In the past few days, Sonic's TVL reached a new high, and there was even a wave of 3S market in March, namely $SUI 、$SOL and $S , with S being the former FTM public chain, which was later renamed to Sonic.

This round of support cannot be separated from AC's backing, who was behind dozens of projects like YFI and KP3R in the previous wave, and has started frequent interactions regarding Sonic since its return.

Betting on the DeFi ecosystem

Unlike other chains, which focus on launching on-chain assets and ecological airdrops, Sonic's focus this round is primarily on advancing the DeFi ecosystem.

For example, in March, the native USDC and CCTP V2 cross-chain protocol officially landed on Sonic, making it the first high-performance public chain to support native USDC recently.

The CCTP V2 protocol compresses the time taken for cross-chain asset transfers to within 2 minutes, ensuring that more assets can be processed quickly when entering the Sonic public chain.

As a result, USDC has become the main stablecoin medium on the Sonic chain, accounting for 91.48% of the absolute share.

In the past week, Sonic's DEX trading volume has increased by 32% year-on-year, with major contributors including Aave, Silo, Euler, Avalon, and Shadow. The continuous increase in DeFi-related data is mainly due to the official integration of more DeFi applications and the provision of substantial developer incentive programs.

Currently, according to Sonic's documentation, developers can earn up to 90% of the network fees generated within the application through Sonic, and if they build independently, they can also receive innovator subsidies.

This means that if a project or DeFi application is created on Sonic, attracting many users to interact, the maximum 90% of the interaction fees generated will go to the project's developers.

This has led many developers to prefer launching applications with high interaction demands on Sonic, prompting the arrival of this ecological season.

Sonic's reasonable price

The current market value of Sonic's token S is 1.6 billion, which is much lower than Sui's 35 billion and Aptos's 6.3 billion, but the on-chain TVL staking amount and related data are relatively on par with Aptos.

Assuming that inflation does not increase, the current S needs to rise about 4 times from a price of 0.5 to reach the market value level of Aptos, which requires a new round of model boosting and major player involvement.

Furthermore, Sonic is also EVM compatible, which means any Ethereum-based public chain player can easily transition to Sonic, and developers do not need to restructure the underlying code.

This also led to many players choosing to get on board with Sonic, which had the lowest market value, when the 3S market arrived in March.

Currently, the main on-chain assets are USDC + DeFi, driven by a new model, which remains an unknown, but as long as AC continues to update on the front line, the confidence in the community will be sufficient.