Sonic’s new mainnet is live, and here’s a short but comprehensive list of all the things you can and should do (so far).
Sonic in my opinion, has so far lived up to the hype, and transaction times seem to be incredibly fast and clean. But before I go through any of the steps, the Sonic team has already published pretty clear guidelines to their Points and Gems campaign, and in a nutshell, points/gems can be earned by either your activity onchain, or passively whereby you can earn multipliers by holding the following assets:
With that in mind, for any of the following activities, I would only do so with one of the above whitelisted assets, and given that transaction count matters, I would consider doing some of these steps multiple times.
Anywho, without further ado…
1. ‘ Upgrade’ your $FTM for $Sonic
This first step is quite simple and it only should take a few minutes max, even though the website states that it can take up to an hour. Personally I had to make transfers both from Fantom to Sonic and also Ethereum Mainnet to Sonic, the latter which can be done through the Sonic Gateway. This leads us to step # 2.
2. Bridging through the Sonic Gateway
As I previously mentioned, you’ll have to go through the Sonic Gateway if you’re migrating your $FTM from Ethereum mainnet, but you can also bridge over $USDC, $EURC, and $WETH through the Gateway as well too. And just an added note, from my experience, bridging over funds via the Gateway took much longer than it did upgrading my native $FTM.
3. Staking
Currently there are a couple dozen or so validators to which you can delegate your $S in order to help secure the network. In doing so, you can earn a maximum of 8.52% APR on your staked $S, but please also note that there is a 14-day unbonding period if you wish to unstake your funds.
If you’re uncomfortable with the 14-day unbonding period, you can also choose to liquid stake your $S for $stS (albeit for a slightly less APR) on beets.fi, a true OG of the Fantom ecosystem who has already been able to amass more than $40 million worth of $S:
4. DeFi
As I mentioned before, holding whitelisted assets and transaction counts are the two main pillars to earning points and gems, so it behooves users to make sure that they are using some of the DeFi Apps in order to earn as many returns as possible. However given that the Sonic ecosystem is still relatively pretty small, the only two that I would trust at this point would be Beets.fi (as I previously mentioned) and WAGMI. Beets.fi has decent APRs on their $S/$stS pool (7.28% APR) and $USD/$stS pool (32.87% APR):
And although with lower TVLs, WAGMI offers significantly high APRs on their $WS/$USDC.e pools:
5. Get a .sonic domain (or at least get waitlisted for one)
I’m not sure how much these are actually going to cost once you’re able to buy them, but the last step you can take for free is to signup on their waitlist to get a .sonic domain name:
Conclusion
And that’s a wrap folks! I’m confident that as we get further into the cycle we’ll see some more bullish things on Sonic’s horizon. If you feel like there’s anything I’ve missed, be sure to let me know in the comments below.
And as always thanks for taking the time to read this and be sure to follow me on twitter (https://twitter.com/CryptosWith) to get all my latest updates. Also, looking for a gift for your Crypto-loving/hating friend? Give them a REKT journal to cheer them up!
Disclaimer: This is not financial advice and this is for educational and entertainment purposes only. Please as always, do your own research and find what investments are best for you. Cheers everyone!