[RFC] Onboarding Mainstreet Greenhouse USDC to the Sonic USDC.e vault

General Discussion Request for Comment [RFCs]
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Hello! Log from Greenhouse Finance, we recently partnered with Mainstreet Finance to launch an ecosystem vault and would like to onboard it to the Lazy Summer Protocol.

Summary:

This RFC adds the Mainstreet Greenhouse USDC Silo Vault to the Sonic USDC.e vault on the Lazy Summer Protocol. This silo vault allocates funds exclusively towards silo market 138 (smsUSD/USDC), 141 (PT-smsUSD/USDC), and market 8 (S/USDC), targeting their high yield while utilizing market 8 as an anchor to ensure withdraw liquidity at any time.

What is Mainstreet?

Mainstreet Finance, backed by Sonic Labs, offers yield bearing USD powered by options arbitrage targeting upwards of 20%-25% APR. They use a similar token structure as Ethena USDe, offering non-yield bearing msUSD and yield bearing smsUSD with liquidity pools available for both on beets.fi.

Mainstreet’s contracts have been audited by WatchPug, the report is available here.

Motivation:

Enhancing Yield: Mainstreet Greenhouse USDC currently offers 15.7% APR, higher than all other yield sources available on the Sonic USDC.e vault.
Diversifying Opportunities: Apart from Silo market 8, the markets the vault uses do not overlap with markets the currently deployed Arks use, allowing the Sonic USDC.e vault to tap into a yield source it currently does not have access to.
Potential Airdrops as an additional source of yield: The vault earns both Silo Points and Mainstreet Gammas redeemable for future airdrops that can provide additional returns to Lazy Summer.

Let me know if you have any questions or feedback! Here is an informal poll to help gauge community sentiment before publishing an SIP:

  • For adding msghUSDC to Sonic USDC.e Vault
  • Against adding msghUSDC to Sonic USDC.e Vault
  • I would like more information
0 voters
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Hey @Log, welcome to the Lazy Summer DAO forum. Thanks for bringing this forward and for the clear breakdown. Great to see the WatchPug audit linked.

I think this looks like a promising candidate for Sonic USDC.e Lower Risk, but looking forward for other thoughts from @Recognized_Delegates and a risk review from @BlockAnalitica.

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While the vault’s total supply is relatively low, and I anticipate the APR will deteriorate as more liquidity is added, I do think this could be a valuable addition to the Sonic USDC fleet. It would be the highest-yielding ark on our Sonic implementation. Curious to see the recommendation from @BlockAnalitica .

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