The Sonic token (S), formerly known as Fantom (FTM), has increased by nearly 12%. This rise comes as the Sonic ecosystem surpassed $300 million in total value locked (TVL) just a few weeks after its mainnet launch.
Sonic recently improved its platform by migrating from Fantom to become a better, faster, and more efficient EVM Layer 1. The old Fantom (FTM) token transitioned to the Sonic token starting in December 2024. Users can swap Fantom (FTM) for the $S token at a 1:1 rate for the first six months after launching Sonic.
The S token is Sonic’s flagship token, and users can use it to pay transaction fees, stake, run validators, and participate in governance.
Sonic Token Surges 12% Amid $300M TVL Milestone
Sonic ($S) began trading in early January 2025, starting at over $1. Since then, it has dropped 43.92% to $0.4356. However, it has recently begun to rise again, with a 12.71% price increase in the last 24 hours, bringing the current price to $0.5945.
The trading volume over the past 24 hours has also increased by 24.8%, reaching $157.4 million.
This overall improvement comes as the total-value-locked (TVL) surpassed $300 million, fueled by growing investor interest after its recent rebranding.
According to DefilLama data, Sonic’s TVL is now $302.8 million, up from $27 million on January 1, 2025. This is roughly a 1018.52% increase in just a month.
With TVL now exceeding $300 million, Sonic aims for a new goal of $500 million TVL soon. Its ecosystem is also growing rapidly, expanding from over 40 live dApps to a goal of over 100 in the coming months.
Sonic is positioning itself as a top network for creating, earning, and scaling applications worldwide as more developers join.
What Next for the S Token?
A crypto analyst, Mr. Patrick Schmitt, with over 236k followers, recently discussed the importance of Total Value Locked (TVL) compared to Market Cap (MC) for Layer 1 blockchains. He believes TVL is an important metric, even though some question its direct effect on prices.
Schmitt compared three cryptocurrencies: Sonic ($S), Toncoin (TON), and Near Protocol (NEAR). He noted that Sonic has more than $300 million in TVL and a Fully Diluted Valuation (FDV) of $1.6 billion. In contrast, TON has a TVL of $277 million with an FDV of $24.6 billion, and NEAR has a TVL of $229 million with an FDV of $5.6 billion. This suggests that Sonic is undervalued compared to the others.
Sonic also stands out because it returns 90% of its protocol fees to decentralized apps (dApps) and developers. This unique approach could help increase its use cases and strengthen its community.
The crypto analyst believes Sonic could rank among the Top 5 for TVL. This change could boost its price into double digits. However, the market environment, developer activity, and community support will be key factors in its future growth.
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