PRESS RELEASE.
George Town, Cayman Islands, January 14th, 2025, Chainwire.
Sonic Labs announced the launch of its points program today, an innovative incentive framework designed to reward users and stimulate the growth of DeFi on Sonic.
Through a multi-layered approach that combines passive asset holding, active liquidity deployment, and developer-focused “Sonic Gems”, the program will distribute around 200 million S tokens as part of the S airdrop.
This initiative positions Sonic as the premier hub for DeFi enthusiasts and newcomers, offering an ecosystem where users can enhance the utility and opportunities of their assets.
Three Types of Points
The Sonic Points program offers users multiple opportunities to accumulate points:
1. Passive Points
Holding whitelisted assets in a Web3 wallet, such as Rabby or MetaMask, or a hardware wallet allows users to accumulate passive points, while assets stored on centralized exchanges are excluded.
2. Activity Points
If users choose to deploy whitelisted assets as liquidity on participating apps, such as DEXs, lending protocols, or other apps, they can gain activity points in addition to their passive points. This approach incentivizes users who actively contribute to the network’s liquidity.
3. App Points (Sonic Gems)
In addition to the user-focused portion of the airdrop, Sonic Labs has designed a developer-focused portion where participating apps compete for an allocation known as Sonic Gems. Apps can redeem these Gems for S tokens, which they may distribute to their users as rewards through independent points programs.
By controlling token distribution, apps can design tailored points programs by incorporating weighting factors based on the total liquidity a user provides or the duration that capital is deployed. The competitive aspect of Sonic Gems allows users to strategically choose apps that demonstrate strong Gems earning potential and offer well-structured points programs, optimizing opportunities for capital growth within the ecosystem.
Whitelisted Assets
To get points, users must select from Sonic’s initial list of whitelisted assets, which ranges from scUSD, USDC.e, and scETH, to other select tokens. Notably, the assets have boosted multipliers in the initial phases of the points program to foster rapid adoption.
Additional assets may be whitelisted in the future, ensuring the continued evolution of the ecosystem.
Rings: Infusing Apps on Sonic With Liquidity
An important element in Sonic’s liquidity strategy is Rings, a yield-bearing stablecoin protocol. By depositing stablecoins or ETH-based tokens, users can mint scUSD or scETH (both whitelisted assets).
While these tokens are deployed on Sonic, the collateral used to mint them is sent to vaults on Ethereum operated by Veda, where they generate yield. The yield generated is periodically converted into scUSD and bridged back to Sonic, where it’s dispersed among DeFi apps as liquidity infusions.
This cyclical flow not only amplifies earning potential for users but also supplies DeFi apps on Sonic with a stable inflow of liquidity, which ensures deep liquidity pools, more robust lending markets, and a healthier DeFi landscape overall.
Rings is a third-party project and not affiliated with Sonic Labs. Users can learn more about Rings here.
Airdrop Dashboard: All-in-One Hub
The Sonic points dashboard is a comprehensive platform on which users can:
- Check their earned points
- Check the list of participating apps
- Get whitelisted assets through a simple interface
- Generate a referral code and share it with friends to get extra points
- View a leaderboard that displays the points and Gems earned by users and apps
A New Approach to DeFi
The Sonic Points program underscores Sonic Labs’s commitment to empowering users and developers with a dynamic range of opportunities. Through passive holding, active liquidity provision, and Sonic Gems, participants can access innovative reward mechanisms while helping to drive deeper liquidity and broader DeFi adoption on the platform.
Overall, Sonic’s multi-layered incentive system and high-performance infrastructure set a new standard and position the chain as a premier DeFi hub.
About Sonic
Sonic is a high-performance, EVM L1 platform that offers developers attractive incentives and powerful infrastructure for DeFi. The chain provides 10,000 TPS, sub-second confirmation times, and a secure gateway to Ethereum for enhanced liquidity and asset security.
Contact
Sonic Labs
[email protected]
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