Written by: Penny

The Meme market has gradually cooled down in recent days, and Sonic has led DeFi back to the market. Its top projects have almost all increased by 4-10 times in the past week. What are the current Sonic ecosystem projects worth paying attention to, and what projects can be deployed in the future? The author sorted them out as follows:

Defi Infrastructure

SHADOW

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

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

$SHADOW's market value has risen from around $5M to the current $41.15M in a week, an increase of more than 700%, with a peak market value 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 xSHADOW is staked for liquidity, $x33 can be minted. The ratio of $x33:xSHADOW starts at 1.00:1.00, and as rewards from fees, voting incentives, and resets accumulate, this ratio will gradually tend to $x33. After each cycle, rewards from fees and voting incentives are automatically sold to increase the ratio of $x33:xSHADOW. The advantages of using $x33 tokens are as follows:

• Automatic voting: Calculate the optimal voting strategy according to a certain mathematical algorithm;
• SHADOW Buyback: Sell SHADOW rewards using an aggregator to achieve best execution;
• Automatic compounding: All voting incentives and fees will increase the conversion ratio of $x33:xSHADOW;
• Zero fees: no costs for deposits, withdrawals, or compounding;
• Sufficient liquidity: Unlike staking xSHADOW positions, $x33 can be freely traded on the open market;
• Price Protection: Cannot trade below xSHADOW redemption value (instant exit).

Simply stake your xSHADOW and let $x33 do the rest - frictionless and fully automatic.

The market value of $x33 has also continued to rise with the increasing popularity of Sonic Chain and Shadow Exchange. Within a week, the market value has risen from around 3M US dollars to a maximum of 15.53M US dollars, with the highest increase of more than 400%. The current market value is around 12.88M US dollars.

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. Each minting transaction is subject to a 2.5% fee, and the EGGS supply is capped at 100 billion.

 Image source: Eggs Finance official website

The easiest way to redeem EGGS for S is to "sell" it back to the contract through the "Exchange" tab of the dApp. This is the same as minting, and will incur a 2.5% fee, but the EGGS will be destroyed and the underlying S asset will be sent to the user. The fees will be distributed to the contract, liquidity incentives, and team in the same proportion as minting. Another way is to redeem EGGS through lending, that is, borrowing against holdings and immediately defaulting. This will destroy the EGGS and return the underlying S asset to the user, minus the collateral premium and interest.

Users can also use EGGS as collateral to borrow S tokens. Users can borrow up to 99% of the value of their EGGS in S. The interest rate is calculated on a linear scale with a base rate of 0.05%. The shortest repayment period is 1 day and the longest is 365 days.

Therefore, users can use the above rules to leverage their positions: use the S tokens they hold to mint EGGS tokens, then use the minted EGGS as collateral to borrow S, use the borrowed S to mint or buy more EGGS, and repeat this process to continuously obtain more tokens.

 Image source: Eggs Finance official website

The market value of EGGS token quickly exceeded 7M USD on the first day after its launch, and continued to fluctuate and rise. The current market value is 12.12M USD, up 58% in a week.

Meme

On February 7, Sonic launched the on-chain Meme Competition, where 1 million OS tokens (S’s liquidity staking token, redeemable for S at a 1:1 ratio) will be distributed to the top 125 holders of the 8 winning memecoins to reward loyal community members. Memecoins are ranked based on a points system that prioritizes liquidity (TVL) and trading volume. I will introduce the top two Meme tokens to readers:

GOGGLES

When the popularity of Solana Chain Meme declined and users on BNB Chain were still confused about which "broccoli" to buy, GOGGLES, as the leading Meme coin on Sonic Chain, took advantage of the popularity of Sonic Chain, stood out in the Meme competition and entered the investors' field of vision. The community was enthusiastic about GOGGLES, and secondary creation pictures and videos continued to appear. As the price of the token $S rose, the popularity of GOGGLES continued to grow.

The token $GOGLZ began to rise at noon on the 19th, with the market value rising from 4.18M USD to a maximum of 18.58M USD, with the highest increase of 344% in two days. The current market value has slightly adjusted, and as of writing, the market value is 15.6M USD.

TINHATCAT

Cats and dogs are small animals that are loved by the public and have always been the most classic image choices for Meme coins. Tinhatcat, the second largest Meme coin on the Sonic chain, is a cat wearing a pink hat. Its cute style and diverse secondary creations also led to the takeoff of the THC token. The market value of the THC token rose rapidly on the 12th, from 1.63M USD to 6.91M, a single-day increase of 322.61%. Since then, the THC token has been fluctuating and rising. As of writing, the market value is 7.2M USD.

Decentralized trading platform

NAVI

Navigator Exchange is a decentralized liquidity market in the Sonic ecosystem, covering multiple assets such as cryptocurrencies, foreign exchange, and metals. It has a total trading volume of $129 million, a TVL of $9.91 million, and provides a 240% APR in the liquidity pool, with rewards in the form of $S tokens. It is the No. 1 Perp DEX on Sonic. The market value of its token NAVI has been rising since the 19th, with a 10-fold increase in 3 days, and its current market value is $12.11M.

BEETS

Beets is a decentralized trading platform that was launched as Beethoven X on the Fantom network in October 2021. Since then, the protocol has developed cross-chain and was deployed on Optimism in July 2022. In December 2024, it migrated from Fantom to Sonic, with Balancer v3 providing permissionless technology to simplify AMM development. Its 24H trading volume on the Sonic chain is 14.46M USD, 24H transaction fees are about 20,000 USD, and TVL is 165 million USD. Users can stake stS tokens on Beets and earn income. The current market value of BEETS tokens is 10.64M USD, up 95.6% in three days.