Trevee is a decentralized finance (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.

Overview

Trevee was established by the development entity Mithras Labs as a unified brand to consolidate its various 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. ^[1]

The ecosystem is designed around the concept of "meta-assets," which are composite tokens representing major cryptocurrencies like USD, ETH, and 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 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] [3]}

A 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]

"Trevee represents the next step in decentralized incentives and yield optimization, bringing together proven solutions under one powerful, evolving brand." ^[1]

History

The project's origins trace back to Rings Protocol, which launched as a key participant in the 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. 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]

The protocol experienced significant growth in early 2025. By January 11, 2025, as the Sonic ecosystem's Total Value Locked (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 ecosystem. ^[2]

On 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 and governance structure with its unified product identity. ^{[2] [1]}

Technology and Products

Trevee'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.

Trevee Earn

Formerly 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 protocols within the host ecosystem, such as Sonic. ^{[3] [1]}

The protocol accepts a wide array of collateral for minting its native assets, including:

• Stablecoins: USDC, USDT, GHO, DAI, USDS
• ETH and Liquid Staking Tokens (LSTs): ETH, stETH, weETH

This 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] [3]}

User Participation Tiers

Trevee Earn offers three distinct tiers for user engagement, catering to different risk appetites and desired levels of participation:

1. 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.
2. 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 assets.
3. 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.

These tiers provide a structured pathway for users to engage with the protocol, from simple holding to active governance participation. ^[3]

Trevee Quest

Formerly known as Warden Quest, Trevee Quest is an incentive platform designed for protocols that use veToken or vlToken governance models, such as Curve and 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]

Campaign 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]

Blockchain Deployments

The Trevee protocol and its associated products are deployed across multiple blockchains to maximize reach and interoperability. The primary deployments are on:

• Sonic
• Ethereum
• Plasma

This 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]

Tokenomics

The 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 of TREVEE are designed to support the protocol's long-term growth and align the interests of the protocol with its token holders. ^[2]

The utility of the TREVEE token is centered around three core functions:

1. Staking: Holders can stake their TREVEE tokens to earn a share of protocol rewards.
2. Buybacks: A 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.
3. 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.

In 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] [1]}

Ecosystem and Partnerships

Trevee's early success, particularly as Rings Protocol, was closely tied to its strategic integration with the 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 by interacting with Rings Protocol. ^[2]

To further incentivize participation, the protocol offered exclusive multipliers for users contributing to its liquidity pools on Sonic. These incentives included:

• A 2x multiplier on Sonic points for users holding scUSD and scETH.
• An 8x multiplier on Sonic Gems, which were developer-focused points, further cementing its role as a key project for the Sonic ecosystem's launch.

This deep integration and incentive alignment established Rings Protocol as one of the primary DeFi applications on Sonic, driving its initial TVL growth and user adoption. ^[2]

Key Metrics

As of November 2025, the Trevee protocol (data aggregated under its former name, Rings Protocol) reported a Total Value Locked (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 Staking sector, with comparable projects including Frax Ether and Hyperpie. ^[4]