GuShiio.com The Sonic platform, as its name suggests, is fast and efficient while striving to create more value for users.
Author: Magpie Protocol
Compiled by: Shenchao TechFlow
DeFi (decentralized finance) is developing rapidly, and Sonic’s speed is equally eye-catching. By building an ecosystem that both benefits the community and supports developers, Sonic has become a hotbed for thriving innovation and provides an opportunity for agreements like Magpie to fly high.
Sonic has all the ingredients for success: high speed, efficiency, strong throughput, security, scalability, and an ecosystem full of potential. Not only that, it also provides an attractive incentive mechanism for communities and developers.
Next, let’s explain in detail why Sonic is an ideal place for the Magpie project to grow and develop.
First of all, let me briefly introduce Sonic. Its main website was officially launched in mid-December last year and has become popular rapidly since then. Its Total Value Locked volume (TVL) increased by more than 700% month-on-month, and its trading volume also showed a continued upward trend. In such an environment, Magpie and other agreements naturally hope to join this vibrant ecosystem and grow together.
@DefiLlama: “We are currently tracking 65 decentralized applications (dApps) on the SonicLabs platform.
Since the beginning of this year, Sonic’s Total Value Locked volume (TVL) has increased 13 times, soaring from $27.14 million to $357.65 million. This significant increase demonstrates the rapid expansion and strong development potential of the platform ecosystem.”
Let’s quickly break down Sonic’s technical specifications:
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<1 second confirmation time: Almost instant transaction confirmation can be achieved, and the speed is close to its limit.
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10,000TPS(Processing 10,000 transactions per second): It demonstrates strong scalability and has huge room for future growth.
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Gas fee (blockchain transaction fee) below US$0.01: The cost is extremely low and very affordable.
In terms of speed and efficiency, Sonic has reached a leading level. Next, let’s explore why building projects on Sonic is exciting.
Advantages for developers
Sonic’s FeeM Profit Program is a highlight and an unprecedented innovation. The plan allows projects built on Sonic, such as Magpie, to receive up to 90% of the on-chain Gas fee.
We plan to use this mechanism to reduce transaction costs and improve user experience by allocating part of the recovered Gas fees to users. In this way, we hope to create a more efficient and attractive platform for traders on Sonic.
Motivation for the community
Sonic has designed a simple and efficient incentive mechanism for $S tokens:
Users earn points by participating in the ecosystem, and these points can be converted into $S tokens.
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Coin-hoarding players (Hodlers).
If you are a currency holder, you can earn passive points by holding whitelisted assets directly in a Web3 wallet such as Rabby or MetaMask.
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liquidity provider(Farmers)
If you prefer liquidity mining, you can deploy whitelisted assets to participating applications to earn active points. The payoff of these active points is twice that of passive points.
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Agreement reward
Sonic Points is a community-centered reward system that allows dApps and protocols to design unique point distribution mechanisms for their users, encouraging users to use their protocols or participate in community activities. These points can later be redeemed into $S tokens, directly rewarding users for their participation.
If you are looking for passive income, you can get $scUSD,$scETH, or $stS from partners @Rings_Protocol and @beets_fi to hold. If you need to borrow money,@SiloFinance provides relevant services and can also earn points through borrowing.
Whether it’s hoarding coins or trading, you can be rewarded for participating in Sonic’s ecosystem. And, to make the process more convenient, when using Magpie, you can directly exchange assets for these tokens, or even mince them, while earning points and stacking rewards through Sonic, Rings, Magpie and other participants.
Although rewards may require a certain lockup period, this incentive mechanism is very attractive. And don’t forget that the greater the volume of transactions, the more gems we receive that can be used to provide more incentives for our communities and drive a virtuous cycle of ecology.
core team
@AndreCronjeTech is the founder of Sonic, which is one of the reasons why Sonic is worth looking forward to. He is not only the founder of @yearnfi, but also co-developed the innovative ve(3,3) token economy model. Therefore, when he focuses on a certain project, he always catches our attention.
His team members include @michaelfkong,@_lfausto,@AVKhatibi and @MainnetMari. They are innovative, generous and open, and fully promote the growth and cooperation of the DeFi ecosystem, bringing more possibilities to the industry.
Our favorite ecological projects
We have full confidence in Sonic’s technology, team and ecosystem. Now, we want to share some of our favorite protocols and community dynamics with you.
Metropolis
Metropolis is a rapidly emerging decentralized exchange (DEX). Their liquidity and trading volume continue to grow, and recently launched their own token,$METRO (available on Magpie). A highlight of Metropolis is its Dynamic Liquidity Market Maker (DLMM), a tool that allows users to customize liquidity distribution strategies, whether it is a bell curve, spot strategy, pending order style, or fixed investment strategy (DCA)., can be flexibly configured. If you are an art lover, their social media posts often come with exquisite works of art. Whether it is due to its love for art or its need for liquidity control, Metropolis is an excellent platform worthy of attention.
Rings
If you hold $USDC,$ETH or $USDT, try the income-based stablecoins and ETH derivatives offered by Rings. These tools not only keep your assets from idle, but also help you realize asset appreciation through pledges or other methods.
SwapX
SwapX is the leading decentralized exchange (DEX) in the Sonic ecosystem, and the key to its success lies in its pioneering adoption of V4 technology. This technology significantly improves capital efficiency and enables traders to achieve higher returns, while helping liquidity providers (LPs) effectively reduce Impermanent Loss (IL) through centralized liquidity and automated position management.
In addition, SwapX has developed and audited a highly anticipated DeFi plug-in specifically designed to manage the liquidity of Liquidity Pledged Tokens (LSTs), which will be released exclusively on Sonic. With its large community and ve(3,3) token economy model, SwapX is gradually becoming an important player in Sonic’s ecosystem.
Beets
Beets is the flagship LST center on Sonic. Users can convert $S to $stS and earn income in an automatically compounded pool while maintaining the liquidity of the assets. What’s more convenient is that the Magpie platform supports direct casting or redemption into $stS, making the operation simpler and more efficient.
WAGMI&Hey Anon
Next up are WAGMI and HeyAnon, two projects crafted by @danielesesta.
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WAGMI: Known for its innovative GMI pool, a multi-level pool structure that contains multiple sub-pools. Through this “pool within pool” design, the WAGMI ecosystem superimposes a multi-layered fee structure. If you are pursuing portfolio diversification and maximizing returns, WAGMI is an option to watch.
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HeyAnon: This is an upcoming AI agent that allows users to complete DeFi operations through dialogue. For example, you can ask HeyAnon to help you cross-chain swap ETH from Arbitrum to $scUSD on Sonic. As its developer said: “Agents are the new wallet. In Beta testing, you’ll see that it provides security through keys, integrates all wallet information, and is able to perform tasks and provide a conversational user interface. This is the trend of the future, a tool that never rests and completes tasks for you anytime, anywhere.”
Equalizer
Equalizer focuses on providing “real revenue” to token holders. Its unique sustainability model balances the rewards of token holders and liquidity providers, while focusing on low-slip transactions. In addition, they channel liquidity to the trading pairs with the largest trading volume through community voting, ensuring that the most popular trading pairs enjoy better spreads and higher liquidity efficiency.
SpookySwap
SpookySwap is a decentralized exchange (DEX) known for its low transaction fees that is powerful and easy to use. Their native token,$BOO, also provides users with rich benefits, including the right to vote in platform governance proposals and the opportunity to share exchange fee revenue.
Shadow
Shadow is a centralized liquidity-based protocol layer and trading platform where users can earn fee shares and additional rewards (i.e. bribery rewards) by voting on token emissions. The platform supports flexible fee allocation, dual emission mechanism and other functions, and is a representative of the next generation of DeFi innovation. If you are looking for a trading platform based on the x(3,3) model, Shadow is worth a try.
Silo
Silo provides an isolated lending market where users can earn real income and market income by pledging $SILO or holding $spSILO. In addition, users who deposit $1 to borrow can earn Sonic points, while borrowers can also receive half of the reward. The specific reward multiple depends on the type of token borrowed.
The Sonic platform, as its name suggests, is fast and efficient while striving to create more value for users.
