Sonic Labs announced the launch of its points program aimed at rewarding users and stimulating DeFi growth on its platform.
Three Types of Points
The Sonic Points program offers users several ways to accumulate points, including Passive Points, Activity Points, and App Points (Sonic Gems). Users can accumulate passive points by holding assets in Web3 wallets like Rabby or MetaMask. Activity Points are earned when assets are deployed as liquidity on partner apps. Sonic Gems are allocated to apps that participate in the S token distribution.
Whitelisted Assets
To earn points, users must select from Sonic's list of whitelisted assets, which includes scUSD, USDC.e, and scETH. These assets feature boosted multipliers in the initial phases of the points program to encourage rapid adoption.
Liquidity Elements: Rings
An essential part of Sonic's liquidity strategy is 'Rings', a yield-bearing stablecoin protocol. Users can deposit stablecoins or ETH-based tokens to mint scUSD or scETH. Yield generated is converted into scUSD and distributed among Sonic's DeFi apps as liquidity.
The Sonic Labs points program underscores the company's commitment to providing users and developers with opportunities to increase liquidity and foster broad DeFi adoption. Through passive holding, active liquidity provision, and Sonic Gems, participants can access innovative reward mechanisms.
