Stake SONIC and Pay with sSONIC
Stake SONIC to earn yield, Pay with sSONIC to win more
Last updated
Stake SONIC to earn yield, Pay with sSONIC to win more
Last updated
The sSONIC tokens are interest-bearing while retaining full liquidity within the SONIC ecosystem. FoMoney is working with Chaos Finance, a SONIC liquid staking protocol powered by StaFi AI LSaaS and accept sSONIC as the in-game payment methods.
The sSONIC tokens are interest-bearing while retaining full liquidity within the SONIC ecosystem.
sSONIC can be seamlessly integrated into various GameFi and DeFi applications within the SONIC network, opening up new opportunities for yield generation across the SONIC SVM.
The staking process in Chaos Finance is similar to other liquid staking protocols. Holders can stake SONIC through the frontend apps—whether it’s FoMoney or Chaos App or other integrated frontends within games. Upon staking, users will receive the corresponding amount of sSONIC directly in their wallets.
Choose one of the wallets and install the corresponding browser extension.
Nightly: https://nightly.app/
OKX Wallet: https://www.okx.com/web3
Backpack: https://backpack.app/
If you need instructions on how to connect your wallet to Sonic SVM, please click the corresponding link for a network setup guide.
If you don’t have enough assets on Sonic SVM, you can visit bridge.sonic.game to bridge and transfer your assets. (For Bridge Guide , click here) Or you can directly click “Bridge Asset”.
Visit FoMoney Staking page or Chaos Staking App and click on the “Connect Wallet” button.
Enter the amount of SONIC you want to stake. Review the corresponding sSONIC you will receive and the Annual Percentage Rate (APR) for staking. Click the “Stake” button to proceed.
Upon clicking “Stake,” you will be redirected to your wallet. Review the transaction details, including gas fees, then click “Confirm” to sign the transaction. Wait for the confirmation and successful completion of the staking operation.
The redemption process is divided into two actions: unstake and withdraw. Initially sSONIC holders submit an unstake request to burn their LSD tokens, thereby reserving a position for the equivalent amount of SONIC for later withdrawal. Since the tokens have been burnt, no rewards will be accrued after the unstake request.
Click on the “Unstake” tab to proceed. Enter the desired amount of sSONIC you would like to unstake and click the “Unstake” button to proceed.
After clicking 'Unstake,' you will be redirected to your wallet.
Review the transaction details, including gas fees, then click “Confirm” to sign the transaction.
Wait for the transaction to be confirmed and the unstaking process to complete successfully.
The withdrawal process will take 1 day to 3 months. You can check the remaining time on the withdraw page after completing the "Unstake" operation. You can withdraw your SONIC when the remaining time is 0.
According to the staking mechanism designed by the SONIC team, the withdrawal period will become active three months after the launch of the staking contract. Until this activation, withdrawal requests cannot be processed. Typically, users must wait between one day and up to a month after their unstake requests before they can withdraw their SONIC. The timing varies as follows:
Every 24 hours, the staking vault receives the principal and rewards from the SONIC chain.
If the received amount is less than the pending withdrawal requests, the amount accumulates.
If the accumulated amount exceeds the pending withdrawal requests, users can withdraw their SONIC immediately.
The withdrawal process follows a first-come, first-served basis, ensuring fairness among unstakers. Users will see the estimated waiting period in the app before executing their withdrawal requests.
Note: The longest possible waiting period would never exceed three months.
sSONIC must be manually withdrawn from the "Withdraw" tab once the unstaking period has ended. Click the "Withdraw" button to proceed.
Verify the transaction in your wallet. Click the "Confirm" button to sign the transaction. Once confirmed, SONIC tokens will be withdrawn and sent to your wallet.
Rewards distribution is crucial to all participants. Our staking partner Chaos Finance has set the commission fee at 10% of the rewards. For example, if 100 SONIC in rewards is received from the chain, the distribution will be as follows:
Users
90
100*(1-0.1)
Chaos Finance
10
100*0.1
sSONIC is an interest-bearing asset that provides liquidity while continuously accumulating rewards. These rewards dynamically grow and are derived from the SONIC Staking Contract.
In Chaos Finance, the SONIC staked through the app is deposited into the SONIC Staking Vault every 24 hours, where it begins accruing rewards. The accumulated rewards are periodically calculated and reflected in the exchange rate, which is recorded on-chain. This on-chain rate is then used to determine the amount of SONIC users receive when they redeem their holdings.
Since the protocol does not implement a slashing mechanism, the exchange rate can only increase as rewards accumulate. As a result, later redeemers may receive a larger amount of SONIC upon redemption compared to earlier redeemers.
The sSONIC exchange rate(CrCr) is determined by a number of factors, including:
The total amount of SONIC staked in the Staking Contract: Qtsk
The total amount of redeemed SONIC: Qred
The amount of staking rewards: Qrew
The commission ratio: Rcom
The total amount of sSONIC minted: M
The total amount of sSONIC burned: N
In general, the exchange rate is positively correlated with the staking income, which is influenced by these variables. The exact formula for calculating the sSONIC exchange rate is as follows:
Under the design of the SONIC staking mechanism, the SONIC Staking Vault will be migrated to the SONIC SVM upon launch, ensuring that the current APY from the Solana Vault is maintained.
To ensure the fungibility of sSONIC, the Chaos Finance will initially offer a single staking option with a 3-month lock-in period, tied to a specific APY provided by the Vault. In the future, Chaos Finance plans to introduce longer staking periods, which could offer stakers the potential for higher yields and greater flexibility.
