Detailed Solo Top Crypto app Review by DeFi Teller

Name: Solo Top
Item: Solo Top
Author: Frank Stewskid

Last updated: Aug 16, 2023

What is Solo Top?
How does Solo Top work?
How to use Solo Top?
Is Solo Top safe?
Partners
What's next?
Links

What is Solo Top?

Solo Top is a single-asset LP mining aggregator deployed on several blockchains (such as HECO, Polygon, BNB, and OKC). Users are able to receive rewards on the platform from various DEXes depending on the chain they connect to.

The Solo Top platform was launched in March 2021 on the HECO chain and subsequently added more public chains to benefit from the multi-chain ecosystem with various DeFi bluechip projects such as Quickswap, SushiSwap, Alpaca, and more.

How does Solo Top work?

Unlike many traditional liquidity protocols with dual-asset pools, Solo Top allows users to deposit a single asset to reap yields without the risk of impermanent loss.

Impermanent loss typically occurs in a liquidity pool where two different cryptocurrency assets must be deposited. This loss may happen when the ratio of the tokens in the liquidity pool becomes uneven. As a result, the gains in the pool become less relative to the potential profit from just holding the assets. However, Solo Top liquidity pools offer users an opportunity to stake only one side of the pool, thus eliminating the risk of impermanent loss.

The deposited asset is allocated to the chosen yield farming pool through the Solo Top smart contracts, with rewards allocated to users automatically. No matter which type of asset is selected, the smart contract will automatically allocate user funds to the highest liquidity mining pool found on-chain. Solo Top allows users to deposit the native asset of the chosen network as well as stablecoins and various DEXes’ native coins, earning rewards from SushiSwap, QuickSwap, and other exchanges. The reward is a mix of stablecoin and other coins.

How to use Solo Top?

To start using Solo Top, wallets like MetaMask, TrustWallet, TokenPocket, Math Wallet, CodeBank, ONTO Wallet, Huobi Wallet, HyperPay, BitKeep, and Atoken should be connected.

In order to access Solo Top liquidity pools, go to the official website https://solo.top and connect one of the supported wallets. On the homepage, click "Single Asset Mining". Then view and click on the desired pool. Click "Approve". Click "Confirm" on the MetaMask popup.

Mobile users also can search for Solo.top in Token Pocket to enter the platform.

The Solo Top platform charges no fees for crypto-asset deposits or withdrawals, and users can withdraw, deposit, and return any time with no set thresholds in the Solo Top app. All users have to pay is the gas fee, and the actual amount may vary in each transaction.

Is Solo Top safe?

There is no official information available about the Solo Top team.

Partners

Solo Top has a number of collaborators on the supported chains, including Token Pocket, MathWallet, HuobiPool, CoinEx, SomeK, MDEX, BXH, Ankr, ViaWallet, JSwap, SCapital, SushiSwap, Alpaca, etc.