With a Sonic airdrop incoming, there are points to be earned and some substantial yields available in the Sonic DeFi ecosystem, so this guide will look at bridging assets across to Sonic, at how to become eligible for the airdrop, and at some of the key protocols to interact with on Sonic, including Silo, Rings, Origin, Pendle, and Gearbox.
Last week we looked at Sonic DeFi and how to get started with the Shadow platform, where you can pick up yield by providing liquidity (to get up to date with that, please check How to Get Started Using Shadow on Sonic), and this week we’ll continue exploring opportunities on Sonic.
That means looking at airdrop qualification, along with several protocols and strategies that are worth checking, although as always, you need to be fully aware of the risks before transacting, as some hazards include: smart contract vulnerabilities, market volatility and impermanent loss, frontend attacks, and systemic risks across the crypto ecosystem. Also, this guide is not intended as an endorsement of the protocols mentioned.
Bridging Assets
To begin interacting on the Sonic blockchain you’ll need to bridge some assets across, and there are several options to do that, including:
- Sonic Gateway. This allows you to bridge from Ethereum to Sonic.
- deBridge. This is multichain and includes a wide range of tokens.
- RhinoFi. A multichain that lets users bridge across to USDC on Sonic.
Among other wallets, you can use MetaMask on Sonic, or Rabby is another good alternative, and be aware that the chain’s native token S is used for paying gas fees, so you’ll always need to hold at least a small amount of that.
Qualify for the Airdrop
Sonic will be airdropping a further portion of its S token later this year, with 200 million tokens due for distribution, and there are a few ways to qualify for that.
- Firstly, you can earn Passive Points simply by holding whitelisted assets in your wallet, but NOT by holding on a centralized exchange. The table below details eligible assets, although WETH, SolvBTC, and SolvBTC.BBN are different, and only earn Activity Points (see the next point about these).
- You can earn Activity Points by using whitelisted assets on eligible protocols. Participating apps can be found on the Sonic Ecosystem dashboard with the AP Points button activated (as per the link), and these protocols include the likes of Shadow, Pendle, and Curve.
- And finally, you can also earn extra points from certain apps, as decided by the apps themselves, which are actually sharing points derived from Sonic Gems–a kind of reward distributed to developers and then passed on to users.
Once you’re earning rewards, you can hook up your wallet and check your totals at the Sonic Points board, and you can also use this to earn from referrals, but to do that you’ll need to log in with your X account.
Sonic DeFi Protocols to Explore
The following are some interesting Sonic DeFi platforms to look at, although you can find many more on the Ecosystem list linked above, and don’t forget we already covered Shadow last week.
Silo
With decent APRs when providing liquidity, lending protocol Silo provides a reliable platform on which you can deposit and earn from stablecoins with minimal risk or complexity. Currently, for example, you can get a…
