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Sonic Partners with Silo Finance

Twitter icon  •  Published 4 months ago on August 22, 2024  •  Hassan Maishera

Sonic Labs, previously known as the Fantom Foundation, announced via X on Wednesday that it has partnered with Silo Finance.

Sonic Partners with Silo Finance

Sonic Labs, previously known as the Fantom Foundation, announced via X on Wednesday that it has partnered with Silo Finance. With this partnership, Silo Finance will be available on Sonic at launch. 

Silo is a non-custodial lending protocol that provides risk-isolated money markets for a wide range of crypto assets, including the Sonic token $S. With Silo, users will enjoy higher borrowing efficiency with correlated assets like LRTs/LSTs and higher capital efficiency for lenders with custom interest rate curves for each market.

Furthermore, with isolated risks, Silo lets users lend and borrow without worrying about cross-contamination of assets.

Fantom is building a programmable platform on a directed acyclic-graph-based distributed ledger. Its FTM coin has been up 13% in the last 24 hours and is currently trading at $0.4603.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.