Sonic Ecological Stablecoin Strategy Full Explanation: How the Rings+Pendle+Silo Combination Achieves 15% Annualized Yield and Airdrop Arbitrage

The Bear Market is a test of high-quality protocols and an opportunity for rational investors to redistribute wealth.

Written by: Lawrence, Mars Finance

1. The Rise of Sonic in a Bear Market: Stablecoin Strategy as a Safe Haven for Funds

Defillama data shows that in the past month, Sonic has increased by 36% among the top 12 public chains in TVL.

In the panic of Bitcoin briefly falling below $75,000 and Ethereum losing the $1,500 mark, Sonic Chain (formerly Fantom) has become a rare growth pole in the crypto market, with a total locked value (TVL) exceeding $1 billion and a counter-trend growth of 30% month-on-month.

Behind this phenomenon is the “Stablecoin Yield Matrix” strategy led by Andre Cronje (AC) — through nested protocol design, upgrading the single-layer yield of traditional DeFi to a three-dimensional growth model of “base yield + leverage amplification + token airdrop.”

From the data, the Sonic ecosystem stablecoin supply has exceeded $400 million, accounting for over 40% of the TVL. Among them, the yield networks built by protocols such as Rings Protocol, Silo Finance, and Lombard Finance have created an average annualized stable return of 12-20%, far exceeding CeFi wealth management and government bond yields. This attraction has even driven funds on Ethereum and Solana chains to flow into Sonic through cross-chain bridges, forming a “Bear Market capital siphon effect.”

2. Income Logic Breakdown: Why are Rings+Pendle+Silo the Optimal Solution Currently?

1. Rings Protocol: The underlying infrastructure for income

As the “stablecoin hub” of the Sonic ecosystem, the Rings Protocol achieves cross-chain yield aggregation through Veda Labs’ Boring Vaults. After depositing USDC, users can mint over-collateralized stablecoin scUSD (base annualized 3.7%) and further stake to generate yield-bearing token stkscUSD (annualized 5.8%). This process not only locks in the base yield but also grants a 2x Sonic points bonus—these points will be redeemable for the future airdrop of the Sonic mainnet token $S.

Technical Highlights:

• Collateral Diversification: scUSD is over-collateralized in a 1:1 ratio by LBTC, eBTC, and WBTC, reducing the volatility risk of a single asset.
• Decentralized sources of income: Boring Vaults diversifies funds across Ethereum blue-chip protocols like Aave and Compound, avoiding solo on-chain protocol crashes.

2. Pendle Finance: Secondary Leverage of Yield

Holders of stkscUSD can tokenize their yields through Pendle Finance by purchasing PT-wstkscUSD (annualized 8.7%) or YT-wstkscUSD (floating yield). Based on a principal of $100,000, this step alone can increase the annual yield from $5,800 to $8,700, and the PT tokens can be traded on the secondary market, preserving liquidity.

Mathematical Verification:

Comprehensive Annualized = (1 + 5.8% ) × (1 + 8.7% ) − 1 ≈ 15.12%

3. Silo Finance: The Ultimate Hunt for Airdrop Points

By depositing PT-wstkscUSD into Silo Finance, users can earn GEM airdrop points daily. Based on historical data, for every $1 deposit, an average of 0.003 GEM can be obtained per day. Assuming the launch price of GEM is $0.1, the potential annual airdrop value is approximately $120. If combined with Sonic mainnet points and Rings protocol points, the overall收益 can exceed 20%.

3. Risk Hedging: Potential Vulnerabilities in Nested Strategies and Countermeasures

Despite the significant returns of the portfolio, it is still necessary to be cautious of three major risks:

Cross-chain bridge security risks

The Sonic official bridge is the only channel for cross-chain funds. If it encounters hacker attacks similar to Poly Network, it may lead to asset loss. It is recommended to diversify funds across multiple cross-chain cycles and set automatic redemption trigger conditions.

Liquidity Mismatch Risk

It takes a 5-day waiting period to redeem USDC from scUSD, and it may not be possible to exit in a timely manner during extreme market conditions. The strategy is to keep 20% of the position for emergency adjustments and use the perpetual contracts of Shadow Exchange for hedging.

​​Risk of Fluctuation in Point Valuation​​

The airdrop rules for Sonic points and GEM have not been clearly defined, and there is a possibility of unmet expectations. You can purchase put contracts through options tools (such as Siren Protocol) to lock in the minimum value of points.

4. Practical Operation Guide: Build a Profit Fortress in Five Steps

Base Layer Configuration (60% Position)

• Deposit USDC into the Rings Protocol, mint scUSD and stake to generate stkscUSD
• Target: 5.8% fixed income + 2x Sonic points

Leverage Layer Amplification (30% Position)

• Buy PT-wstkscUSD through Pendle, locking in an annualized 8.7%.
• Strategy: Choose a 3-month term to balance returns and flexibility.

Airdrop Layer Hunting (10% Position)

• Deposit PT-wstkscUSD into Silo Finance to accumulate GEM points
• Note: Set take-profit threshold (e.g., automatically exchange to USDC when GEM price reaches $0.15)

Hedging Layer Insurance (Dynamic Adjustment)

• Open a USDC/USDT perpetual short position on Shadow Exchange, covering 20% of the position value.
• Tools: Use 5x leverage, set stop-loss point at 1% depeg of USDC

Monitoring and Rebalancing

• Daily check the status of the Sonic Gateway cross-chain bridge and the fluctuations in the protocol APY.
• Weekly reinvestment returns, utilizing Veda Labs’ automatic compound interest robot to optimize returns.

5. Ecological Panorama Outlook: Sonic’s Stablecoin Ambition

Recently, AC revealed that Sonic Labs is developing an algorithmic stablecoin protocol, aiming to achieve a floating yield of 4.9-23% through a dynamic interest rate model. Although this initiative is seen by some observers as “repeating the mistakes of Terra,” its innovation lies in:

• Yield sources linked to real assets: Cash flows generated through LBTC staking support the value of the stablecoin, avoiding a UST-style pure algorithm collapse 56
• Multi-protocol risk isolation: Returns are generated jointly by protocols such as Rings, Lombard, Ether.fi, and the failure of a single protocol will not trigger systemic risk.

If the plan succeeds, Sonic may become the first public chain to achieve “stablecoin yield programmability,” further consolidating its position as a hub for defensive assets in a Bear Market.

VI. Conclusion: Rational Allocation, Navigating Cycles

At the darkest moment of the crypto market, the Sonic ecosystem has demonstrated that the resilience of DeFi does not rely on token speculation, but rather on the real value created by cash flow, through the combination of “stablecoin + nested protocol.” For investors, the strategy of Rings+Pendle+Silo is not just a tool for returns, but a survival philosophy — dispersing risks through protocol collaboration, laying out the future through a points system, and combating volatility with stable returns.

As AC mentioned when Sonic launched on the mainnet: “The Bear Market is a touchstone for quality protocols and a wealth redistribution opportunity for rational investors.” In this war without gunpowder, choosing the right combination of protocols may be more important than predicting market ups and downs.