This is far worse than FTX. When FTX happened people lost their money but not their faith in the industry.
What is happening right now feels like total capitulation in all aspects of the industry.
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Is $FTM to $S the Most Successful Rebrand in Crypto History?
In just two months, on-chain metrics on @SonicLabs have literally gone parabolic:
▸ TVL: $11M → $414M
▸ Volume: $200K → $40M
▸ Revenue: $0 → $110K
➥ What’s the Thesis on $S?
All tokens are already in circulation so No VC unlocks, no dilution risks here
Which brings us to the key factor: Supply dynamics.
▸ 31% of total supply staked in just two months (insane).
▸ Assuming 5-10% locked in DeFi & Liquid Staking ( 118M $S is Liquid staked in @beets_fi alone ~3.71% of supply)
So Nearly half the supply is off CEX order books which is really good setup for a supply crunch.
And the Inflows?
▸ 70M bridged into Sonic via @deBridgeFinance : 30M from Solana, 16M from Base (New degen playground?)
▸ Another 64M bridged via @rhinofi
That's like 100M+ in inflows in just 3 months timeframe btw
➜ Final Thoughts:
Everything here reminds me of Solana in Nov 2023 when I first wrote a thread about it at $400M TVL. The rest is history.
Oh, and $S just flipped $ADA in TVL & on-chain volume while still being undervalued by ~17X ($ADA: $28B vs. $S: $1.65B mcap).
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Hey @AndreCronjeTech and @michaelfkong I have an idea how to showcase $S to get it the respect it deserves.
Biggest problem is Sonic is lacking attention. How do you get that attention?
The biggest attribute is the speed and tech of $S. So let’s showcase the speed to get the attention.
Here’s the plan:
- Schedule a day in February for an $S ecosystem event
- You allocate a generous amount of Sonic airdrop points to all who participate to incentivize them to join
- The events purpose is to try to overload the network with hundreds of thousands of people transacting at the same time
- The recent $TRUMP volume on $SOL was a huge validation that the chain can be the chosen one. $S needs to show why it is superior, or at least hands down the best EVM chain
Every single L1 says they are the best and the fastest. Sonic needs TO PROVE IT
Announcing the Sonic DeFAI Hackathon.
With $250,000 in prizes, the hackathon invites you to build AI agents that perform social and on-chain actions.
✅ Submissions: Open NOW
⏳ Deadline: Feb 24, 2025
🤝 Partners: @HeyAnonai, @DoraHacks, & @0xzerebro
🔗 https://t.co/aFbgstWhcs