Sonic Blockchain Achieves Over $250 Million in Total Value Locked
Sonic Labs has launched the Sonic blockchain, achieving a Total Value Locked (TVL) exceeding $250 million shortly after its rebranding from Fantom. Key developments include:
- TVL increased from $153 million on January 16 to approximately $253 million by January 28, reflecting a 65% rise.
- The platform's native token, S, has declined by over 42% in January, trading at around $0.46.
- Total supply of token S is set at 3.175 billion, with an inflationary model and a cap of 3.65 billion until 2031.
- First token unlock via an airdrop will distribute 6% of total supply six months post-launch.
- Sonic claims to be the fastest Ethereum Virtual Machine (EVM) chain, with transaction finality of 720 milliseconds.
- Comparison: Solana has a mainnet finality averaging 12.8 seconds.
- Rebranding aims to leverage technological advancements and enhance Layer 1 blockchain innovation, including improved node synchronization speed and reduced validator costs.