Sonic TVL Crosses $1 Billion

Sonic, formerly Fantom, continues its upward trajectory as the chain’s total-value locked (TVL) climbs past the $1 billion mark.

The chain’s TVL is up 6% over the last week and makes Sonic the 12th largest blockchain with $1.04 billion, putting it within shouting distance of Aptos, which touts $1.07 billion in TVL.

The network’s daily active users (DAU) are also near all-time highs, recording an average of 57,000 DAU over the last seven days. This is the network’s second-highest user count, only bested by mid-December when the chain hosted an average of 67,000 DAU, likely catalyzed by Daniele Sesta’s HeyAnon project.

The network’s ongoing incentives program is likely propelling the consistent growth. More than 190 million S tokens, worth $95 million, will be airdropped to users and developers in the Sonic ecosystem.

The airdrop will be distributed based on Sonic points, which can be earned by participating in the DeFi ecosystem or simply holding assets on Sonic.

While activity continues to increase, the token has been held down by the broader altcoin market’s poor performance and is down 26% over the last 30 days.