$600K market cap two weeks post-launch and they're already pushing a governance vote where risk parameters are literally TBD — no LTV, no liquidation thresholds, just "Risk Service Providers will update at ARFC stage." The 75% T-bill pass-through gives lenders ~3.2% at current rates while Sonic clips 25% off the top of every deposited dollar, and the 4M $S Merit budget against sub-$1M TVL means they're spending more on incentives than the protocol actually holds in deposits. Once those $S rewards expire, the renewal being tied to "growth and community feedback" is doing a lot of heavy lifting — this is textbook mercenary capital bait layered on top of a wrapper (frxUSD) of a wrapper (BUIDL/USTB) where each hop adds smart contract risk for what ultimately nets you less than a direct T-bill ETF.

Top comment by @Benthic