The SolStreet protocol was unveiled earlier this month alongside news of seed investment and incubation from crypto asset manager Invictus Capital. The protocol allows anybody to set up and manage their own decentralized, non-custodial investment fund, or invest in other managers’ funds all on the Solana blockchain. As part of the project’s alpha phase, a series of devnet trading competitions, dubbed “Money Never Sleeps,” is set to begin on Aug. 2 with the inaugural “Wolf of SolStreet” competition running over the first two weeks. The competitions, which will run over a 12-week period, provide the community the opportunity to test out the protocol and provide valuable feedback to its development team ahead of its mainnet launch, with the goal of ironing out issues and helping to prioritize which features are rolled out first.
The traditional asset management industry is plagued by needless inefficiencies, many of which have been regulated into existence, and are primarily passed onto investors in the form of added costs or inferior fund performance. This makes the industry ripe for disruption by decentralized protocols hosted on immutable blockchains which can eliminate the costly burdens of regulatory compliance and facilitate merit-based asset allocation.
The SolStreet protocol aims to lead this disruption over the long run and is built on the Solana blockchain to take advantage of low latency, high throughput, minimal transaction fees, and deep liquidity. The protocol allows anyone to launch a decentralized investment fund directly to the market at near-zero cost while providing investors the opportunity to access the most profitable trading strategies, often previously only accessible to high-net-worth individuals.
The protocol is now launching a series of competitions on the Solana devnet in order to give early users access to the protocol’s unique features and functionality. The series of trading competitions are for both fund managers and investors alike and will offer rewards to the top 500 performers in three categories (registration is already open):
Best overall return on investment (investors and fund managers).
Best Sharpe ratio (investors and fund managers).
Most individual investors (fund managers).
Rewards will be in the SolStreet protocol’s governance token, STRT. A total of 1 million tokens (1% of the total STRT supply) have been allocated to this competition, with these tokens valued at approximately $600,000 at public sale prices. Rewards will be distributed to the top performers in each category and will be the first opportunity for participants to earn STRT tokens ahead of the much anticipated public sale.
All token rewards will be distributed after the launch of the mainnet with the tokens subject to a four-year vesting period, consistent with vesting schedules of other stakeholders. The specific allocation of the prize pool per period, as well as investor and fund manager categories, will be announced prior to the competition launch. Additionally, the winners of each category will receive a unique SolStreet nonfungible token as an added benefit for being one of the early super-users of the protocol.
As the competition is taking place on the devnet, all trades are paper trades, that is, no real tokens are exchanged. Fund managers will be able to create a portfolio using some of the most liquid crypto assets, including Bitcoin Cash (BCH), Bitcoin (BTC), Dogecoin (DOGE), Ether (ETH), Terra (LUNA), Litecoin (LTC), Solana (SOL) and Serum (SRM), with asset prices pulled from Pyth Network.
Register your interest in the competition here. The deadline for registration for the “Wolf of SolStreet” competition is Aug. 2. Late entrants will be automatically entered into subsequent competitions, alongside the participants in the “Wolf of SolStreet.”
The SolStreet team
SolStreet is being built from the ground up by a talented team led by 0xab — the recent winners of the Solana Season Hackathon Orca prize with their innovative arbitrage bot, Orca Arb.
The team has also received strategic seed investment from Invictus Capital. Invictus — with around $150 million in assets under management and a community of over 20,000 investors — is a pioneer in cryptocurrency and blockchain-based asset management, helping incubate the project with assistance from its internal teams. Invictus’ vision and mission align perfectly with that of SolStreet and the company will be among the first users of the protocol.
The team’s expertise goes beyond just managing investment funds, extending to successful venture capital seed investments into groundbreaking disruptors in finance and tech, including Quantfury and Syntropy. The synergistic relationship of proven and robust Solana developers, combined with asset management expertise, is an exciting prospect for SolStreet and makes for a good marriage between concept and infrastructure.