Trading activity shifts to the Sonic chain ecosystem

Traders are moving to the Sonic blockchain after problems with Solana, seeking new opportunities. Sonic's Shadow exchange saw a tenfold volume increase in the past month, potentially placing Sonic among the top 5 chains for decentralized exchange (DEX) activity, surpassing even Sui and Berachain. Sonic's DEX activity grew by over 84% in the past week as Shadow added more trading pairs. The Sonic token (S), formerly Fantom (FTM), increased by over 16% to $0.89 after a recent low of $0.40. Shadow DEX currently holds $118.5 million in value, and the Sonic chain holds $142.9 million in stablecoins. This growth is partly driven by an airdrop campaign launched in January, rewarding users for interacting with Sonic apps and assets. This campaign will run until June 2025, with 25% of the airdrop tokens unlocked immediately afterward and the rest vested for 270 days. Wrapped versions of Ethereum and Bitcoin (scETH and scBTC) and the Sonic stablecoin (scUSD) are key assets in the ecosystem. Sonic's DEX has seen daily volumes exceed $262 million. Meme tokens like KNUCKLES, EGGS, and GOGLS are also gaining traction. Sonic's Degen Express launchpad is becoming popular for launching new tokens. The swap between the old FTM and new S tokens will become one-way from March 18 and stop completely on June 18. The new S token will start with a supply of 3.175 billion, with a 6% increase over six years and 190.5 million tokens allocated for the airdrop. S tokens can be staked for passive income.