Summary This RFC proposes to integrate three existing Silo Finance USDC vaults, currently deployed on the Sonic network, into our protocol’s “earn side” offerings. These vaults—USDC - Re7 USDC, USDC - Varlamore USDC Growth, and USDC - Apostro USDC—provide users with opportunities to earn yield composed of native interest, wS tokens, and SILO tokens. This initiative aims to bolster yield generation options for our users, especially considering recent changes in reward structures (such as the removal of previous Euler wS rewards) that may have impacted overall vault APRs. The selected vaults are reported to currently offer yields around 9.5% APR.
Overview The proposal seeks to make the following Silo Finance Sonic vaults available for users to deposit assets and earn yield:
- Vault 1:
- Name: USDC - Re7 USDC
- Primary Asset: USDC
- Yield Components: Native Interest + wS tokens + SILO tokens
- Current Blended APR: Approximately 9.5% (Note: Verify current APR and reward breakdown at time of implementation)
- Address:
0xF75AE954D30217B4EE70DbFB33f04162aa3Cf260 - Network: Sonic
- Vault 2:
- Name: USDC - Varlamore USDC Growth
- Primary Asset: USDC
- Yield Components: Native Interest + wS tokens + SILO tokens
- Current Blended APR: Approximately 9.5% (Note: Verify current APR and reward breakdown at time of implementation)
- Address:
0xF6F87073cF8929C206A77b0694619DC776F89885 - Network: Sonic
- Vault 3:
- Name: USDC - Apostro USDC
- Primary Asset: USDC
- Yield Components: Native Interest + wS tokens + SILO tokens
- Current Blended APR: Approximately 9.5% (Note: Verify current APR and reward breakdown at time of implementation)
- Address:
0xcca902f2d3d265151f123d8ce8FdAc38ba9745ed - Network: Sonic
Motivation The primary motivation for this proposal is to enhance the yield-earning opportunities available to our protocol’s users. Following the removal of certain Euler wS rewards, there’s a need to introduce new, competitive yield sources. The three proposed Silo Sonic USDC vaults offer attractive blended APRs (currently around 9.5%) derived from a combination of native interest, wS token rewards, and SILO token rewards. By integrating these vaults on the “earn side,” we can provide users with robust options to grow their USDC holdings and benefit from the Silo ecosystem’s reward mechanisms, thereby helping to fill any yield gaps and maintain the protocol’s competitiveness.
Specification This proposal is to whitelist and integrate the following Silo Finance Sonic vaults specifically for earn-side deposits within our protocol:
- Vault 1 – USDC - Re7 USDC:
- Address:
0xF75AE954D30217B4EE70DbFB33f04162aa3Cf260 - Network: Sonic
- Integration: Enable deposits for users to earn underlying vault yields.
- Address:
- Vault 2 – USDC - Varlamore USDC Growth:
- Address:
0xF6F87073cF8929C206A77b0694619DC776F89885 - Network: Sonic
- Integration: Enable deposits for users to earn underlying vault yields.
- Address:
- Vault 3 – USDC - Apostro USDC:
- Address:
0xcca902f2d3d265151f123d8ce8FdAc38ba9745ed - Network: Sonic
- Integration: Enable deposits for users to earn underlying vault yields.
- Address:
Technical implementation should focus on seamlessly passing through the earned rewards (native interest, wS tokens, SILO tokens) to the users. Risk parameters related to these specific vaults as earn-options should be reviewed by the relevant committee, though direct collateralization or borrowing against these specific integrations is not part of this initial proposal.
Voting It is proposed that these three Silo Finance Sonic USDC vaults be integrated into the protocol’s earn-side offerings. Should there be no significant objections or further suggested modifications from delegates and the community, this proposal should proceed to a formal governance vote (e.g., on-chain vote or Snapshot vote, as per the DAO’s procedures) to authorize their integration.
