Silo Points (or Sonic Gems)
90% or Silo's share of Sonic Gems will be distributed on a pro-rata basis to Silo Point holders at the end of the Sonic campaign. Conversion of Sonic Gems to $S is at the discretion of Sonic Labs and will be communicated in due time.
Earning Points
Silo users earn two types of Silo Points:
- Base Points, and
- Multipliers
1- Base Points
Starting January 6, 2025, Deposits and borrows on Silo Sonic receive the following Base Points:
- Deposits: 1 Silo Point per $1 deposited per day
- Borrows: 0.5 Silo Points per $1 borrowed per day
PS: A non-borrowable deposit does not earn Silo Points unless it is used as collateral for a borrowing position. Borrowing positions again non-borrowable deposit must be reasonable; otherwise, earned points will be slashed. See the image below.
Users depositing non-borrowable assets with extremely small borrows will have their points slashed. Only material borrows against non-borrowable collateral will earn Silo Points. Silo holds the right to slash points earned unfairly.
2- Multipliers
You will receive multipliers on top of Base Points when you take specific actions on Silo Sonic.
Deposit Multipliers
| Silo | Action | Multiplier |
|---|---|---|
| stS-S [3] | Deposit S | 2x |
| wOS-S [22] | Deposit S | 2x |
| wanS-S [25] | Deposit S | 2x |
| S-USDC [20] | Deposit S | 2x |
| wstkscUSD-USDC [23] | Deposit USDC | 3x |
| wstkscETH-ETH [26] | Deposit ETH | 3x |
| EGGS-USDC [33] | Deposit USDC | 2x |
Borrow Multipliers
| Silo | Action | Multiplier |
|---|---|---|
| S-USDC [8] | Borrow USDC | 2x |
| S-ETH [9] | Borrow S | 2x |
| S-ETH [9] | Borrow ETH | 2x |
| S-scUSD [15] | Borrow S | 2x |
| S-scUSD [15] | Borrow scUSD | 2x |
Multiplier Example
Silo Intern deposits S in stS-S [3] and borrows stS. He would earn:
- Deposits: 200 Silo Point per day ($100 * 1 * 2)
- Borrows: 25 Silo Points per day ($50 * 0.5)
In total, his position would be eligible for 225 Silo Points per day.
We may adjust multipliers over time to optimize liquidity and utilization. We will announce adjustments via our Discord and TG announcement channels.
Tracking Your Earned Points
We're creating a dashboard for you to track your earned points. The dashboard will be available soon.
Point Conversion & Terms
- Silo's total share of Sonic Gems will be distributed on a pro-rata basis to Silo Point holders once the Sonic campaign concludes. The conversion of Sonic Gems to $S is at the discretion of Sonic Labs and will be communicated in due time.
- Granting points depends on SiloDAO receiving the Gems from Sonic Labs.
- If Sonic Labs decides to end the Gems program, Silo Points will automatically terminate, and no compensation will be offered to users.
- Total earned points may vary slightly due to Silo's tracking system not accounting for positions' accrued interest.