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

Author: ACI

Date: 2025-03-04

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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