the crypto of Solana’s rollup lands on the markets

The well-known South Korean exchange Upbit has announced the listing of the crypto SONIC, the native asset of the SonicSVM rollup project of the Solana ecosystem.

This is a very important launch, introducing a highly anticipated token by the crypto community.

Let’s see together how its debut went.

What is SonicSVM: the layer-2 rollup of the Solana blockchain

SonicSVM represents a layer-2 rollup built on the Solana network, designed to enhance the scalability and performance of decentralized applications.

The underlying technology of Sonic is the Solana Virtual Machine (SVM), which is a parallel virtual machine capable of handling thousands of transactions per second with very low costs.

One of the most important characteristics of the chain is the parallel execution of transactions, which helps to reduce operational costs in favor of greater throughput.

This project is focused on the world of games, and aims to make every player participate in internal economies linked to the Solana blockchain.

One of the most successful examples of SonicSVM is the launch of the game SonicX, which is natively integrated with TikTok. The latter is a “tap-to-earn” game that allows players to compete in daily challenges, climb the leaderboards, and collect rewards in the form of cryptocurrencies and NFT.

The integration with TikTok has allowed SonicX to reach over 120,000 users in a short time, demonstrating how SonicSVM can facilitate access to the Web3 world for a wider audience.

Currently, SonicSVM is in the testnet phase, with users who have been able to test the revolutionary features of the chain so far.

According to the roadmap plans, by March 2025 the project’s mainnet should be released, definitively entering the game in the blockchain sector.

Up to today, SonicSVM has achieved several important milestones: it has introduced staking and governance within the ecosystem, democratizing the decision-making processes.

Now a new chapter begins for the project, with the native token SONIC that is about to land in the major crypto markets.

The team explicitly stated that 57% of the coin’s supply is allocated to the community. This also includes the tokens reserved for the Ecosystem & Community, Initial Claims, and Sonic HyperGrid Rewards sections.

Sonic Alpha Vault: an option to invest in the project before the listing on exchanges

SonicSVM has offered its users a way to invest with early access to the new crypto SONIC, through a dedicated Vault.

The initiative, in collaboration with Meteora and Bonk, allows the entire Solana community to deposit up to 420 USDC in the Vault, securing a share of the resource.

The stablecoin blocked, are pooled with other participants to purchase SONIC during its launch phase at a discounted price.

All Vault users will receive tokens at the same average price, and the number of tokens each user receives is proportional to their share of the total USDC deposited.

An interface shows how many USDC have been used, how many tokens have been purchased, and how many coins are available for withdrawal. It is possible to withdraw the remaining USDC immediately after completing the token purchase. The Vault was open for two days, from January 5, 2025, at 23:59 UTC, until January 7, 2025, closing at 10:54 UTC.

In total, during the indicated period, almost 3 million dollars were deposited, with an oversubscription of 10X compared to the initial amount of 300,000 dollars requested.

This means that users have rushed to the pool, highlighting their strong interest in this promising crypto.

Shortly before the official debut of SONIC on the crypto markets, Vault buyers will be able to execute the claim, potentially preparing to dump the coins.

Upbit and other exchanges announce the listing of the crypto SONIC: what will be the valuation at debut?

The South Korean crypto exchange Upbit announced a few hours ago the listing of the SONIC coin, opening the doors to the Eastern crypto exchanges.

The token of the SonicSVM project will be launched on the spot market at 12 PM UTC (1:00 PM Italian time) through the following trading pairs: SONIC/KRW, SONIC/BTC, and SONIC/USDT.

The total supply is 2.4 billion SONIC tokens, with 15% to be distributed as circulating supply at launch.

Being an infrastructural project of SVM, it is expected to have a valuation exceeding 1 billion dollars.

At the moment, the Whales.Market prediction market quotes a pre-market price of 0.64 dollars for SONIC, with a trading volume of 1 million dollars.

This would bring the FDV (fully diluted valuation) of the crypto to 1.53 billion dollars, with a circulating market cap of 230 million dollars.

We expect that on Upbit the asset will be traded at least at 0.50 dollars in the first hours of trading.

Given the bullish outlook of the market, it is possible that an upward price action will follow in the first days of trading.

Not only Upbit, but many other exchanges have decided to list SONIC within their crypto markets. In particular, well-known CEX such as Okx, Bybit, Bitget, Kucoin, Gate.io, Mexc, TruBit, Backpack, and Hashkey will join the party.

On the DEX front, SONIC will be made available on the Meteoria, Jupiter, Raydium, and Drift platforms, all based on the Solana blockchain.

This is a very broad participation, which showcases the project’s ability to secure a spot in the ranking of the best cryptocurrencies of the moment.

Source: https://x.com/SonicSVM/status/1876237278495830114