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Sonic TVL is Soaring More Than Any Other Layer 1

Growth of total-value locked for Sonic, formerly Fantom, is driven by Avalon Labs’s Bitcoin-backed stablecoin.
By: Joel Lim • January 28, 2025
Sonic TVL is Soaring More Than Any Other Layer 1

Sonic, formerly Fantom, is securing a record amount of assets and growing faster than any other Layer 1 chain in the past month.

The Sonic blockchain today crossed $260 million in total-value locked (TVL), the highest ever, with assets surging by 20x in the past month, the biggest increase among all blockchains with more than $50 million of assets locked, according to DeFiLlama. Sonic is now the 30th-largest chain in TVL terms, according to the data platform.

Sonic’s growth was driven in part by Avalon Labs, which went from having no assets in the chain to driving $50 million in TVL over the past month, according to DeFiLlama, making up almost 20% of Sonic’s total TVL.

the-defiant

Avalon Labs’ integration of its stablecoin, USDa, with the Sonic blockchain through SwapX decentralized exchange has been a catalyst in driving high TVL. Avalon Labs is a prominent player in the Bitcoin lending and DeFi space with almost $2 billion in TVL across 21 chains, according to DeFiLlama.

“We're extremely excited to announce our partnership with Avalon Labs and bring USDa, the Bitcoin Money to Sonic!,” as per SwapX’s X post on Dec. 18, 2024.

More and more protocols and DApps are joining the Sonic ecosystem, which is contributing to its rising TVL. LlamaPay, a multi-chain protocol that allows users to automate transactions, announced that it is launching salaries and vesting on Sonic Labs, as per a post on Jan. 28. 

Magpie Protocol and The Symbiosis cross-chain ecosystem have expanded their network and are now getting started on the Sonic network.

Sonic claims to be the world’s fastest Ethereum Virtual Machine (EVM), with a “true” 840 milliseconds (ms) blockchain finality, according to Sonic Labs.

Token Price Lags

While Sonic’s TVL is surging, Sonic’s token has plunged by more than 82% in January.

On Dec. 19, 2024, Fantom rebranded to Sonic, and the token switched from Fantom (FTX) to Sonic (S).

At the time of writing, Sonic (S) was trading at $0.45 per token, down by 3.2% in the last 24 hours and down 56% from its all-time-high (ATH) of $1.03, CoinGecko data shows.

What’s Next?

To further support Sonic’s ecosystem, an additional 1.5% of S or 47,625,000 tokens will be minted annually for next six years. Sonic Foundation will allocate a stream of new S tokens as operational funding for Sonic Labs. This will allow Sonic to manage growth among Dapps, BD partnerships, and Sonic’s growing ecosystem. 

Sonic is focusing on a fee monetization program launch, Sonic Gateway implementation, and carrying out its airdrop campaign.

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