Trevee

Trevee (formerly Paladin/Rings) is a unified yield and incentives ecosystem with two flagship products: Trevee Earn — a savings protocol that issues meta-assets (scUSD, scETH, scBTC on Sonic; plUSD on Plasma) backed by diversified DeFi strategies curated through audited vault infrastructure — and Trevee Quest, a gauge-vote incentives marketplace for veToken protocols where creators set fixed or ranged reward rates per vote. The protocol consolidates Mithras Labs' product suite under one brand, offering users yield-bearing stablecoin and crypto exposure alongside structured vote-incentive campaigns.

Trevee Earn — How it generates yield

Trevee Earn uses a multi-layer vault system to produce returns. Here's how it works for assets on the Sonic network (scETH, scBTC, scUSD):

Step 1 — Deposit and bridge. Users deposit ETH, BTC, or stablecoins (like USDC, USDT, DAI, GHO) on Ethereum. These deposits are bridged (moved across networks) using Sonic Gateway and turned into scETH, scBTC, or scUSD at a 1-to-1 rate.

Step 2 — Vault strategies. The deposited assets go into Veda BoringVaults on Ethereum mainnet. A group of curators (Veda, Paladin, Tholgar) decides how to invest that money across pre-approved lending and staking strategies — examples include Aave, Convex, Morpho, crvUSD, and sDAI. To be approved, a strategy must meet strict rules: it must have been fully audited, hold over $100 million in total value locked (TVL), run for more than six months, and let users withdraw directly.

Step 3 — Yield compounds and is distributed. Interest earned inside the vault is automatically reinvested (auto-compounds). Once per epoch (a set time period), that accumulated yield is swapped back into the base asset and used to mint new scAssets. These new tokens are then distributed — through a veNFT gauge voting system — to apps on Sonic, based on how each app's vote went during the epoch.

Fees and extra staking: Veda takes a 10% performance fee on any yield the vault generates. Users can also take their scAssets and stake them inside a Sonic-native BoringVault that runs its own strategies (requiring over $1M in TVL and avoiding excessive impermanent loss). To withdraw from the main vault, users must wait through a 3-day cooldown period.

On Plasma (plUSD): The process is similar but simpler. Users deposit USDT on Plasma mainnet. Those funds go into Midas Vaults, which invest in farming strategies like Aave and Fluid (same strict approval rules). All the yield is swapped for stablecoins and used to mint new plUSD, which goes straight to a staking contract (called splUSD) as auto-compounded rewards.

Trevee Quest — How it generates revenue

Trevee Quest earns money through a small creation fee users pay when setting up incentive campaigns. That revenue flows into the TREVEE token Reservoir — a system that slowly releases 1% of its reserve each week (with no fixed upper limit). The reservoir is also refilled by Quest's buybacks, which helps counter selling pressure on the TREVEE token.

TREVEE staking (Safety Module)

People who stake TREVEE tokens in the Safety Module earn extra revenue from dApp distributions — but only once the Trevee Foundation is officially set up. Until then, that revenue is stockpiled. The trade-off: stakers face the risk of losing up to 30% of their stake if a serious security problem hits the protocol (called slashing).