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Description: Stake your SONIC-FTM LP tokens to earn SHADOW seigniorage rewards. To maximize profits, stake your harvested SHADOWs in the Boardroom to earn more SONIC!
The $SONIC algorithmic token serves as the backbone of a rapidly growing ecosystem aimed towards bringing liquidity and new use cases to the Fantom network. The protocol's underlying mechanism dynamically adjusts $SONIC's supply, pushing its price up or down relative to the price of $FTM. Inspired by the original idea behind Tomb as well as its predecessors, Sonic Finance is a multi-token protocol which consists of the following three tokens: SONIC ($SONIC),SHADOW SHARES ($SHADOW), SILVER BONDS ($SILVER).
Sonic Finance is inspired by previous algorithmic stable protocols such as Tomb Finance. Much like 2OMB Finance our protocol uses three tokens to incentivize a stable 1:1 peg to $FTM.
Sonic Finance protocol works through a synergistic design of unique tokens and mechanisms that create an automatic, self-reinforcing system to help maintain the peg (1 SONIC = 1 FTM). Each of these tokens and mechanisms will be explained in further detail within this documentation, but for now let's have a look at a brief overview of how it all works:
1. When SONIC price is over the peg, new SONIC are minted by the protocol to inflate the supply in an attempt to drive the price down towards the peg. These new SONIC are allocated to SHADOW holders in the Boardroom, as a reward for their investment and trust in the protocol. This in turn increases the demand for and the value of SHADOW.
2. When SONIC price is at the peg , no new SONIC will be minted, keeping the supply fixed during this time. Since there will be no new supply coming in, the peg will be maintained indefinitely at this point unless there is a shift in demand. More buying pressure during this time will push the price back up above the SONIC minting threshold. Conversely, more selling pressure will push the price below the peg.
3. When SONIC price drops below the peg, the protocol will begin to mint SILVERs (up to a maximum debt limit). Experienced investors will have the ability to exchange their SONIC for these SILVER, which they can then redeem for SONIC at a premium above peg in the future. This removes SONIC from the total supply, applying upward pressure on the price towards the peg. Besides this, investors who believe in the protocol's ability to maintain peg can just buy SONIC to essentially purchase FTM at a discount to the market. Both of these incentives are intended to create upward pressure on SONIC's price when under the peg so that the peg can be regained over time. SONIC staking (SHADOW), and other features of the protocol that will be discussed later, also help limit SONIC supply and apply upward pressure on the price during this time.
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