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Sonic Points w/ Rings and Veda
Recorded: Jan. 21, 2025 Duration: 0:26:00Space Recording
Short Summary
The transcript discusses various updates and activities in the crypto space, focusing on the Sonic ecosystem. Key highlights include the launch of a DeFi hackathon with a $250K prize pool, the recent launch of the Rings project as a meta-stablecoin and liquidity layer for Sonic, and the integration of Veda's vault infrastructure to enhance yield opportunities. The discussion also covers the partnership with Dorohacks and other entities to support the hackathon, the growth of Rings with a TVL nearing $15 million, and the upcoming improvements in user experience and liquidity strategies. The conversation emphasizes the goal of making SCUSD and SCEth the most liquid and useful assets on Sonic, with a focus on real yield generation and a robust tokenomics model.
Full Transcription
Yo, what's up guys?
Give me some hearts so you can hear me loud and clear.
Got a nice little space for you guys.
Awesome, awesome.
Thank you guys for the patience.
We're going to get our guests up here.
I got Fig from Reims.
You can talk about some cool stuff.
White listed assets, get yourself some points.
I'm going to do a slight update in the beginning.
But yes, thank you guys so much for being here.
Give me some hearts over hundreds of you can hear me loud and clear, guys.
Awesome, awesome.
We're just waiting on fig right now,
but we'll give it a few more minutes.
So, Dardan.
Nice to see Silver Swap up here.
We've got rings.
Dardam, Pintoshi.
Awesome, awesome.
We'll get started shortly, guys.
Amazing, amazing.
Cool.
Sending out updates.
Let's see.
All right.
Just waiting for...
For fig, what's up, what's up, good?
Nice to see some adaption here, Metropolis.
What's up?
All right, make sure you guys share this space.
It'll be very light, very educational.
We also want to catch up with Rings team.
As you may know, they're integrated for you guys
to get some sonic points with some white listed assets.
So it'd be cool to review that.
Get some, any updates coming down the pipeline for them.
And yeah, guys, it's gonna be fun, light.
Cool, let's see.
I will give it a few, we'll give about 60 more seconds, guys.
Bear with me here and then we'll go straight into the intro.
Awesome, we already got 109 people in here.
Good way to kick off the spaces once again.
Cool, let's see.
All righty, we got Figg up here.
He's connecting Figg, can you hear me?
And loud and clear, can you guys hear me?
Yes, loud and clear too, sir.
Thank you so much for being here.
We'll get started. I'll do a little intro, brief intro, some updates on our side, and
then we'll dive in so you can kind of talk to us about rings.
You've been here in the space before early, well, late last year to explain it, but it'd
be good to get an update and obviously what's new and what people can do with their assets.
So let me do a brief intro, guys.
As always, this is Luis Fausto.
I'm on the main account today.
They gave me access.
They gave the intern to access.
I'm not sure if it's a good idea because I'll go ballistic on the memes.
Make you guys laugh.
Just kidding.
But it's been...
Quite a journey last few months, right?
A few updates, so we're obviously with tweeted yesterday.
We've been in talks with centralized exchanges, still allowing them to help us and guide us through the upgrade, FTM to S.
So thank you guys for bearing with us.
It's been quite interesting, but everything's moving at a steady pace.
It'll be getting exciting once we get full.
Full help on that upgrade. So oh, we got Michael Kong system up here. Let me get them in here
Also, we just launched the defy hackathon this morning if any of you guys are building in the defy space
Feel free to join.
There's a very, very nice price for $250K.
We're giving out prizes to the top three agents as well as some extra bonus prizes for specific agents.
Being social, best defy, best tooling.
Go check it out.
We partnered with Dorohacks.
Hey, Anon, Zerebro for framework support as well as infrastructure support.
It's going to be really cool because obviously there's a big meta around AI agents, but Sonic is a perfect chain for that due to its scalability, its speed, it's affordability.
So it's going to be really cool to see what you guys build.
I have received some questions already regarding the eligibility saying if it's
If you guys already have an agent, can we still submit?
We will be a little bit lenient on this.
And why I say this, as long as it has Sonic integration.
Obviously, if you guys just copy and paste a project and submit it, we would not consider it.
It needs to be Sonic specific and it needs to actually perform anything on Sonic if you are participating.
So I just want to make that clear.
Yeah, what's up?
Can you give Sun?
I think Sun is on the Veta account.
Oh, there we go.
I think his personal account.
I got him here.
Put up Veta also just in case.
Okay.
Can you make me a cohort?
Yes, I can.
Give me one second.
Yes, sir.
There you go.
I got you.
Yeah.
So, yeah, that's the biggest update too.
So the Defy Hackathon.
And then obviously the airdrop guy.
So it's really cool because obviously rings is really heavily involved in the air drop as through the wireless assets.
Assistant, you should be co-hosts, right?
I still see you as speaker.
This thing is always having problems.
I mean, it's okay.
As long as they're as long as sun is up here and fig and things is cool.
Cool.
Yeah, we can take it off forever.
Yeah.
Cool, yeah, yeah, just giving a slight update.
But yeah, guys, if you haven't gone to the My Sonic portal, go experience it.
You can see your dashboard, points dashboard.
I believe now we don't have the Connect wallet wall so you can go experience.
Go check out the apps on Sonic already.
Go get some of those SCUSD, SCEath, which we'll talk about today.
But all right, we'll dive in.
Assistant, how are you doing?
i'm good bro oh join us co-host okay there we go okay cool i just i pinged johan i told him yo come on
go on and no he's a little he's a little bit shy but yeah man i'm i'm happy i think uh rings is
starting off like it's starting off nice um
Last time I checked with Figg and the Rings team, they are increasing, like the U.S., like improving, sorry, the UX for the ring site.
It was like pretty rudimentary in the beginning because we were like really pushing them to have it ready, which is I'm glad they were able to deploy on time and stuff.
I think now, correct me if I'm wrong, but TVL is around like 15 million, which is great.
I think Defi Lama is yet to update that, but it will soon.
And yeah, I think everything going on with Rings is cool.
We'll announce in the coming days we're also working with Royco.
So if any of you guys are familiar with Royco,
Royco will be integrated into Sonic for the points campaign,
and Veda and Rings will be like a very...
key part. It won't be the only kind of part.
There will be a ton of other applications integrated, but it will be makes the entire point
experience in terms of like directing users what actions they need to do detailed to get
to earn points.
So I'm pretty excited for that.
I think it is the points are a little bit confusing, but what I will say is that the
points are confusing for a reason.
The more confusing that we make them initially is because we want to have a max capital efficiency of all the points and all the air drop.
So like step one was kind of like make a system that primarily works for the money.
Not necessarily that works for the users or works for the foundation, but that gives the best value to the money.
Because for us,
the the there is a governance to deploy those funds.
So we wanted to make sure that we're giving the funds the the the respect they deserve so that we're not just wasting them and it's all being applied properly.
Then the next step is, okay, how do we simplify this for the users?
So that's kind of what the steps that we're at now is.
simplifying with Royco, working with Veda and Rings to kind of make it a streamlined experience.
And it takes time.
I mean, the team is really busy doing like a million things and ensuring the chain is secure,
ensuring the points program can't be abused, anti-Cibble, working with open block labs for points tracking.
So there's a lot of moving parts, but we're getting to the point where once we're done integrating
Royco, we're fairly confident that it will make the entire experience of earning points,
whether it's from rings.
and Veda or any other application on the chain,
it'll just be as smooth as possible.
That's all I really have to say.
I wanted to start it off like that.
Yeah, that's awesome.
I know, like you said, it's a lot of moving parts, but things are coming together.
The dashboard is really cool, as mentioned before.
Like if you haven't seen the dashboard, go take a look.
Very seamless.
And yeah, I guess we could get Fig if you want to do a slight intro about yourself.
And then I got a few questions for you.
And assistant, feel free to chime in two with questions or anything that you'd like to get
from Fig on the ring side.
But go ahead, Fig.
Yep, I'm Fig, one of the co-founders of Paladin's and one of the contributors to Rings.
I'm not sure what else to say. Basically, rings, the best way to call it is a meta-stable coin and liquidity layer for Sonic.
I think that's the best way to describe it today.
We launched it, well, exactly a month ago, by the way, before Gateway, basically when Sonic
launch, it was the first way to actually get assets outside of S onto the chain.
And since then, we've basically grown to just under 15 million of TVL.
I think we're at 14.8 or something.
We're getting close, counting on you guys to help us push this through this during this
this space, but the real fun starts now because the
the Sonic, the way Sonic has launched was, I think we could call it quote-unquote a soft launch in the sense that
everything has been deploying progressively.
And I think that's very healthy because we're starting to see everything bloom.
So when we launched, we basically were the only way to get on the chain.
Then we actually created the liquidity pools.
You have some on Beethoven, on Bits.
You have some on SwapX, on Shadow, Equalizer.
All of these projects have liquidity.
SCUSD is one of the most liquid assets today on Sonic.
I think there's more liquidity even than USTC.
So it's actually pretty good to pair with.
Then we worked on getting the oracles so we can enable lending very soon.
It's actually first pools are coming out this week, the ones paired with Oracle.
And after that we're actually working on yield trading, which should come even sooner.
But the idea is that up until now you've been able to deposit.
We really stake in locking so you can start playing around with it.
But this week is the week where everything really starts because it's when real yield is actually going to start coming into the system.
Real yield. Let's go. That's amazing.
Son, do you want to do a slight intro on yourself as well?
Yeah, sure. Hey, everyone. I'm Son. I'm co-founder and CEO of Veda.
For those who don't know Veda, Vita, Vita is a...
But I can't hear you. I'm not sure if anybody else can hear him.
Hello? Can anyone hear me? Hello, hello.
I can hear of Sun. Fucking Twitter spaces, man.
All right, I'm just going to assume people can hear me.
So I'm Son, co-vada CEO, Veda.
VETA is a Vault infrastructure platform.
So I've got some thumbs up.
Okay, cool.
So Veda builds vault is the TLDR.
A vault is like this very kind of generic concept in DFI,
but fundamentally, it basically makes it really easy for people to earn yield.
And it does that by abstracting away complex defy positions.
So things like Uniswap v3, lending protocols, yield trading platforms.
There's a lot of ways to get a lot of alpha and get value from these protocols, but
it tends to be really difficult.
So what vaults do is it gives users an ability to like passively earn yield through these different complex defy primitives.
So Veda, like the role in rings is VETA is powering the vault infrastructure.
Rings is this like pretty sophisticated system.
I really like how FIG described it as liquidity layer in MetaStablecoin.
The short like kind of North Star goal for Rings is that we want the Rings assets, namely SCE, SCUSD and potentially more SC assets in the future to be the highest utility, highest yielding assets on Sonic.
And under the hood, what's powering that mechanism is.
is vault infrastructure that is basically taking yield and incentivizing users to be able to deploy these assets across Defi.
So it's been a huge kind of collaboration across multiple different teams.
I think as a couple of people mentioned, the UX is going to be continually improving,
but even just getting it out the door, I think, was a major accomplishment.
So yeah, excited to talk more about, you know, what's going on and what the plans are.
Yeah, maybe just to add one thing, I think rings only works because it's VEDA underlying,
because we expect a significant amount of TVL to come in, and this only works if you're actually a proven smart contract with TVL into it.
So I think that creates a lot of trust and it shows a lot of
of seriousness and rigor from the team from actually choosing this design
because it means that we're using contracts that are battled tested, audited, and have been using them already.
It's not just an entirely new protocol and I think that's important to understand.
Yeah, I appreciate it.
I honestly should have.
Awesome.
Thank you.
Thank you.
Just so you guys, give me some 100s of you guys to hear me.
For some reason, I couldn't hear son.
But fig, I was just able to hear you right now.
But nonetheless, we could keep the conversation going.
Assistant, feel free to chime in here.
But kind of going into the assets, Fig, right?
Regarding like minting SCUSD and SEE, can you kind of, you know, for a high overview, I know there's probably some people here that have yet to experience it and maybe there is people that already experience it, but can you kind of walk through how to make the assets right now?
Yep, you can just go and rings that money with USDC, if or a few other stable coins and LSTs,
and deposit them either directly from Sonic Chain or from Ethereum, and it will directly bridge them and give you the assets.
That's basically the work-foo. So it's a very simple text, just one approved transactions and one in one min transaction.
Maybe what's worth adding is that we're working with a few bridges to directly integrate people who want to come in with a stable coin into a CUSD.
It should come out soon.
But that's more or less how to use it.
Then you can use another transaction to stake it, in order to lock it.
But outside of this, it's a very simple asset to try to make it as simple as possible for people to come in and play around with it.
Something that's interesting is that despite the fact that it's not easy to understand how much yield the points, rings points, sonic points, Veta points are going to be worth.
When we're going to start having a yield trading pool, which is tomorrow, the market will actually be able to start crunching the numbers and we'll be able to have some kind of market simulation.
estimation of how much it's going to be.
So I think this is going to be an interesting point.
What we're going to start to see market participants actually paying a role in guessing what that actual value would be.
Nice. Okay, cool. So, okay, so we head over to the site, right? The UI, we go ahead and mint that. Aside from like points, obviously, right, which is a good incentive here to hold, hold these white. These are considered white listed assets. What else can like, let's suppose I'm holding S-C-USD, S-Eath. What else, what benefit is there to me? What else can I do with those assets? What applications are supporting those assets? Can you show that with us?
I wouldn't be able to share all of the application already because there's
honestly more than 20 integrations already and this is going to keep growing exponentially.
Today you can borrow against it.
On a few protocols, there's a few big ones, more big ones that are going to appear.
You can trade with and against it.
You can pair it with other LP pools.
That's more or less what you can do with it today.
There's a lot of yield-bearing strategy.
I think there's a Bits pool that's still in 27% for a stable-to-stable pool,
and that's with $7 million TVL.
So you can come in in size and almost not dilute the yield.
There's a lot more that's going to come.
We're always open if people have suggestions of what we can integrate.
But the whole idea is to try and make SCUSD
the core asset on the chain for people to integrate with.
The way we do this is not just with points.
I think points is a very good stepping stone,
but it's not enough.
It's with the real yield from the staking,
with the whole flywheel of the tokenomics
that we can't talk about just afterwards.
And the third part, which is very important,
is that simply we aim for this to be the most liquid asset on the chain.
Amazing.
Amazing.
Thank you, Figg.
Son, if you want to chime in, go ahead.
Hopefully I can hear you this time.
Hello?
Is this better?
There we go.
Yes, there we go.
Thank you.
Go ahead.
Anything you want to chime in to support Figgs statements, anything you'd like to add?
No, just echoing. I think, again, the reiterating the goal of rings is to issue the most useful liquid assets on Sonic.
We want this to be like the canonical representation as much as we can push it by effectively making it really appealing for people to deploy SCUSD, SE, and other SCE assets into DFI.
Anyway, glad you can hear me now.
Awesome, awesome. Fig, you meant flywheel right now. Go ahead and elaborate on that.
What else can we expect and what does that include in that flywheel?
Yeah, okay. So the way it works is that VEDA allocates into low-risk yield-bearing strategies
to collateral on maintenance, right? What we do is that we collect the yield on a weekly basis.
And by the way, this is starting tomorrow. So the first voting round is
most likely going to start in 48 hours, and lockers can actually allocate that guild from the collateral to different projects into the Sonic Defi.
So what this effectively does is that it enables projects in Defi on Sonic to finance themselves, to create new streams of revenue.
What's really cool about this is that they can either lock up capital over the long term,
up to 52 weeks to actually direct these emissions, or they can pay the voters to get these yield,
which is what some people call bribes, vote incentive.
So what we expect is that some market creates, starts being created,
you'll see a vote market release very soon, where people can lock in capital and be paid by other products to basically fund them.
That's the whole basic idea of the tokenomics.
What's very cool is that that's basically the first layer.
There's a brick in the middle that makes this a slightly more complex.
It's that every locker had to stake before.
So when you stake, what you're doing is that you're allocating SC assets into Sonic DFI.
So, for example, if you have S-USD, when you stake it,
we're going to allocate it to a BITS-E-USD-S-Pool for more liquidity,
or to a silo lending pool against S.
to provide liquidity on the landing side.
So effectively, when you're staking,
you're taking a passive approach to provide liquidity on the chain against yield.
And more points, of course.
When you're locking, you're locking that asset that you've just staked.
You're relinquishing the yield to control the...
the collateral yield.
I'm sorry if that was a bit confusing,
but the idea is that basically staking
is the most competitive risk-controlled way
to get yield on the chain, and locking is
disproportionately profitable way to get yield with stable coins.
It's very close to a solidly model.
The only difference is that you don't have a volatile governance token.
You're just doing this with stable coins or if.
Hello?
Anyone stable here?
I'm also here guys.
Did the space cut?
Seems like we have a small problem.
I think there may be technical difficulties.
Yeah, but we can still a few things that we can cover around rings.
I think mostly,
We basically had a amount of warm up where we basically tested everything.
We got all the feedback we needed on the UI.
So what people can expect maybe to sum up all of this is a new and improved UI,
all new Defi strategies to come in and actually play with your SC assets.
More liquidity every day to keep playing around in and out of these assets.
And then the whole flywheel to start basically this week.
So which means that the first month of the yield that was collected is going to be deposited in the gauge tomorrow.
And the incentives are going to be distributed in a week.
So that's what people should expect from rings in the coming week.
It's probably going to be the most intense week for the project since launch.
I guess we're going to have to play host. So,
It would be interesting.
One thing I do want to flag for people is that this app experience is also going to continue
to evolve and just consistently improve.
To the extent that people have feedback, people have used the app and they want certain features,
the team is all ears 100%.
So we want to make this the best possible user experience for getting access to the Sonic ecosystem.
So we are very responsive.
Feel free to provide any kind of feedback.
And I know FIG and his team have been working on a pretty substantial UX upgrade that should be released soon.
So that'll be really exciting.
Yeah.
Just...
