Are you excited about the upcoming $S airdrop? Want to get in on the action but not sure where to start? No worries, we got you! Here’s your quick and easy guide to the top Sonic protocols to check out as a beginner. along with the platforms you should check out.
Sonic Massive Airdrop
To get the party started, Sonic’s dropping a massive 190.5M $S airdrop. The goal? Boost adoption, beef up liquidity, and reward users for diving in headfirst.
But remember, not all rewards are created equal in Sonic’s world. To make the most of the airdrop, you gotta know the difference:
- Sonic Points: Users earn these for holding assets and playing with dApps on Sonic.
- Sonic Gems: Protocols earn these for driving liquidity and keeping users glued to the ecosystem.
Earning Sonic Points
Sonic Points are all about rewarding users who actively participate and help the ecosystem thrive. You can rack up points in two ways:
- Passive Points: Earn ’em by simply holding whitelisted assets in your Web3 wallet. Easy peasy.
- Activity Points: Put your assets to work in DeFi apps like liquidity pools or lending markets, and watch the points roll in.
Sonic Points are distributed in seasons, each lasting several months. This ensures consistent liquidity and activity, preventing hit-and-run airdrop farmers, with some assets that have multipliers.
Purpose of Sonic Gems
While Sonic Points are all about the users, Sonic Gems are designed to incentivize protocols that help Sonic grow. Gems are awarded to protocols driving liquidity, user activity, and engagement.
At the end of each season, protocols can redeem their Gems for $S tokens, which they can then distribute to their users however they see fit. So if you use a protocol you’ll probably get rewarded as you were one of the first to provide liquidity or swap assets.
Protocols on Sonic With Airdrop Potential
There are currently many protocols that can be used on Sonic, the usual suspects of DeFi are here to find. With new (first-time) users flocking to lending, perpetual trading and crossing over their assets carefully.
Perpetuals on Sonic
Perpetuals are a type of derivative that allows you to trade assets without an expiration date. If you’re looking to get involved with perpetual trading, check out BoomDEX. This platform offers a user-friendly interface for trading perpetual contracts, making it easier for beginners to navigate the market.
Cross-Chain Aggregator on Sonic
Cross-chain aggregators help you swap assets across different blockchains seamlessly. For this, you can use Magpie protocol. It allows you to take advantage of various DeFi opportunities by aggregating liquidity from multiple chains. Learn more b about bridging to Sonic with our How to Bridge to Sonic article.
Lending on Sonic
If you’re interested in lending your assets to earn interest on Sonic, Silo Finance is the place to go. This platform focuses on isolated lending pools, which means your assets are secure and not affected by market-wide risks. You can lend or borrow assets efficiently while maximizing your returns.
Trade on DEXs on Sonic
Decentralized exchanges (DEXs) are essential for trading cryptocurrencies without intermediaries. Here are some DEXs you should consider:
- ShadowOnSonic: A DEX that offers a variety of trading pairs and low fees.
- MetropolisDEX: Known for its user-friendly interface and robust trading features.
- Wagmicom (Prev. Popsicle Finance): This DEX focuses on community-driven projects and offers unique trading opportunities.
What About NFT Marketplaces?
NFTs are still a thing and if you’re looking to explore this space on Sonic, Paint Swap is a marketplace you shouldn’t overlook. It’s often considered underrated, but it has great potential for airdrop opportunities and unique NFT offerings.
The post Your Idiot’s Guide to Getting Started on Sonic appeared first on YourCryptoLibrary.