ONE Token & Earn
What is ONE?
ONE is the USD-pegged stablecoin issued by Soneta. It is entirely decentralized, over-collateralized, and exclusively backed by S, stS, wOS, and LBTC.
Unlike many competing stablecoins, ONE is designed with resilience at its core:
It is backed solely by crypto-native assets, with no reliance on real-world assets or centralized custodians.
It remains unaffected by collateral composition changes or protocol upgrades, as it is fully immutable.
It is directly redeemable, ensuring fast and liquid convertibility at all times.
What are ONE's main advantages compared to other stablecoins?
ONE is backed exclusively by Sonic specific assets and Bitcoin — S, stS, wOS, and LBTC — ensuring a trust-minimized foundation.
It is always redeemable for its underlying collateral, maintaining a stable value by allowing users to swap it at $1 equivalent at any time.
The smart contracts that govern the issuance of ONE are immutable, preventing any future alterations and significantly minimizing potential attack vectors.
ONE benefits from built-in incentives through Protocol Incentivized Liquidity (PIL), directed by governance, designed to attract liquidity for seamless transactions.
What is ONE’s peg mechanism?
Soneta’s market-driven monetary policy - governed by user-defined interest rates - allows ONE to maintain its peg by dynamically adjusting to market conditions when the token trades above or below $1.
When ONE trades above $1, borrowers generally lower their interest rates due to reduced redemption risk. This makes borrowing more attractive and holding ONE less appealing, encouraging market activity that helps bring the price back down toward the peg.
Conversely, when ONE trades below $1, arbitrageurs are incentivized to redeem it for its underlying collateral, helping to restore the peg. At the same time, increased redemption risk prompts borrowers to raise interest rates, which in turn drives demand for ONE (and Earn deposits), exerting upward pressure on its price.
How can I earn with Soneta?
Stability Pool Deposits: Deposit ONE into various Stability Pools to earn a share of protocol-generated revenue and liquidation gains. This section is the second out of three currently available sections in the Soneta App.
Stake STA: Stake STA to receive a portion of protocol revenue from Soneta, while also gaining governance power to influence liquidity incentive allocation within the protocol.
Where does the yield for Earn come from?
The yield for Soneta is derived from two primary sources:
Interest Payments: Each borrow-market allocates 50% of its revenue to its corresponding Stability Pool and 25% to STA stakers. These payments are distributed to depositors (Earners) in the form of ONE.
Liquidation Gains: Your deposited ONE is used to absorb under-collateralized positions, effectively acquiring collateral at a ~5% discount.
All yield generated is entirely sustainable, scalable, and grounded in real economic activity — with no reliance on token emissions or lockups.
Is there a lockup period?
There is no lockup period. Users are free to withdraw their ONE deposits whenever they want.
Why are there multiple Stability Pools?
Multiple Stability Pools exist to serve two primary purposes:
Independent Borrow Markets: Each collateral asset has its own dedicated borrow market, complete with a market-driven interest rate. Separate Stability Pools allow the protocol to dynamically allocate redemptions across supported collateral types, ensuring a more flexible and efficient redemption process.
Risk Segmentation: By isolating collateral exposure, Stability Pools enable depositors to choose which assets they are comfortable with in the event of liquidations. This compartmentalizes risk and gives users greater control over how they engage with the stability pools.
How do risks differ for the different Stability Pools?
Users can allocate their ONE to the Stability Pool of their choice, aligning with their individual risk preferences and the specific collateral types they are comfortable being exposed to. By choosing pools tied to particular liquid staking tokens (LSTs), participants can fine-tune their exposure and optimize for their desired risk–reward profile.
Offering distinct Stability Pools for different collateral assets enables more precise risk segmentation. This design ensures that the effects of liquidations in one asset class remain contained and do not spill over to the broader system, thereby supporting overall protocol stability.
However, it is important to note that all ONE holders — including Stability Pool depositors — ultimately rely on ONE maintaining its peg. As such, they remain indirectly exposed to the aggregate backing of all supported LSTs.
Soneta App - Earn Section:
Select the Stability Pool you would like to Deposit / Withdraw from:
Enter the amount of ONE you would like to deposit or switch to withdrawing by using the button highlighted in the image below:
If the amount entered is valid, you can then proceed to click on the confirmation button to the right hand side or hit 'Enter' on your keyboard. This will bring up the a finalize transaction window with details regarding your deposit / withdraw:
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