Author: Penny
In recent days, the heat of the MEME market has gradually cooled, and Sonic has led DeFi to return to the market, with its top projects having 4-10 times the increase in the past week. What are the projects worth focusing on in the current Sonic ecosystem, and what projects can be deployed in the future? The author has sorted it out as follows:
DeFi Infrastructure
SHADOW
$SHADOW is the native token of the Shadow Exchange, a trading platform on the Sonic chain, which can be freely exchanged with other currencies (such as the Sonic chain's universal token $S, USDC.e, x33, etc.). Users can invest their held SHADOW into liquidity pools to obtain LP rewards; they can also exchange SHADOW tokens at a 1:1 ratio for xSHADOW to obtain staking or voting incentives.
The initial supply of SHADOW tokens is 3 million, and about 5 million tokens will be released in 10 years (500 periods), with a maximum supply of 10 million tokens.
The market capitalization of $SHADOW has increased from around $5 million to the current $41.15 million in a week, an increase of over 700%, with a peak market capitalization of $47.21 million. As the native token of the largest trading platform Shadow Exchange on the Sonic chain, $SHADOW has a wide range of applications and is closely related to the prosperity of the entire Sonic ecosystem.
X33
After staking xSHADOW for liquidity, users can mint $x33. The $x33:xSHADOW ratio starts at 1.00:1.00 and will gradually tend towards $x33 as rewards from fees, voting incentives, and resets accumulate. At the end of each cycle, rewards from fees and voting incentives will be automatically sold to increase the $x33:xSHADOW ratio. The advantages of using $x33 tokens are:
- Automatic voting: The optimal voting strategy is calculated according to a certain mathematical algorithm;
- SHADOW buyback: Use an aggregator to sell SHADOW rewards to achieve the best execution;
- Automatic compounding: All voting incentives and fees will increase the $x33:xSHADOW exchange ratio;
- Zero fees: No cost for deposits, withdrawals, or compounding;
- Ample liquidity: Unlike staked xSHADOW positions, $x33 can be freely traded on the open market;
- Price protection: Unable to trade at a value lower than the xSHADOW redemption value (instant exit).
Just stake your xSHADOW, and let $x33 handle the rest - zero friction, fully automated.
The market capitalization of $x33 has also been rising continuously with the heat of the Sonic chain and Shadow Exchange, breaking through from around $3 million to a peak of $15.53 million in a week, an increase of over 400%, and is currently around $12.88 million.
EGGS
Eggs Finance is a DeFi protocol built on the Sonic blockchain. Users can mint EGGS by depositing S into the protocol's smart contract, with each minting transaction incurring a 2.5% fee, and the EGGS supply is capped at 100 billion.
The simplest way to redeem EGGS for S is through the "Swap" tab of the dApp, which will burn the EGGS and send the underlying S assets to the user, with a 2.5% fee. Users can also use EGGS as collateral to borrow S, with a maximum loan-to-value ratio of 99% and an interest rate calculated linearly with a base rate of 0.05%, and a repayment period ranging from 1 to 365 days.
The EGGS token was launched with a market capitalization of over $7 million, and has continued to fluctuate and rise, currently at $12.12 million, an increase of 58% in a week.
MEME
On February 7, Sonic launched an on-chain MEME competition, with 1 million OS tokens (S's liquidity staking tokens, redeemable 1:1 for S) to be distributed to the top 125 holders of 8 winning MEME coins, to reward loyal community members. The ranking of MEME coins is based on a scoring system that prioritizes liquidity (TVL) and trading volume. The author will introduce the top two MEME tokens:
GOGGLES
As the MEME coin leader on the Sonic chain, GOGGLES has stood out in the MEME competition amid the declining MEME hype on Solana and users' confusion over which "broccoli" to buy on the BNB Chain, riding on the heat of the Sonic chain. The community's enthusiasm for hyping GOGGLES is high, with continuous creation of derivative images and videos, and the calls for $GOGLZ are getting louder as the price of the $S token rises.
The $GOGLZ token began to surge on the 19th, with its market capitalization rising from $4.18 million to a peak of $18.58 million, a 344% increase in two days. The market capitalization has since pulled back slightly, currently at $15.6 million.
TINHATCAT
Cats and dogs, as beloved pets, have always been the classic image choice for MEME coins. Tinhatcat, the second largest MEME coin on the Sonic chain, is a cat wearing a pink hat, and its cute style and diverse derivatives have also led to the takeoff of the THC token. The market capitalization of the THC token surged rapidly on the 12th, from $1.63 million to $6.91 million, a single-day increase of 322.61%. Since then, the THC token has continued to fluctuate upwards, with a current market capitalization of $7.2 million.
Decentralized Exchange
NAVI
Navigator Exchange is the decentralized liquidity market in the Sonic ecosystem, covering a variety of assets such as cryptocurrencies, foreign exchange, and metals. With a total trading volume of $129 million and a TVL of $9.91 million, the liquidity pools offer a 240% APR in $S tokens, making it the top-ranked Perp DEX on Sonic. Its token NAVI has been on an upward trend since the 19th, with a 10-fold increase in 3 days, and currently has a market capitalization of $12.11 million.
BEETS
Beets is a decentralized trading platform that launched on the Fantom network as Beethoven X in October 2021. Since then, the protocol has developed cross-chain and was deployed on Optimism in July 2022, and then migrated from Fantom to Sonic in December 2024, providing permissionless technology from Balancer v3 to simplify AMM development. Its 24H trading volume on the Sonic chain is $14.46M, with 24H transaction fees of around $20,000 and a TVL of $165M. Users can stake stS tokens on Beets and earn yields. The current market cap of the BEETS token is $10.64M, up 95.6% in the last three days.
