CDPs · Review
ActiveSOLID Review 2026: Small Terra Stablecoin CDP
SOLID is an over-collateralized stablecoin protocol on Terra (Phoenix) where users deposit liquid staking tokens and IBC assets to mint SOLID. It is a small, young project, and public details are limited.
By the DappsAtlas editorial team · Updated
DappsAtlas score
—/10
Not rated
Our verdict on SOLID
SOLID suits experienced Terra Phoenix users who want to mint a stablecoin against LSTs or IBC assets and are comfortable with early-stage DeFi risk. Its main strength is a focused over-collateralized design with listed audits. The main caveat is its size: TVL is around $59,000 and falling, and fees and liquidation terms are not in the public facts reviewed. Read the docs and start small.
Score breakdown
How SOLID scores
- Security
- n/a
- Ease of use
- n/a
- Fees
- n/a
- Features
- 5.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is SOLID?
SOLID is an over-collateralized stablecoin protocol on Terra (Phoenix). Users deposit liquid staking tokens and IBC assets to mint SOLID, and the governance token is CAPA. The homepage describes it as decentralized lending: deposit collateral, borrow stablecoins and take part in governance.
DefiLlama files it under CDPs, with about $59,000 in TVL and a roughly 33% drop over seven days. It has been listed since September 2025 and shows two audits.
Its homepage is minimal and there were no public reporting, so many specifics, such as fee levels, collateral ratios and team details, are not available here.
How SOLID works
SOLID is a collateralized debt position (CDP) protocol. A user locks collateral, in this case liquid staking tokens or IBC assets on Terra Phoenix, and mints SOLID against it. The value of the collateral must stay above the value of the SOLID borrowed.
Because the system is over-collateralized, a fall in collateral price can push a position below the required ratio. In most CDP designs, such positions can then be liquidated to cover the debt. SOLID's exact ratios and liquidation mechanics are not public, so check the docs.
The governance token CAPA lets holders take part in decisions about the protocol, according to the homepage. Specific governance powers are not described publicly.
6 features
Key features
01
Over-collateralized stablecoin
Users deposit collateral and mint SOLID, a stablecoin backed by more value than is issued.
02
LST and IBC collateral
Accepted collateral includes liquid staking tokens and IBC assets, so users can borrow without selling holdings.
03
Terra Phoenix deployment
The protocol runs on Terra (Phoenix), listed as Terra 2 on DefiLlama.
04
CAPA governance
CAPA is the governance token, and the homepage says users can participate in governance.
05
Listed audits
DefiLlama lists two audits for the protocol. Details of the auditors are not public.
06
Docs and community channels
The site links to Docs, Telegram, Discord, X, Concord and Manifest pages for users who want more detail.
Pros and cons
What we like
- Clear purpose: mint a stablecoin against LST and IBC collateral on Terra Phoenix
- Over-collateralized design, which is the standard approach for CDP stablecoins
- Two audits are listed on DefiLlama
- Has a governance token (CAPA) and links to docs, Discord and Telegram
- Targets a niche on Terra where such stablecoin options are limited
Watch out for
- TVL is very small at about $59,000, so liquidity and stablecoin depth are limited
- TVL fell about 33% in the past seven days, which signals thin or shrinking usage
- Runs only on Terra (Phoenix), a smaller ecosystem with fewer integrations
- Homepage and public information are sparse, so details like fees and liquidation terms are unclear
- Listed since September 2025, so the track record is short
SOLID fees
Fees are not published publicly reviewed. Typical CDP protocols charge a borrowing or stability fee, a minting fee and a liquidation penalty, but SOLID's specific rates are unconfirmed.
Users should look at the app and the linked docs for stability fees, collateral ratios and liquidation terms before depositing. Network gas costs on Terra apply on top.
Is SOLID safe?
DefiLlama lists two audits, but the auditors, scope and findings are not public. Smart-contract risk remains even with audits, and a young protocol has had little time to be tested in the market.
CDP users also face liquidation risk if collateral prices fall, and depeg risk if SOLID loses its value relative to its target. With small TVL, liquidity for trading or redeeming SOLID may be thin. No incidents or regulatory details are. This is not financial advice.
6 steps
How to get started with SOLID
- 1
Read the official docs and the Terms and Privacy pages linked from the homepage.
- 2
Set up a wallet that supports Terra Phoenix and fund it with a supported LST or IBC asset.
- 3
Open the official app and check the supported collateral, minimum collateral ratio and fees.
- 4
Start with a small deposit and mint a modest amount of SOLID to stay well above the liquidation threshold.
- 5
Monitor your collateral ratio, since price drops can trigger liquidation.
- 6
Repay debt to withdraw collateral when you want to exit.
Who SOLID is for
SOLID is for Terra Phoenix users who already hold liquid staking tokens or IBC assets and want to borrow a stablecoin against them. It is a poor fit for anyone seeking deep liquidity, a long track record or beginner-friendly guidance.
SOLID FAQs
What is SOLID?
SOLID is an over-collateralized stablecoin minted on Terra (Phoenix). Users deposit liquid staking tokens (LSTs) and IBC assets as collateral to mint it. The protocol's governance token is CAPA.
Which blockchain does SOLID run on?
DefiLlama lists SOLID on Terra 2, the chain also known as Terra Phoenix. No other chains are named publicly.
How do you mint SOLID?
You deposit supported collateral, such as LSTs or IBC assets, and mint SOLID against it. The position must stay over-collateralized, so the collateral value has to exceed the debt. Exact ratios are not published in the material reviewed.
Is SOLID audited?
DefiLlama lists two audits for the protocol, but the audit reports were not part of public sources reviewed. Check the documentation for who performed them and what they covered. An audit does not remove smart-contract risk.
How big is SOLID?
Total value locked is about $59,000 according to DefiLlama, with a drop of roughly 33% over seven days. That is small, so liquidity and stability are worth checking before using it.
What is the CAPA token?
Public sources name CAPA as the governance token, and the homepage mentions participating in governance. Voting details and token economics are not described in the material reviewed.
Compare
SOLID alternatives
crvUSD is Curve Finance's overcollateralized, USD-pegged CDP stablecoin on Ethereum, minted against crypto collateral by DeFi borrowers.
Liquity V2 is an immutable Ethereum borrowing protocol where users set their own interest rate and mint the BOLD stablecoin against ETH, wstETH or rETH.
Frankencoin is an over-collateralized, oracle-free Swiss franc stablecoin (ZCHF) on Ethereum for borrowing, saving and payments.
Liquity V1 is an immutable Ethereum protocol offering 0% interest LUSD loans against ETH collateral, for DeFi users comfortable with liquidation risk.
Indigo is a non-custodial synthetic assets protocol on Cardano for minting iUSD and iBTC against collateral, aimed at Cardano DeFi users.
Sky Lending is the borrowing and savings side of the Sky ecosystem on Ethereum, built on the USDS stablecoin, the upgraded version of DAI.
Same category
More CDPs
Sky is the rebranded MakerDAO, a DeFi protocol issuing the USDS and DAI stablecoins, governed by SKY token holders, for DeFi users and stablecoin holders.
Liquity is an Ethereum borrowing protocol where ETH holders mint USD stablecoins (LUSD, BOLD) against their collateral, with the LQTY token for incentives.
Reservoir Protocol issues the rUSD stablecoin and yield assets srUSD and trUSD across 17 chains, for DeFi users seeking stable yield.
River Omni-CDP is a multi-chain CDP protocol that issues the satUSD stablecoin against cross-chain collateral without bridging, for experienced DeFi users.
Felix is a Hyperliquid protocol that issues the feUSD stablecoin against collateral, with lending and perps for DeFi traders.
Bima is a Bitcoin-backed credit protocol offering fixed-term collar loans and the USBD stablecoin for BTC holders who want liquidity without selling.
Same chain
More on Terra2
Stader is a non-custodial liquid staking platform offering liquid tokens on Ethereum, Hedera and other proof-of-stake networks for stakers and institutions.
Astroport is a permissionless AMM and DEX for the Cosmos ecosystem, with passive liquidity pools across Terra, Neutron, Injective, Osmosis and Sei.
Stride is a Cosmos-focused liquid staking protocol for users who want to stake ATOM, OSMO and other tokens while keeping a tradable receipt token.
LATOKEN is a centralized crypto exchange founded in 2017, built around new token listings, airdrops and altcoin trading.
Eris Protocol is a liquid staking and arbitrage protocol on twelve Cosmos-ecosystem chains, for holders who want liquid tokens against their staked assets.
White Whale Dex is a Cosmos-focused DEX for users seeking interchain liquidity and price-stability features.
How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.