Across The Cryptoverse #68 - Exploring Sake Finance On Soneium

Web2 is bridging to Web3, and Across is leading the charge as a Day-1 bridge partner for Soneium’s newly launched mainnet. With Across’s ultra-fast, secure crosschain technology, Soneium’s ecosystem connects seamlessly with Ethereum, advancing blockchain accessibility and enabling global adoption of Web3.

Soneium, Sony BSL's innovative Layer 2 blockchain built on Optimism’s OP Stack, marks a bold step into Web3. Designed to bridge Web2 and onchain worlds, it offers a scalable, developer-friendly platform for dApps with a focus on entertainment.

Backed by Sony BSL’s expertise and network, Soneium combines advanced blockchain technology with user-centric design to make onchain interactions accessible for mainstream audiences. After a successful testnet boasting 14M+ active wallets and 47M+ transactions, Soneium is ready to expand its reach through crosschain capabilities.

With Soneium mainnet now live, Across joins as a Day-1 bridge partner to enable seamless crosschain interactions. As a trusted Superchain bridge provider, Across delivers proven Intents-based infrastructure and native interoperability right from launch. This partnership fosters frictionless connections between traditional entertainment and Web3.

As Ethereum’s leading crosschain solution, Across Protocol supports Soneium’s mission across the EVM by integrating its ecosystem with sixteen other chains. Soneium users can now bridge ETH/WETH and USDC, with support for USDT, DAI, and WBTC on the horizon. This is just the beginning!

I am a crypto explorer and I had to dive into Soneium! And this is how a new DeFi chapter started... with a 6 seconds transfer from Optimism, though Across! Had to tweet about it, as the speed and fees are always amazing!

Suprisingly or not, Soneium protocols engaged with my tweet! I've got invited by Sake Finance to have a sip with them, as they praised the speed of the transfer. I love the Web3 atmosphere and joined their Discord, then went to explore the dAPP.

SoneFi interacted as well, with a warm welcome on Soneium, and an invitation to earn more than 40% APR and airdrop points. It's so early and this has to make some waves in the Cryptoverse!

Sake Finance is an integrated liquidity protocol on Soneium, ushering in a new era of decentralized finance through seamless modular integration. At launch, it introduces three key modules designed to provide a smooth and user-friendly experience. I had to try it!

The lending and borrowing protocol forms the foundation of the Sake ecosystem, offering a diverse range of assets and driving liquidity throughout the platform. With features like E-Mode, it enhances portfolio returns and efficiency. Complementing this is an overcollateralized stablecoin, securely backed by yield-bearing tokens from the lending module.

This stablecoin serves as a reliable store of value with high composability, enabling users to optimize returns across partner protocols. Lastly, the leveraged liquidity strategies (LLS) provide an effortless way to maximize assets, leveraging liquidity from the lending, borrowing, and stablecoin modules. With an isolated smart contract design, these strategies offer both customizability and simplicity, catering to DeFi novices and veterans alike.

Sake Finance embodies the future of DeFi by delivering a fully integrated suite of tools within a single platform. By combining the seamless experience of centralized exchanges with the security and control of decentralized systems, it empowers users to navigate their DeFi journey effortlessly while retaining full control of their assets.

I dived into Sake Finance and supplied $ETH because that was the only asset I had on Soneium... so far! The total supplied value is heading towards 10 mill USD, and the users will accumulate Sake Points on top of the APY!

The Sake Points are the core rewards program designed to incentivize users of Sake Finance. Once your wallet is connected, you can view your Sake Points on the Rewards page of the Sake Finance Dapp. These points accumulate in real-time, reflecting your activity within the Sake ecosystem.

Sake Points will play a key role in decentralized governance, shaping the future of the Sake Finance ecosystem. Updates on their utility and additional features are coming soon. You can start earning Sake Points by depositing into Sake Finance, with more opportunities to earn as new partnerships and integrations are introduced.

Activities like providing liquidity in DeFi protocols, referring friends, and completing quests in the Soneium ecosystem will also unlock extra rewards. I recommend checking the official Sake Finance media channels for news and updates!

Twitter (https://twitter.com/sakefinance)

Discord (https://discord.gg/M3zpHSFJkG)

Here's something that I want to test next! The Sake Fi and SoneFi combo can bring good incentives and boosted points for both protocols. It smells like airdrop season on Soneium!

Users can unlock hidden yields by depositing any assets on Sake Fi and borrowing USDCe after, which can be deposited into SoneFi Perp Liquidity or single USDCe deposits for a bag of rewards and points! LFG!