Sonic’s Total Value Locked (TVL) reached an ATH of $257.24 million this week on January 28, 2025. The surge is an indicator of robust activity on the blockchain.
Major protocols fueling Sonic TVL’s growth
The top 10 protocols contributing to Sonic’s TVL are Silo Finance, Beets, Avalon Labs, Swapx, WAGMI, ICHI, Beefy, Shadow Exchange, Equalizer Exchange, and Uniswap.
Silo Finance, a decentralized lending protocol, emerged as the top contributor with a $112 million TVL on the Sonic network. This massive TVL suggested that Silo Finance is significantly benefiting from its decentralized lending platform that enables users to borrow virtual assets using collateral.
Top Sonic Protocols by Total Value Locked
The total value of assets locked in @SonicLabs $S is around $251M, according to @DefiLlama. Let’s compare the top #DeFi-protocols on #Sonic chain by current #TVL in USD, in order to evaluate their adoption scale$SILO $BEETS $AVL $SWPX… pic.twitter.com/ScDt0E5x9J
— TOP 7 ICO | Crypto News & Analytics (@top7ico) January 29, 2025
Beethoven (BEETS), another major decentralized exchange, followed a TVL worth $72.3 million. This is a testimony that the DEX continues to attract users to engage in staking and yield farming using BEETS and other virtual coins.
Avalon Labs secured the third position with $49.5 million TVL. Its impact on Sonic’s TVL comes from its Bitcoin-focused DeFi ecosystem. Its CeDeFi lending platform enables investors to borrow against their BTC holdings.
SwapX secured the fourth position with its $21.8 million contribution to Sonic’s TVL. SwapX plays a crucial role as it offers innovative DeFi solutions that go beyond ordinary token swapping. These involve trading services such as staking, yield farming, and other advanced DeFi offerings.
WAGMI, a prominent decentralized exchange, registered a $20 million TVL, making it the fifth-largest protocol on the Sonic network. It operates on numerous EVM-integrated protocols, thus enabling users to access various assets and trading opportunities across varied ecosystems.
ICHI took the sixth spot with $18.8 million TVL. It supports Sonic’s TVL through its DeFi liquidity manager. Crypto investors use its yield IQ Vaults to deposit tokens and earn yields through compounded interest created by liquidity pools on apps like Uniswap V3.
Moving down, Beefy, a yield aggregator, was the seventh-largest protocol on the Sonic network. It is a renowned yield aggregator that allows users to maximize the power of compounded interest and yield farming opportunities across numerous DeFi platforms.
Shadow Exchange clinched position eight with its $7.56 million TVL. Its advanced DEX plays a crucial role in the Sonic ecosystem. Lastly, Equalizer Exchange and Uniswap gained visibility with their impressive TVLs of $4.34 million and $2.18 million respectively.
Equalizer Exchange is a DEX that allows users to earn passive income on their tokens through different staking and yield farming opportunities on the Sonic network. On the other hand, Uniswap contributes an important role in the Sonic network through its innovative DeFi trading and advanced automated market markers.
Sonic price updates
The Sonic network saw its TVL surged above $250 million, on January 28, fueled by the rising investor interest after its recently concluded rebranding process. The increase in TVL happened after the project rebranded its trademark name as “Sonic” and abandoned the previous one “Fantom.”
Despite the increase in its TVL, the value of its primary virtual currency has declined. The asset has been down 24.3% in the past month. The downtrend suggests that sellers are prevailing. It appears that Sonic holders are offloading their tokens for profit-taking or are forced to liquidate for other reasons.
However, the current low prices are creating a buying opportunity for savvy investors who know that Sonic is an asset with growth potential. Its market cap is currently trading at $1.38 billion, placing it at number 69 in the entire crypto ecosystem.
