Sake Finance Review 2026: Soneium Lending Protocol

Sake Finance is a decentralized lending and liquidity protocol built natively on Soneium, a layer 2 network. It describes itself as an integrated liquidity protocol where different modules work together. The app has Liquidity, Strategies, Rewards and Bridge sections.

The protocol has been listed since January 2025 and holds around $552,000 in total value locked, up about 5% over the past week. That is small for a lending market, so it sits in the early-stage tier of Soneium DeFi. It is linked to a token ticker, SONE, in the data listing.

Much of the public activity around Sake has come from incentive campaigns: a testnet with a faucet, points for deposits, and joint quests with other Soneium projects. Users who join for the points should weigh them against the smart-contract and liquidity risks of a young protocol.

Sake is a pooled lending protocol. Users deposit assets into liquidity pools, and those deposits form a shared supply that other users can borrow from. Depositors earn interest paid by borrowers, and the rates shift with how much of each pool is in use.

Borrowing requires collateral. A user deposits assets, then borrows up to a limit set by the protocol's risk parameters. If the collateral falls in value so the position becomes too risky, it can be liquidated by third parties to repay the debt.

Sake describes itself as an integrated liquidity protocol, with Liquidity, Strategies, Rewards and Bridge sections in the app. It launched with a testnet that used a faucet and an incentive program, and later moved to Soneium mainnet. Activity has been paired with points campaigns that boost rewards for certain deposits and borrows.

Public sources do not publish a fee schedule. Borrow and supply rates, reserve factors and liquidation penalties are normally shown in the markets view of the app once a wallet is connected.

Beyond protocol rates, users pay network gas on Soneium and any bridge fees when moving assets onto the chain. These costs depend on the bridge used and network conditions.

Two audits are listed for Sake Finance, but public sources do not name the auditors or summarize findings. Readers should look for the reports in the project's docs before depositing. No hacks or incidents are mentioned.

Lending protocols carry smart-contract risk, oracle risk and the risk of liquidation if collateral prices fall. Funds are held in smart contracts rather than by a custodian, so users keep control of their wallets but also bear any contract failure. The small TVL means thin liquidity, which can make exits harder in stressed markets. Do not deposit more than you can afford to lose, and check the terms linked in the app.

Sake Finance fits DeFi users who already hold assets on Soneium and want to lend or borrow there, and points-focused users who track ecosystem campaigns. It is less suited to people who need deep liquidity, multi-chain access or a long track record.