[TEMP CHECK] Onboard scETH, scUSD, and scBTC to Aave V3 Sonic Instance

Governance New Asset
1

[TEMP CHECK] Onboard scETH, scUSD, and scBTC to Aave V3 Sonic Instance

Author: ACI

Date: 2025-03-04

Simple Summary:

We propose onboarding scETH, scUSD, and scBTC as collateral on the Aave V3 Sonic instance. We also propose making scETH and scUSD borrowable. With the launch of Sonic and increased usage and incentive programs, users are looking for looking for broader collateral options on the chain, we believe scETH and scUSD are good candidates for onboarding to meet this need.

Motivation/Background:

scETH, scUSD, and scBTC are created by Rings. Rings is a meta-asset for USD, ETH & BTC offering competitive yield for stakers, providing deep liquidity for Sonic DeFi, and funding Sonic DeFi projects via its lockers. Built on Veda BoringVaults and drawing inspiration from Blast’s bridge capital efficiency and Solidly’s ve(3,3) model. Rings aims to establish itself as the premier medium of exchange within the Sonic ecosystem.

Benefits of listing this token:

These tokens earn points from Rings, Veda, and Sonic. We believe these tokens will be popular given the popularity of leveraged point farming strategies on Aave.

Chain to be deployed/listed:

Sonic.

Proof of Liquidity (POL) and Deposit Commitments:

POL and Deposit Commitments will be discussed at the ARFC stage.

Useful Links:

Docs: https://docs.rings.money/

App: https://app.rings.money/

Disclaimer:

This proposal is powered by Skywards. ACI is not directly affiliated with Rings and did not receive compensation for the creation of this proposal.

Next Steps:

  1. If consensus is reached on this TEMP CHECK, escalate this proposal to the Snapshot stage.
  2. If the Snapshot outcome is YAE, escalate to ARFC stage.
  3. Publication of a standard ARFC, collect community & service providers feedback.
  4. If consensus is reached on this ARFC, escalate this proposal to the ARFC Snapshot stage.
  5. If the ARFC snapshot outcome is YAE, publish an AIP vote for final confirmation and enforcement of the proposal.

Copyright:

Copyright and related rights waived under CC0

4 Likes
2

YAE, I am all for it. Rings is a high-quality, innovative product that is set to play an integral part in Sonic’s vision.

3

The current proposal has been escalated to TEMP CHECK Snapshot.

Vote will start tomorrow, we encourage everyone to participate.

4

It would be great to have some more information around what these assets are and their TVL, usage, and demand to better judge the proposal prior to the Snapshot vote.

1 Like
5

I think we could wait for ARFC and see this then from risk manager.
But I share the overall interest about these assets and how much of a good fit they are for Aave.

6

After Snapshot monitoring, the current TEMP CHECK Snapshot ended recently reaching out both Quorum and YAE as winning option with 824.1K votes.

Therefore [TEMP CHECK] Onboard scETH, scUSD, and scBTC to Aave V3 Sonic Instance has PASSED.

Next step will be the publication of an ARFC to continue gathering both service providers and community feedback.
Closing thread to focus on ARFC.