEX integration, and near-future plans include the incorporation of leveraged tokens.
Or, the answer to ‘Wen Mainnet?’
As per our recently released roadmap update, the first deployment of the 'limitless' SolStreet.finance mainnet protocol will take place in the first quarter of 2022. The official date has not yet been revealed - but will be (across our various social channels) in the near future.
The protocol is currently on the Solana mainnet as a fully operational alpha; with this deployment different from the final version due to its reduced/limited functionality (in the way of ‘capped fund sizes’). This will allow budding investors and fund managers the opportunity to develop an on-chain record of successful trades, whilst allowing the SolStreet.finance developers to optimize and fine-tune the final protocol.
Connect with us on Discord, Telegram, and Twitter for future updates on ‘Wen Mainnet’.
Until the protocol’s limitless launch (scheduled for Q1 2022), user funds will be limited to receiving a maximum of $1,000 worth of investments. This figure is an aggregate across all the investors - including the fund manager’s initial/seed investment.
The only exception to this applies to those managers who have been accepted into the Wolfpack of SolStreet.
We’d like to help you realise these ambitions using the SolStreet.finance protocol. As mentioned, below you’ll find a comprehensive breakdown and guide to all that you’ll need to get SolStreeting.
To make things even easier, we’ve included a number of tutorial videos - just look at the tab on the left! 👈
Now, regardless of which role you decide to take on, you’re going to need a way to securely hold the SOL and USDC you’ll be making use of on the protocol. The best way to do this is through the use of a non-custodial, browser-based wallet.
What is a non-custodial wallet?
A non-custodial wallet allows you to own and control the private keys to your cryptocurrency. This gives you full access to your funds. SolStreet.finance relies on this to ensure that your funds remain securely in your hands - as opposed to those of your fund manager. Cryptocurrencies are never actually stored in your digital asset wallet, but are instead kept on the (in our case) Solana blockchain. Phantom, our preferred wallet, provides you with an easy-to-use interface for accessing these blockchain-secured funds.
The SolStreet.finance protocol allows for the use of a number of different wallets, including:
After installing the browser extension (which should only take a few seconds), open the application, follow the setup prompts and - just like that - you’re good to go.
USDC and SOL tokens are required to:
- 1.Create your fund,
- 2.Managing your fund, and
- 3.Invest in the funds of other managers.
The base cryptocurrency made use of when allocating a seed investment to your fund, and buying into those of others, is USDC. When creating a new fund, you will be required to hold a minimum of 0.03 SOL and 10 USDC in your wallet.
The fee charged when creating a fund arises from:
- Base transaction fee,
- Rent fee for the new USDC token account (Serum Open Orders account),
- Rent fee for fund token account,
- Rent fee for investment cost account,
- Fund token minting fee.
All of the above summates to a total fund creation cost of 0.03 SOL (approximately).
When executing your first swap of an asset on SolStreet.finance, you will be charged a small ‘rent fee’. As mentioned above, this amount is not levied by the SolStreet.finance team (nor does the fee accrue to the team), but is rather a cost involved in opening a Serum DEX account. This will occur when making your initial investment into your own fund, and whenever a new asset is added to your fund.
Yes, the rent fee paid to open Serum Open Order accounts can be returned upon closing them, however, this currently requires a third-party tool and is not performed by SolStreet.finance. A native tool for returning the rent fee to fund managers is currently being developed and will be added to SolStreet.finance soon.
SolStreet.finance wants to make crypto asset management available to all - which means ultra-low establishment and transaction fees. As explained above, when you - as a fund manager - add a new asset to your fund, a rent charge will be incurred. Thereafter, any swap transactions made whilst managing the fund will only be subject to the Network Fee (of less than 0.00001 SOL).
Until the limitless launch (coming Q1 2022), funds can only be comprised of a maximum of 6 assets (which includes USDC). Should a fund manager, whose fund is comprised of a maximum of 6 assets, wish to substitute an asset for another, they will be required to convert the balance of the asset to be substituted entirely into USDC. This will free up a slot, which can then be used for another of the 12 tradeable assets.
Tradeable assets currently include:
Whilst the protocol currently features 12 tradeable assets, each fund can hold only hold a maximum of 6 asset accounts open. As explained above, these assets can be switched in and out of the fund at any point - provided that the value of the asset being substituted for another is zero.
By way of example, consider a fund holding USDC, BTC, ETH, SOL, MNGO, and SRM. All 6 asset spots are currently filled. If you would like to substitute SRM out for RAY, you will need to swap all SRM held out for USDC/another asset comprising your fund. With the SRM balance now zero, the token will no longer reflect, and you can add any new token to your fund.
New assets will be added with future updates to the protocol.
Until the limitless launch (coming Q1 2022), users will only be able to create a maximum of 10 funds.
Minimum trade sizes are as follows:
- BTC/USDC: 0.0001
- COPE/USDC: 0.001
- ETH/USDC: 0.001
- HXRO/USDC: 0.01
- MER/USDC: 0.1
- MNGO/USDC: 1
- RAY/USDC: 0.1
- SNY/USDC: 0.01
- SOL/USDC: 0.1
- SRM/USDC: 0.1
- FTT/USDC: 0.1
If you have any further questions, be sure to check in with us via our social channels! Happy trading!