Field Notes · 2026 in review
Solid in 2026: governance on chain, collateral on the move
Solid is a CDP protocol on Terra: deposit collateral, mint SOLID against it, repay to unlock it. SOLID is a collateral-backed asset, minted only against collateral worth more than the loan. This year Solid moved its controls on chain and started replacing its main collateral.
Governance took over
At the end of September every Solid parameter contract, from the market and the overseer to the liquidation queue and the oracle, was handed to on-chain governance. Since then a change happens only through a poll that carries the exact messages it will execute. Anyone can read them before the vote closes.
CAPA staked with Eris keeps its say: the ampCAPA DAO mirrors Solid polls, so staked holders vote through the DAO and the result is cast on chain. Ending and executing a poll, and mirroring it to the DAO, are now buttons on Solid's governance page.
Collateral on the move
With Noble USDC being phased out on Terra, Solid started its collateral migration. Poll #17 approved two new collateral assets: USDC.inj, USDC that arrives from Injective over IBC, and BTC.atom, WBTC that arrives from Ethereum through IBC Eureka. It also voted to stop USDC.n from growing.
Poll #18 executed the first step: oracle sources for both new assets, and a lower cap for USDC.n. USDC.n is withdraw-only: existing positions can repay and withdraw at any time, and no new deposits come in.
Liquidity
Polls #15 and #16 put CAPA incentives on the Terra Liquidity Alliance behind Solid's pools: LUNA-CAPA, USDC.inj-SOLID, SOLID-LUNA and single-sided ampCAPA, paid from the Solid community pool, with every bid on chain.
CAPA Crystals
1,000 CAPA Crystals were minted and the mint was sealed. Fusion went live at the end of April, and every fusion permanently lowers the supply. Crystals live at crystals.markets.
The app
app.solidcapa.com gained governance actions on every poll card, withdraw-only handling for retiring markets and a sturdier way of reading oracle prices, so one new asset can no longer break the page. Guides on how Solid works are at solidcapa.com/learn.
Next
The new collateral markets open one on-chain step at a time. Read what comes next for Solid.