How does Soneium, a Layer 2 project under SONY, work? A comprehensive introduction to the ecosystem, revealing the strategy to earn two Airdrop rewards through stake.

Previously we reported that SONY's Ethereum Layer 2 Soneium has launched a developer test network and held the Soneium Spark incubation program. Now the points activity for the Airdrop has been exposed, and it is the simplest saving game. If you have expectations for SONY's Layer 2, perhaps you can participate after evaluation.

(Soneium developer testnet is online! Join hands with VC and infrastructure projects to build the Sony universe)

Astar EVM as the Soneium preheating network

In previous reports, we mentioned that Sota Watanabe, the director of Sony Block Solutions Labs behind Soneium, also serves as the founder of Astar. Astar is also seen as a bridge before Soneium goes online. Sota Watanabe said, "In order to truly popularize Web3 in society, we have decided to take the first step and transition Astar Layer 2 and the community to Soneium."

(Sony Group launches L2, aspiring to build the most widely adopted Soneium blockchain)

Astar Network also launched the Astar Surge event in December, where locking $ASTR or $vASTR tokens on designated protocols on the ASTAR EVM will earn points rewards. These points will be converted into token Airdrops at the token TGE. The five protocols in this event are the winners of the Soneium Spark event, namely Sake Finance, Yay!, Untitled Bank, SoneX, and Kyo Finance. These protocols will first go live on ASTAR and then bridge to Soneium after the mainnet is launched.

Borrowing, stablecoin, and leverage strategies all in one, smooth as sake DeFi

Sake Finance is a DeFi protocol that combines lending, overcollateralized stablecoins, and leverage liquidity strategies (LLS) in one. The official focus is on providing a smooth DeFi experience, just like sake.

Lending: Lending adopts the Aave V3 model, and the special feature may be the E-mode function. E-mode is a mode that can enhance the efficiency of user funds. For example, DAI, USDT, USDC, USDE, and USD0 are all tokens pegged to the price of the US dollar. At this time, they will be classified together. When I pledge tokens of the same type and want to borrow tokens of the same type, I can obtain a higher collateralization rate.

For example, pledging DAI can borrow more USDC. By analogy, it may be a similar logic to pledge liquid staking tokens. For example, pledge solvBTC and borrow LBTC. However, once entering E-mode, only assets of the same type can be borrowed.

Overcollateralized stablecoin: SONE (pronounced as S1) is a decentralized overcollateralized stablecoin that uses the assets supported in the Sake Finance lending page as reserves to mint SONE stablecoins based on specific collateralization ratios. Although the document does not mention high APY strategies like Usual or Ethena, as the protocol of Soneium, with official support, it may be expected to be widely adopted in the ecosystem.

Leveraged Liquidity Strategy (LLS): Conceptually similar to the operation of leveraging JLP tokens in NX Finance, the user deposits SolvBTC in Sake Finance, which the protocol then converts to SolvBTC.BBN. Then, the user establishes a collateral position for SolvBTC.BBN in Sake Finance and borrows SolvBTC. Through cyclical operations, the leverage holding of SolvBTC is achieved, with leverage of up to 9 times. This operation is fully automated, and users only need to select the leverage multiple and can receive staking interest.

(Online plummeted 80%! Solana's new face NX Finance launches coins for sale, turning the conversation to IDO mechanism review)

Soneium AMM DEX Double Hero

KYO Finance maintains traditional token trading and provides AMM DEX functionality for liquidity pools. However, the official website states that they have improved the system of governance tokens like Aerodrome, simplifying all procedures as much as possible.

SoneX is also an AMM DEX, but the documentation mentions cross-chain functionality, which is expected to become the gateway for Soneium. Lending functions will also be added in the future. The roadmap states that in the fourth quarter of 2024, the liquidity mining plan will be launched, the staking function will be expanded, and it will extend to more blockchains. In the first quarter of 2025, margin trading and limit orders will be introduced, as well as cross-chain transactions on major blockchain networks. Governance tokens will be launched in the second quarter of 2025.

Morpho on Soneium, staking to earn two Airdrops

Similar to Morpho, Untitled Bank is a modular lending protocol, which means that anyone can create a lending market on it. Each market matches lenders, borrowers, and bank operators in a permissionless and overcollateralized way. Fully customized lending markets can be created with components such as Interest Rate Models (IRM), oracles, and asset selection.

(New Generation DeFi Infrastructure (Hyperstructure) Paradigm: Borrowing Protocol Morpho)

The Untitled Bank has two participation modes: the core bank and the customized bank. The core bank is similar to traditional lending platforms such as Aave. It only requires assets to be deposited, and the algorithm will automatically match the lending market. Generally, the core bank model will be governed by DAO voting to allocate the proportion of each customized bank. The core bank can be viewed as an aggregated liquidity pool, while the customized bank is a liquidity pool chosen by users based on their own needs.

Yay! Global is a very popular community platform in the Japanese community, and it has a good reputation in Web2. The staking quota in cooperation with StakeStone was also filled in a short period of time. On the Astar Surge event page, you can choose which protocol to stake in, and the tokens will be unlocked on February 1, 2025. In addition to earning Soneium points, you can also earn the project's Airdrop at the same time, with the token unlocking only about a month away.

This article, how does Soneium, the Layer 2 project under SONY, work? Introduction to the ecosystem project, revealing two Airdrop strategies for staking. It first appeared on Chain News ABMedia.