Sonic's total value locked (TVL) just jumped by 66%, hitting $253 million. This surge comes after the project rebranded from Fantom. Investors are clearly taking notice.
On January 28, Sonic surpassed that $250 million mark, growing from $153 million just a couple of weeks earlier on January 16, according to DefiLlama data.
However, it's worth mentioning that the Sonic (S) token hasn't followed the same upward trend. It has dropped over 41% in January and was trading at $0.43 recently, based on CoinMarketCap figures.
Sonic claims to be the fastest Ethereum Virtual Machine (EVM) chain out there. It boasts a “true” blockchain finality of just 720 milliseconds. This means a transaction becomes irreversible pretty quickly after being added to a block.
The project aims to be the fastest blockchain in the world by finality. They achieved this impressive milestone during their testnet on September 8, 2024.
Unlike most blockchains that need several additional blocks to confirm a transaction, Sonic wraps it up in just over 700 ms. This achievement, reached in a controlled environment, positions Sonic as a strong contender for the title of the fastest blockchain network, provided they can replicate this on their mainnet.
Andre Cronje, the creator of the Fantom Network and CTO of Sonic Labs, shared these insights. Right now, the Sonic mainnet offers sub-second transaction finality with block times of 0.98 seconds, according to Chainspect data.
For comparison, Solana's mainnet averages a finality of 12.8 seconds but has a quicker block time of 0.4 seconds. Sonic is working hard to keep up the pace.