SONE
SONE
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
SONE is the decentralized, overcollateralized USD-pegged stablecoin of Sake Finance, an integrated lending and liquidity protocol on the Soneium Layer-2 network based on Aave V3 architecture. The protocol demonstrates sound security fundamentals with multiple audits from PeckShield and Sherlock, alongside an incident response history that prevented losses during the July 2025 Neemo Finance contagion and fully reimbursed users following a March 2026 pool misconfiguration, resulting in $0 permanent bad debt. The CDP tokenomics model is standard and functional with no team/VC vesting pressure. However, overall evaluation is heavily weighed down by low active development velocity (a single primary contributor and minimal commits), incentive-dependent community engagement, and severely constrained secondary market liquidity with a circulating market cap of under $500,000. No qualifying red-flag events or data gaps were identified.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About SONE (SONE)
SONE is an overcollateralized USD-pegged stablecoin native to Sake Finance, a lending and liquidity protocol deployed on the Soneium Layer-2 network. Built using an Aave V3-based architecture, SONE operates on a collateralized debt position (CDP) model where supply expands through borrowing against deposited collateral assets and contracts upon debt repayment. The token functions as a decentralized stable asset designed to provide localized liquidity and composability across the Soneium network.
Sake Finance was incubated under the Soneium Spark program and received grant funding through Optimism Season 8, launching its core contracts on Soneium Mainnet in January 2025. The protocol's codebase has undergone security audits by firms including PeckShield and Beosin, alongside audit reviews through Sherlock. Governance is overseen by a core team operating via multisig administration, with plans to transition toward a decentralized governance model.
In July 2025, Sake Finance mitigated ecosystem contagion following an external exploit on Neemo Finance by pausing affected markets, resulting in zero direct protocol losses. In March 2026, a pool parameter and price oracle configuration issue in the Sake Main Pool caused erroneous liquidations; the protocol team paused transactions and fully reimbursed affected users, maintaining an aggregate permanent bad debt of $0. Primary risks identified with SONE include low secondary market liquidity, a circulating market capitalization below $500,000, oracle dependencies, and low active development commit velocity.