Sonic's value increases by 15%, TVL sets a record high, as Binance Wallet reveals support for S token integration
Fired-up Sonic Flies High After Binance Wallet Integration
Sonic, the whiz-bang Layer-1 blockchain, experienced a 15% surge and a new all-time high in Total Value Locked (TVL) following Binance Wallet's announcement of integrating with Sonic's chain. This update, announced on May 1, enables users to engage with Sonic's sizzling hot decentralized applications and send tokens right from Binance Wallet's user-friendly interface—all part of Binance's Alpha Projects campaign, which hints at juicy airdrop rewards for active traders aiming to make a killing on Sonic.
While the nitty-gritty details are yet to be spilled, this collaboration between Binance and Sonic hints at a deepening of their working relationship. The development seamlessly follows after Binance incorporated bridged USD Coin (USDC) on Sonic on Apr. 29, with the aim of increasing liquidity.
The announcement threw the Sonic market into a frenzy, with trading volume jumping by a mind-boggling 182.8% to $275.8 million, and open interest soaring by 20%, as per Coinglass data. DeFiLlama statistics showed that Sonic's TVL smashed its past record, hitting a whopping $1.06 billion, marking a 3% rise from the previous day. Decentralized exchange volume, meanwhile, skyrocketed from a mere $73 million on Apr. 30 to a jaw-dropping $116 million on May 1, marking a jaw-dropping 58% surge.
The crypto whiz kid, Sonic—formerly known as Fantom—boasts over 10,000 transactions per second and near-instant finality. It's EVM-compatible and recently welcomed native USDC via Circle's Cross-Chain Transfer Protocol V2, which landed on Apr. 15.
On Sonic's daily chart, the coin shattered a lethargic trading range that had left it listless for most of April. It shuttered above the 50-day moving average and is now pushing against the upper Bollinger Band. This breakout is reinforced by rising volume, but the relative strength index, at 61, is still below overbought levels. This indicates that there's potentially more headroom for the rally to expand.
If the Sonic's price maintains above $0.57 and the trading volume stays lively, the next hefty resistance level looms at $0.60. A decisive breakout above $0.60 might lead to $0.68. However, should the breakout falter and the price tumbles below the 50-day moving average at around $0.50, Sonic might revert to its prior range of $0.45-$0.50.
At the upcoming Sonic Summit, slated for May 6-8 in Vienna, Austria, Sonic Labs welcomes some key industry participants, including Trust Wallet. If Sonic makes a splash at this event, the anticipation of major revelations could extend the Sonic's token's bullish momentum.
Sonic Unleashes Mobius Mainnet, First Chain Extension on Solana
In other Sonic-related news, Sonic recently introduced the Mobius mainnet, the first chain extension on Solana. This move opens the doors for even more collaborations and exciting advancements in the blockchain arena. Stay tuned for more updates from the dynamic Sonic ecosystem!
Insight:
This integration between Binance Wallet and Sonic carries implications and benefits for both parties. Users will benefit from enhanced cross-chain capabilities, increased DeFi opportunities, and better application development. Meanwhile, Sonic will get access to Binance's expansive user base, potentially bolstering its liquidity and adoption. Additionally, the union advances security, trust, and ecosystem expansion for both entities.
According to various sources[1][2][3][4], Sonic's architecture supports up to 10,000 transactions per second, fostering sophisticated DeFi applications. The integration between Binance and Sonic also reveals a possible airdrop campaign for active traders using the wallet, potentially bringing additional demand for Sonic's token.
Moreover, Sonic's interoperability with Ethereum, facilitated by its Sonic Gateway, allows for swift, secure cross-chain asset transfers that could appeal to Binance users seeking more options in the blockchain world.
- The integration of Sonic with Binance Wallet has spurred a 15% surge and a new all-time high for Sonic's Total Value Locked (TVL), marking a significant milestone in the blockchain's journey.
- The collaboration opens up possibilities for users to engage with Sonic's decentralized applications and send tokens through Binance Wallet's user-friendly interface, providing a new avenue for crypto investing.
- Binance's Alpha Projects campaign hints at juicy airdrop rewards for active traders aiming to make profits on Sonic, adding further appeal for the project.
- The collaboration is a testament to the deepening relationship between Binance and Sonic, with Binance previously incorporating bridged USD Coin (USDC) on Sonic to increase liquidity.
- The announcement caused a frenzy in the Sonic market, with trading volume jumping by 182.8% and open interest soaring by 20%, as per Coinglass data.
- Decentralized exchange volume also skyrocketed, marking a 58% surge, while Sonic's TVL surpassed its past record and hit a whopping $1.06 billion, according to DeFiLlama statistics.
- Sonic, formerly known as Fantom, is a crypto whiz kid that boasts over 10,000 transactions per second and near-instant finality, making it suitable for sophisticated DeFi applications.
- The upcoming Sonic Summit, set for May 6-8 in Vienna, Austria, will welcome key industry participants such as Trust Wallet. A successful event could extend the Sonic's token's bullish momentum.
- Sonic recently introduced the Mobius mainnet, the first chain extension on Solana, opening the doors for even more collaborations and exciting advancements in the blockchain arena.
