Author: Penny

In recent days, the heat of the Meme market has gradually cooled down, while Sonic has led DeFi back into the market, with its top projects experiencing nearly 4-10 times growth in the past week. What projects in the current Sonic ecosystem are worth paying attention to, and which projects can be laid out for the future? The author summarizes as follows:

DeFi Infrastructure

SHADOW

$SHADOW is the native token of Shadow Exchange, the exchange on Sonic, which can be freely exchanged with other currencies (such as the Sonic chain's universal token $S, USDC.e, x33, etc.). Users can deposit their SHADOW into liquidity pools to earn LP rewards; they can also exchange SHADOW tokens for xSHADOW at a 1:1 ratio to receive staking or voting incentives.

The initial supply of SHADOW tokens is 3 million, with approximately 5 million tokens distributed after 10 years (500 periods), and a maximum supply cap of 10 million tokens.

The market cap of $SHADOW has risen from around $5M to the current $41.15M within a week, an increase of over 700%, with a peak market cap of $47.21M. As the native token of Shadow Exchange, the largest exchange on the Sonic chain, $SHADOW has a wide range of application scenarios and is closely related to the prosperity of the entire Sonic ecosystem.

X33

After liquidity staking xSHADOW, $x33 can be minted. The ratio of $x33:xSHADOW starts at 1.00:1.00 and will gradually shift 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 improve the $x33:xSHADOW ratio. The advantages of using $x33 tokens are as follows:

• Automatic voting: Calculates the optimal voting strategy based on a certain mathematical algorithm;
• SHADOW buyback: Uses aggregators to sell SHADOW rewards for optimal execution;
• Automatic compounding: All voting incentives and fees will increase the $x33:xSHADOW exchange ratio;
• Zero fees: No costs for deposits, withdrawals, or compounding;
• Ample liquidity: Unlike staking xSHADOW positions, $x33 can be freely traded on the open market;
• Price protection: Cannot be traded below the redemption value of xSHADOW (instant exit).

Just stake your xSHADOW and let $x33 handle the rest—zero friction, fully automated.

The market cap of $x33 has also risen with the increasing popularity of the Sonic chain and Shadow Exchange, breaking through from around $3M to a peak of $15.53M within a week, with a maximum increase of over 400%, and the current market cap is around $12.88M.

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 a 2.5% fee for each minting transaction, and a maximum supply cap of 10 billion EGGS.

Source: Eggs Finance official website

The simplest way to redeem EGGS for S is through the "swap" tab of the dApp, selling it back to the contract. This incurs a 2.5% fee, similar to minting, but EGGS will be burned, and the underlying S assets will be sent to the user. The fees will be distributed to the contract, liquidity incentives, and the team in the same proportion as minting. Another way to redeem EGGS is through borrowing, using holdings as collateral to borrow and immediately default. This will burn EGGS and return the underlying S assets to the user, but with a deduction for collateral premium and interest.

Users can also use EGGS as collateral to borrow S tokens, with a maximum borrowing limit of 99% of the value of their EGGS. The interest rate is calculated linearly, with a base rate of 0.05%, and repayment terms range from a minimum of 1 day to a maximum of 365 days.

Thus, users can leverage their positions using the above rules: mint EGGS tokens with their S tokens, then use the minted EGGS as collateral to borrow S, and use the borrowed S to mint or purchase more EGGS, continuously cycling this process to obtain more tokens.

Source: Eggs Finance official website

After the launch of the EGGS token, its market cap quickly surpassed $7M on the first day and has been fluctuating upwards, currently at $12.12M, with a 58% increase over the week.

Meme

On February 7, Sonic launched an on-chain Meme competition, distributing 1 million OS tokens (the liquidity staking token for S, exchangeable at a 1:1 ratio for S) to the top 125 holders of 8 winning memecoins, rewarding loyal community members. The ranking of memecoins is based on a points system prioritizing liquidity (TVL) and trading volume. The author will introduce the top two ranked Meme tokens:

GOGGLES

As the heat of Memes on the Solana chain declines and users on the BNB Chain are still unsure which "broccoli" to buy, GOGGLES has emerged as the leading Meme coin on the Sonic chain, riding the wave of Sonic's popularity and standing out in the Meme competition, catching the attention of investors. The community's enthusiasm for GOGGLES is high, with continuous fan art and videos, and as the price of the token $S rises, the calls for GOGGLES are becoming louder.

The token $GOGLZ began to surge on the afternoon of the 19th, with its market cap rising from $4.18M to a peak of $18.58M, achieving a maximum increase of 344% within two days. The market cap has slightly adjusted since then, and as of the time of writing, it stands at $15.6M.

TINHATCAT

Cats and dogs, as popular and beloved animals, have always been the classic image choice for Meme coins. The second-largest Meme coin on the Sonic chain, Tinhatcat, features a cat wearing a pink hat, and its cute design and diverse fan creations have propelled the token THC to new heights. The market cap of the THC token surged rapidly on the 12th, rising from $1.63M to $6.91M, with a single-day increase of 322.61%. Since then, the THC token has continued to fluctuate upwards, and as of the time of writing, its market cap is $7.2M.

Decentralized Trading Platforms

NAVI

Navigator Exchange is a decentralized liquidity market within the Sonic ecosystem, covering various assets such as cryptocurrencies, foreign exchange, and metals. Its total trading volume is $129 million, with a TVL of $9.91 million, providing 240% APR in liquidity pools, rewarded in the form of $S tokens, making it the top Perp DEX on Sonic. Its token NAVI has seen its market cap rise significantly since the 19th, increasing by up to 10 times within three days, and currently stands at $12.11M.

BEETS

Beets is a decentralized trading platform that launched on the Fantom network in October 2021 as Beethoven X. Since then, the protocol has developed cross-chain and was deployed on Optimism in July 2022, and in December 2024, it migrated from Fantom to Sonic, utilizing permissionless technology from Balancer v3 to simplify AMM development. Its 24-hour trading volume on the Sonic chain is $14.46 million, with approximately $20,000 in 24-hour trading fees and a TVL of $165 million. Users can stake stS tokens on Beets to earn rewards. Currently, the market cap of BEETS tokens is $10.64M, with a 95.6% increase over three days.

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