“Fantom: Do I remind you of the past?”

The following are the 5 protocols on Sonic based on defillama's monthly cross-chain trading data, which we can use to enter the Sonic ecosystem from other chains.

The following rankings are based on monthly trading volume, listed from largest to smallest:

1. deBridge @deBridgeFinance

This is a cross-chain protocol I have also introduced a few times, and in my opinion, this protocol has an advantage that many teams do not possess: agility.

Any protocol that has hot spots in the market will quickly integrate, whether it is a bear chain, HypeEVM, or Story; they are the fastest protocols to support cross-chain in the market.

Another feature I really like is that it is almost the only cross-chain protocol on the market that provides very comprehensive visualization chart tools.

Data analysis enthusiasts rejoice.

I adjusted the inflow of funds to the Sonic chain through deBridge in the past month: Solana and Base are the main sources of inflow; these two chains were previously the largest on-chain liquidity aggregation areas for SVM and EVM systems.

Another situation is that the inflow of funds to Sonic through deBridge in the past month is not significantly different from the inflow on the BNB Chain (although more funds are coming into BNB Chain through Ethereum).

Supplement: deBridge is the most used bridge by Sonic in the past month, and it is the second highest used bridge on the BNB Chain in the past month. The reference value of this data is very high.

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2. rhino fi @rhinofi

This is a relatively established on-chain protocol that has been deeply engaged in multi-chain/cross-chain.

In addition to the more traditional collateral minting method, it also uses its own funds to establish token pools on various chains for faster cross-chain settlement.

This approach is very simple and straightforward, which also means that the types of tokens it can support will be relatively few, mainly stablecoins.

The overall interface is very simple, and the business model has a bit of [on-chain OTC] meaning; it currently supports over 30 EVM and non-EVM chains.

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3. LayerZero @LayerZero_Core

Cross-chain leader, no need to say more.

I really have to complain about Layerzero's UI design; at least I don't like it very much.

However, one of its main business sides is also aimed at the B-end, and after TGE, there hasn't been much community voice active on social media.

This is also a pain point for most B-end protocols; in cases where C-end usage scenarios are not high frequency, how to effectively operate the community is a problem many infrastructure projects face during this Meme market.

Supplement: Layerzero also provides relatively comprehensive visualization charts, though perhaps not as detailed as deBridge's. However, considering its market share, it is also a very worthwhile charting tool.

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4. Owlto @Owlto_Finance

The primary valuation of this cross-chain protocol reached 150 million last year, which is considered quite top in the cross-chain protocol sector.

Its business objective, at the most intuitive level, is to serve the Ethereum Rollup ecosystem.

However, its market share is very low, ranked outside the thirties, and its fundamentals and valuation have a considerable overvaluation.

Because the cross-chain bridge sector, like DEX, has very simple business logic, which is just to charge fees.

The trading volume and market share are directly related to the actual revenue of the protocol.

Using a price-to-earnings ratio valuation model on these protocols is very applicable.

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5. UniversalX @UseUniversalX

Personally, I find it hard to understand why defillama categorizes UX as a cross-chain bridge, because as a chain abstraction product launched by @ParticleNtwrk, it currently mainly operates in the high-frequency trading scenario.

Feels a bit like a sector mismatch, putting DEX and Bridge together for comparison.

It is worth mentioning that UX also supports seamless purchases of Sonic's on-chain assets.

However, currently, it cannot interact with various DeFi protocols on the Sonic chain (due to UX limitations and the inherent inability of chain abstraction to realize this).

Therefore, the trading volume of UX in this tier is not very high, mainly because Sonic's main tone is not Meme hot but rather focused on low-frequency operations with liquid staking as the main tone.

The mismatch in the sector makes this trading volume lack any reference significance.

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After all, the predecessor Fantom is a relatively established infrastructure, and there are many bridge protocols supporting Fantom in the market. Its official website includes many third-party bridge protocols, and the defillama Fantom section also has many supported bridging protocols.

But we will still take protocols that support the new Sonic and have clear market shares as the standard.

Finally, let me clarify that there are three entities named Sonic in the market, which is a bit confusing.

The token we are introducing in this article is $S, and the other two are SVM L2 and a DeFi protocol.

Above