New stablecoin, also known as musd, seems to have part of its yield sourced from Sonic staking scenarios.
Written by: Azuma, Odaily Planet Daily
Andre Cronje (AC), a veteran DeFi expert and co-founder of several well-known projects such as Sonic, Yearn, and Keep3r, is set to venture into algorithmic stablecoins.
On March 21, AC first disclosed his thoughts on the project via his personal X account, stating that the team had made technical breakthroughs in the field of algorithmic stablecoins. However, past events have left him with "post-traumatic stress disorder" (PTSD), making him uncertain about whether to implement this plan.
Algorithmic stablecoins represent a potentially vast market space, with high mathematical appeal and a concept that aligns more closely with the original spirit of cryptocurrency. For a long time, this innovative opportunity has attracted various "geniuses" in the industry, but since the collapse of Terra (UST), the reputation of this sector has suffered a significant blow… This is also why AC mentioned "PTSD from past events" in his first related post.
However, the person stepping into this arena is AC, a man once hailed as the "King of DeFi." After he revealed his intentions, although some users expressed opposition, many more left comments below the post expressing support and anticipation.
On March 22, AC retweeted his first post and added a comment: "Yolo" (You Only Live Once), seemingly indicating his determination to push forward with the project.
On March 23, AC disclosed some details about the project for the first time, sharing screenshots of the interaction process of the algorithmic stablecoin—suspected to be called minimal usd (musd), though not confirmed—with multiple contracts. AC also stated: "When the TVL is $10 million, the annual percentage rate (APR) can exceed 200%; when the TVL is $100 million, the APR is about 23.5%; and when the TVL exceeds $1 billion, the APR will stabilize around 4.9%."
At the same time, AC officially confirmed that he would form a team to fully launch the project.
(This part is pure speculation) Although there is currently no official introduction to the stablecoin, based on the screenshots shared by AC, it seems that the operation of the stablecoin will be related to Sonic's native token S and the liquidity derivative token stS (issued by Beets), which may imply that the stablecoin will be linked to the Sonic network in some way, and at least the yield will come from staking rewards on the Sonic network.
Regarding the yield figures provided by AC, some industry professionals have raised doubts.
Eric Forgy, founder of CavalRe, commented: "I was once skeptical about this project. Now I am convinced that this project has flaws. I look forward to seeing the details. I'm glad to review it before entering the stablecoin mainnet."
In response, AC did not back down, directly retorting: "You dare to say 'convinced' after seeing a screenshot with no operational context??? I can assure you, you know nothing. Get out of my comment section."
Unfortunately, it is currently impossible to see more specific details about the construction of this algorithmic stablecoin, but there is anticipation that AC is about to introduce something new.
Since the last DeFi cycle went quiet, AC himself had also been silent for a long time, but with Fantom being reborn as Sonic, AC's entrepreneurial enthusiasm seems to have been reignited. Today, he is arguably the most active founder in the cryptocurrency space on X, posting, commenting, and retweeting a large amount of content daily.
In addition to Sonic and the algorithmic stablecoin mentioned in this article, AC also seems to be preparing another high-leverage derivatives exchange called flyingtulip, which is positioned against the currently popular Hyperliquid.
A new cycle, a new narrative—let's witness whether AC can replicate and surpass his former self.
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