{"id":"trevee","title":"Trevee","content":"**Trevee** is a [decentralized finance](https://iq.wiki/wiki/defi) (DeFi) ecosystem developed by Mithras Labs that provides a suite of products focused on yield generation and protocol incentives. Formerly known as Rings Protocol, the project offers multi-chain, scalable, yield-bearing meta-assets and a platform for acquiring governance votes.\n\n## Overview\n\nTrevee was established by the development entity Mithras Labs as a unified brand to consolidate its various [DeFi](https://iq.wiki/wiki/defi) products under a single, cohesive identity. The initiative aimed to streamline the user experience and create a recognizable brand for all current and future protocols developed by the lab. The rebranding involved integrating and renaming two of its primary legacy protocols: Rings Protocol, which became Trevee Earn, and Paladin's Warden Quest platform, which was rebranded as Trevee Quest. The project's core focus is on creating extensible and adaptable yield-generating solutions that can be deployed across multiple [blockchains](https://iq.wiki/wiki/blockchain). [\\[1\\]](#cite-id-xzovb8SfOq)\n\nThe ecosystem is designed around the concept of \"meta-assets,\" which are composite tokens representing major cryptocurrencies like USD, [ETH](https://iq.wiki/wiki/ethereum), and [BTC](https://iq.wiki/wiki/bitcoin-btc). These assets generate yield for holders through underlying strategies that interact with various DeFi protocols. The system is built to be adaptable, allowing each [blockchain](https://iq.wiki/wiki/blockchain) deployment to be customized to the specific characteristics of its host chain. This approach enables Trevee to offer diversified earning opportunities while maintaining a flexible and scalable architecture. [\\[2\\]](#cite-id-ri3NjPcXyQ) [\\[3\\]](#cite-id-L3tvBoYYKE)\n\nA key component of the Trevee ecosystem is its governance and incentive structure. Through its native token and products like Trevee Quest, the project facilitates a market for governance influence, particularly for protocols utilizing vote-escrowed (veToken) or vote-locked (vlToken) models. This allows other protocols to secure governance votes in a cost-effective manner, while rewarding users for their participation. The project's vision is to build a comprehensive suite of tools for decentralized incentives and yield optimization. [\\[1\\]](#cite-id-xzovb8SfOq)\n\n> \"Trevee represents the next step in decentralized incentives and yield optimization, bringing together proven solutions under one powerful, evolving brand.\" [\\[1\\]](#cite-id-xzovb8SfOq)\n\n## History\n\nThe project's origins trace back to Rings Protocol, which launched as a key participant in the [Sonic](https://iq.wiki/wiki/sonic) blockchain's bootstrapping phase. On December 5, 2024, Rings Protocol announced the \"Rings Points\" program, a 25-week distribution initiative designed to incentivize early users and position the protocol to become a major recipient of the Sonic (`$S`) token [airdrop](https://iq.wiki/wiki/airdrop). This strategy was central to its initial growth and liquidity acquisition. Later that month, on December 19, 2024, the protocol officially launched its scalable, yield-bearing meta-stablecoin on the Sonic network. [\\[2\\]](#cite-id-ri3NjPcXyQ)\n\nThe protocol experienced significant growth in early 2025. By January 11, 2025, as the [Sonic](https://iq.wiki/wiki/sonic) ecosystem's [Total Value Locked](https://iq.wiki/wiki/tvl) (TVL) reached $100 million, the Rings Protocol team stated an ambition to reach a $500 million TVL. This goal was partially realized when, on February 25, 2025, Rings Protocol announced it had surpassed $100 million in TVL, with over $20 million of that value being added on that single day. This rapid growth highlighted the effectiveness of its incentive programs and its integration within the emerging [Sonic](https://iq.wiki/wiki/sonic) ecosystem. [\\[2\\]](#cite-id-ri3NjPcXyQ)\n\nOn October 20, 2025, a major strategic shift was announced. The entity Paladin, which was associated with the development team, rebranded to Trevee. This event marked the formal consolidation of its products under the new brand. As part of this transition, Rings Protocol was renamed Trevee Earn. The rebranding also included a token migration, where holders of the previous token, `PAL`, could migrate their assets to the new native token, `TREVEE`. This move was intended to align the project's [tokenomics](https://iq.wiki/wiki/tokenomics) and governance structure with its unified product identity. [\\[2\\]](#cite-id-ri3NjPcXyQ) [\\[1\\]](#cite-id-xzovb8SfOq)\n\n## Technology and Products\n\nTrevee's technology is centered on creating yield-bearing meta-assets and facilitating governance incentives. The ecosystem is divided into two main products, Trevee Earn and Trevee Quest, each built upon the foundation of its predecessor protocol.\n\n### Trevee Earn\n\nFormerly known as Rings Protocol, Trevee Earn is the ecosystem's primary yield-generation protocol. It allows users to mint scalable, yield-bearing meta-assets by depositing various forms of collateral. The protocol is designed to be multi-chain and supports a diverse range of assets to ensure broad accessibility and utility. The underlying yield is generated through \"Veda-vaults,\" which are automated strategies that interact with other [DeFi](https://iq.wiki/wiki/defi) protocols within the host ecosystem, such as [Sonic](https://iq.wiki/wiki/sonic). [\\[3\\]](#cite-id-L3tvBoYYKE) [\\[1\\]](#cite-id-xzovb8SfOq)\n\nThe protocol accepts a wide array of [collateral](https://iq.wiki/wiki/collateral) for minting its native assets, including:\n\n* **Stablecoins:** `USDC`, `USDT`, `GHO`, `DAI`, `USDS`\n* **ETH and Liquid Staking Tokens (LSTs):** `ETH`, `stETH`, `weETH`\n\nThis diverse collateral base allows users to mint Trevee's meta-assets, such as `scUSD` and `scETH`, in a fee-free process. Once minted, these assets can be used across the DeFi ecosystem or staked within the protocol to earn yield. The protocol advertises an approximate fixed yield of 4.75% for its staked assets. [\\[2\\]](#cite-id-ri3NjPcXyQ) [\\[3\\]](#cite-id-L3tvBoYYKE)\n\n#### User Participation Tiers\n\nTrevee Earn offers three distinct tiers for user engagement, catering to different risk appetites and desired levels of participation:\n\n1. **Liquid Holding:** Users can mint and hold the base liquid assets (`scUSD`, `scETH`, `scBTC`). These assets do not generate direct yield from the protocol but can be used freely within the broader DeFi ecosystem for activities like trading or providing liquidity.\n2. **Staking:** Users can stake their base assets to receive corresponding yield-bearing tokens (`stkscUSD`, `stkscETH`). These staked assets accrue yield generated by the protocol's Veda-vaults. This tier is designed for users seeking passive income on their [stable](https://iq.wiki/wiki/stable) assets.\n3. **Locking (Governance):** For maximum rewards and governance power, users can lock their assets to receive a vote-escrowed NFT (`veNFT`). This grants the holder governance rights within the protocol and allows them to earn additional incentives through a gauge voting system. The protocol also features an \"Auto-Voter\" that allows `veNFT` holders to automate their participation and receive weekly rewards without manual intervention.\n\nThese tiers provide a structured pathway for users to engage with the protocol, from simple holding to active governance participation. [\\[3\\]](#cite-id-L3tvBoYYKE)\n\n### Trevee Quest\n\nFormerly known as Warden Quest, Trevee Quest is an incentive platform designed for protocols that use veToken or vlToken governance models, such as [Curve](https://iq.wiki/wiki/curve-finance) and [Balancer](https://iq.wiki/wiki/balancer). It provides a marketplace where these protocols can acquire gauge votes to direct token emissions to their liquidity pools. The platform aims to be a more transparent and cost-effective alternative to traditional bribery platforms. [\\[1\\]](#cite-id-xzovb8SfOq)\n\nCampaign creators on Trevee Quest can set fixed or ranged reward rates per vote, which prevents overpayment for governance influence, a common issue in other incentive systems. This provides protocols with a predictable and efficient method for securing votes. For voters, the platform offers clarity, as they know the exact rewards they will receive for their participation upfront. Trevee Quest also includes advanced tools for campaign creators, allowing them to target or exclude specific voter audiences to optimize their incentive spending. The platform operates on smart contracts designated as V2.1. [\\[1\\]](#cite-id-xzovb8SfOq)\n\n## Blockchain Deployments\n\nThe Trevee protocol and its associated products are deployed across multiple [blockchains](https://iq.wiki/wiki/blockchain) to maximize reach and interoperability. The primary deployments are on:\n\n* [Sonic](https://iq.wiki/wiki/sonic)\n* [Ethereum](https://iq.wiki/wiki/ethereum)\n* [Plasma](https://iq.wiki/wiki/plasma-finance)\n\nThis multi-chain strategy allows Trevee to tap into the liquidity and user bases of different ecosystems while adapting its yield strategies to the unique opportunities available on each chain. [\\[4\\]](#cite-id-YkVeGtlbMy)\n\n## Tokenomics\n\nThe native token of the ecosystem is **TREVEE**. The token was introduced following the rebranding in October 2025, which initiated a migration event from the previous token, `PAL`. The [tokenomics](https://iq.wiki/wiki/tokenomics) of `TREVEE` are designed to support the protocol's long-term growth and align the interests of the protocol with its token holders. [\\[2\\]](#cite-id-ri3NjPcXyQ)\n\nThe utility of the `TREVEE` token is centered around three core functions:\n\n1. **Staking:** Holders can stake their `TREVEE` tokens to earn a share of protocol rewards.\n2. **Buybacks:** A [portion](https://iq.wiki/wiki/portion) of the revenue generated by the Trevee ecosystem is used to buy back `TREVEE` tokens from the open market, creating deflationary pressure and supporting the token's value.\n3. **Excess Revenue Distribution:** The protocol has a mechanism to distribute surplus revenue to token holders and stakers, providing a direct financial return for supporting the ecosystem.\n\nIn addition to these economic functions, the `TREVEE` token is integral to the protocol's governance, allowing holders to participate in key decisions regarding the future development and direction of the Trevee ecosystem. [\\[2\\]](#cite-id-ri3NjPcXyQ) [\\[1\\]](#cite-id-xzovb8SfOq)\n\n## Ecosystem and Partnerships\n\nTrevee's early success, particularly as Rings Protocol, was closely tied to its strategic integration with the [Sonic](https://iq.wiki/wiki/sonic) ecosystem. The protocol was a foundational project during Sonic's bootstrapping phase and leveraged the network's growth to attract users and liquidity. A key element of this strategy was the \"Rings Points\" system, which was convertible into Sonic's native `S` token, effectively allowing users to farm the `S` [airdrop](https://iq.wiki/wiki/airdrop) by interacting with Rings Protocol. [\\[2\\]](#cite-id-ri3NjPcXyQ)\n\nTo further incentivize participation, the protocol offered exclusive multipliers for users contributing to its liquidity pools on [Sonic](https://iq.wiki/wiki/sonic). These incentives included:\n\n* A **2x multiplier** on [Sonic](https://iq.wiki/wiki/sonic) points for users holding `scUSD` and `scETH`.\n* An **8x multiplier** on Sonic Gems, which were developer-focused points, further cementing its role as a key project for the [Sonic](https://iq.wiki/wiki/sonic) ecosystem's launch.\n\nThis deep integration and incentive alignment established Rings Protocol as one of the primary [DeFi](https://iq.wiki/wiki/defi) applications on [Sonic](https://iq.wiki/wiki/sonic), driving its initial [TVL](https://iq.wiki/wiki/tvl) growth and user adoption. [\\[2\\]](#cite-id-ri3NjPcXyQ)\n\n## Key Metrics\n\nAs of November 2025, the Trevee protocol (data aggregated under its former name, Rings Protocol) reported a [Total Value Locked](https://iq.wiki/wiki/tvl) (TVL) of\\*\\*\\*\\* $54.4 million. The protocol has demonstrated significant financial activity, generating $8.8 million in all-time fees. In the 30 days prior to this date, it generated $251,700 in fees and $7,800 in revenue. The platform reported 320 monthly active users during the same period. These metrics position Trevee within the [Liquid](https://iq.wiki/wiki/liquid) [Staking](https://iq.wiki/wiki/staking) sector, with comparable projects including [Frax](https://iq.wiki/wiki/frax) Ether and Hyperpie. [\\[4\\]](#cite-id-YkVeGtlbMy)","summary":"Trevee, formerly Rings Protocol, is a multi-chain DeFi protocol by Mithras Labs. 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