Introducing $SONAR token
With the closing of the fundraising and the new upcoming version of the tool, it’s time to present and explain how we will use $SONAR token in our ecosystem but also what is our vision for the future of Sonar Watch alongside what we want to bring to Solana ecosystem.
As you may know, Sonar started as a solution to solve a basic problem in DeFi : the tracking of your personal assets. So far we managed to integrate 15 protocols with more than 300+ pools tracked.
In order to do so, we had to be 100% focused on new protocols, new pools, new farms and every single new asset coming out in Solana. Therefore during the first 5 months, we only thought about integration and a little bit less about evolution. At first it worked, but now that we have all major protocols integrated, we need to think more about our plans for the next months and years to come.
A fresh new design for Sonar Watch.
The first version of Sonar was very simple, very condensed and is working well. But the overall structure couldn’t allow us to easily improve the tool by adding new features.
Introducing Sonar Watch V2.0
This new version will bring many new features, which will ease the life of users in DeFi on Solana. Here is an non-exhaustive list of new features brought by this new version : Multi Wallet support, NFT Wallet evaluation, Statistics, Ecosystem overview, IL Calculator, Auto-refresh, Currency selector, Overall performance improvement & many more…
This V2 will be released first week of November in a Beta version.
$SONAR is a utility token for which the team will keep on proposing valuable advantages over the years to users holding/staking/using the token on Solana ecosystem.
$SONAR will give you access to PRO features which are part of the new features on the V2, such as multi wallets support, history charts, dashboard CSV export and others.
Because we value the fact that you put your trust in our platform, we believe the best way to thank you is by reducing the cost of your transactions. By doing so, we reduce the impact on your overall performance at the same time.
Therefore, any transaction made on Sonar Watch in the future will have fees reduction for all $SONAR holders.
Wen token ?
The release of the token will be coordinated with the IDO of $SONAR that will happen around end of November. Stay tuned for full details about the IDO!
Total Supply : 100M $SONAR
- Mining reserves : 40,000,000–40%
- Investors : 20,000,000–20%
- Team : 20,000,000–20%
- Treasury : 10,000,000–10%
- IDO / IEO : 5,000,000–5%
- Marketing : 3,000,000–3%
- Airdrops : 2,000,000–2%
What about circulating supply ?
The circulating supply will vary over time, mainly impacted by mining reserves diluted over several years in multiple farms.
Our vision for the next months.
From day 1, the goal was to facilitate the journey of our users. We know that we didn’t quite complete that task in one particular area : transactions.
The DEX is not something user friendly when it comes to switching any token to another one (SOL to USDC for instance), you have to go to another website, place your order, maybe settle your funds, then you have your new tokens.
We think it’s important to be able to do that in a much more efficient and easier way, with just a few clicks. We will work with Serum for all DeFi interactions and swaps.
We also want to add a swap tool on top of Sonar giving more flexibility to our users in order to prepare their funds for their investment decisions.
Moreover we think that at the moment, putting funds in a pool is still a pain point and not an easy journey, this should also be done in a few clicks without having to jump between platforms and making sure that you have the correct amount of each asset. That is the reason why we want to propose more easy deposit/withdraw into different protocols, without having to switch between platforms, everything could be done from one single page, Sonar.
Those integrations will take time but we hope they will be game changing for our users, our plan is to release them in Q1 of 2022.
These two advantages (PRO features, Fees reductions) are not written in stone and could change in the future if we think they do not fit the project philosophy or our users’ needs anymore.
Keep in mind that we will always think about our users needs and if we feel something isn’t right, we will get it fixed as always.
Our community is the reason we are here today and we can’t afford to lose that.
If you have questions, feel free to ask us on Twitter or Discord, we will be happy to answer them and hear your opinion on this article.
- Sonar Watch introduce the launch of the V2 in Beta in early November.
- $SONAR token will give access to PRO features on Sonar, but also Fees reductions in the future, IDO is planned for end of November.