SCETH, issued by the Rings Protocol smart contracts under the governance of veNFT tokenholders, is a tokenized yield-strategy fund interest that represents deposited ETH-based collateral deployed into curated decentralized finance strategies across lending, liquidity provision, and staking [S1][S2].

Each SCETH token is minted 1:1 against deposited ETH-based assets such as Wrapped Ether (WETH), stETH, and weETH, which are routed to a Veda-operated BoringVault on Ethereum mainnet and farmed through protocols including Aave, Convex, and Morpho and assets such as crvUSD and sDAI [S1][S3][S2]. Vault yield is auto-compounded and, once per epoch, swapped to mint new sc-tokens routed to a veNFT gauge system rather than paid to holders; direct yield requires separately staking into a Sonic Veda vault [S2][S4]. Minting is fee-free [S3][S5].

The tokens are issued onchain through Rings Protocol smart contracts under the Trevee brand, with no single corporate issuing entity and no named regulated custodian or bank [S1][S6]. The holder's claim is an onchain claim minted 1:1 against deposited collateral held in Veda BoringVaults and redeemable 1:1 for the underlying asset [S3][S5][S2]. Participation is permissionless onchain deposit and mint [S3][S5]. Redemption is 1:1 via the app's Redeem tab, processed through per-asset onchain withdraw-queue contracts, with a 5-day unstaking delay for staked positions [S3][S1][S6]. Protection is via smart-contract design and audits by Spearbit, 0xMacro, and OpenZeppelin [S1][S2].

SCETH is an ERC-20-style token, with staked-yield wrappers using the ERC-4626 standard, supported on Sonic and Ethereum mainnet [S7][S1][S3][S2]. Minting deposits a supported underlying token on either chain; tokens minted on Ethereum are bridged to Sonic via the Sonic Gateway, while collateral minted on Sonic is bridged to the Ethereum vault [S3][S2]. Tokens track a fixed 1:1 backing rather than a fluctuating NAV [S3][S2].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.rings.money/" },
    { id: "S2", url: "https://docs.rings.money/overview/veda-vaults/collateral-vault-ethereum" },
    { id: "S3", url: "https://docs.rings.money/tutorials/minting" },
    { id: "S4", url: "https://docs.rings.money/overview/veda-vaults/staking-vault-sonic" },
    { id: "S5", url: "https://docs.rings.money/tutorials/introduction" },
    { id: "S6", url: "https://docs.rings.money/developers/smart-contracts" },
    { id: "S7", url: "https://docs.rings.money/developers/staked-scassets-and-yield-distribution" },
  ]}
/>


Tokenized funds

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Trevee

Trevee scETH (SCETH) is a tokenized fund share issued by Trevee.

The fund is open-ended and invests in crypto assets.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Trevee in ETH, and holders have a right to redeem at net asset value with two-to-five-business-day settlement.

SCETH has been issued on public blockchains since December 2024 and is native to Ethereum and Sonic.

Trevee scETHSCETH

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