The star project in the Layer 1 track, Sonic, has approached a TVL of nearly $1 billion within 4 months. It not only perfectly integrates with EVM but also offers a groundbreaking fee-sharing mechanism.
The ongoing airdrop plan of 200 million $S tokens, along with a stablecoin strategy offering up to 150% annualized returns, provides a rare "yield + airdrop" win-win opportunity.
This article will analyze Sonic's technical advantages and how to obtain high-yield stablecoin strategies through simple operations.
1. Project Background
Sonic (formerly Fantom) was founded by Michael Kong in 2018, aiming to break through the scalability bottleneck of Ethereum. After experiencing ups and downs, it was upgraded to the current high-performance Layer-1 Sonic with the help of Andre Cronje.
2. Technical Highlights
Sonic's customized tech stack (dedicated virtual machine, database, consensus mechanism) is fully compatible with EVM. As the EVM blockchain with the best performance, Sonic supports over 10,000 TPS, with a confirmation time of 1 second, perfectly suited for high-frequency DeFi and Web3 gaming scenarios.
The Fee Monetization (FeeM) mechanism disrupts tradition, allowing developers to earn 90% of the network fees generated by their applications, avoiding the high costs and complex interoperability issues of "application chains."
Sonic supports native account abstraction (AA), enhancing the interactive experience. Fee subsidies allow Sonic or the protocol to cover users' transaction fees, lowering the entry barrier, enabling users to experience without needing to prepare $S. Dynamic fees empower applications to flexibly adjust user fees, suitable for different scenarios.
3. Airdrop Activity
Sonic has launched a points program involving a 200 million $S airdrop, lasting over a year, aimed at incentivizing users and developers to drive ecosystem growth.
Users can earn Passive Points by holding or using whitelisted assets (such as scUSD, USDC.e, scETH). Activity Points can be obtained through on-chain interactions like trading, staking, or providing liquidity. At the end of each quarter, points can be redeemed for $S tokens.
Developers compete for airdrop shares through Sonic Gems, which can be exchanged for $S and distributed to users of the corresponding dapp.
Tokens earned from user points are 25% immediately unlocked, while the remaining 75% will be released linearly over 270 days in the form of NFTs. The airdrop is expected to take place in June, at which point NFTs holding 75% of the tokens may be sold at a low price, potentially providing an opportunity to buy $S at a bargain.
Note on point acquisition: The liquidity pool must have both tokens as whitelisted assets (e.g., S-USDC), otherwise points will not be counted; WETH, USDT, etc., only earn Activity Points, not Passive Points.
4. Interaction Strategies
High-Yield Stablecoin Strategy
4.1 Providing Liquidity
On @SwapXfi, providing liquidity in the bUSDC.e-20/wstkscUSD or aSonUSDC/wstkscUSD pools not only offers high APR returns (16.7% and 22.27% respectively) but also earns 12x sonic points, 1.5x Rings points, and airdrop from SwapX.
Here’s a brief overview of the operation steps:
First, find the S/USDC lending pair with id 20 on @SiloFinance (the id is the number in the first column), deposit USDC to obtain bUSDC, then deposit USDC on @Rings_Protocol to get scUSDC. Next, stake scUSDC to earn stkscUSD, and then stake the obtained stkscUSD again to get wstkscUSD. Finally, add liquidity on SwapX.
Note: wstkscUSD can be immediately exited as stkscusd, stkscUSD takes 5 days to convert to scUSD, and scUSD takes 5 days to convert to USDC. However, wstkscUSD can also be directly exchanged for USDC on the secondary market. This means large fund exits require 10 days, while small funds can exit directly on the secondary market with low slippage.
The other pool, aSonUSDC, allows you to earn by depositing USDC on Aave, with the remaining steps being the same as above.
4.2 Voting for Bribes
Principle:
wstkscUSD on @Rings_Protocol will earn the protocol's revenue on Sonic, while veUSD (locked scUSDC) can earn the revenue generated on the mainnet (scUSD is obtained 1:1 with USDC, and there will be corresponding USDC on the mainnet as support, which will earn revenue through DeFi operations on the mainnet via veda).
The project team will bribe veUSD holders to vote for the corresponding protocol, allowing the protocol to earn more revenue.
Specific Operation:
First, stake USDC on Rings Protocol to convert it into stkscUSD (refer to 4.1 Providing Liquidity), then lock stkscUSD. The duration can be set according to your situation; the longer the time, the higher the voting weight.
Next, go to the @Paladin_vote dapp, find Quest, and then locate the corresponding scUSD to access the bribery page (link: https://quest.paladin.vote/#/scusd).
Click to vote, and you will be redirected to the voting page of Rings Protocol. Choose the project with the highest yield you see on Paladin and allocate all your votes to it.
Voting needs to be done weekly. Since there are not many stakers currently, the APY can reach 150%. If you find weekly voting tedious, you can use @TholgarFi to automate the voting process; you just need to go and claim your rewards.
By the way, Rings Protocol is developed by Paladin and TholgarFi, so it is safe.
You can only choose one between liquidity and bribery strategies. Liquidity can be exited at any time, while bribery requires a lock-up period ranging from a few weeks to a year. Currently, fewer people are engaging in bribery, making capital efficiency higher. You can decide the allocation ratio based on your preferences.
Finally, let’s conclude with AC's words: The token of Sonic is not important; what matters is the Sonic ecosystem and its users.
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