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

As the Meme market gradually cools down in recent days, Sonic has led DeFi back to the market. Its top projects have almost all increased by 4-10 times in the past week. Among them, SHADOW, X33, EGGS, GOGGLES, and TINHATCAT have attracted the attention of investors. At the same time, projects such as NAVI and BEETS are also worth paying attention to.

Here are some of the current Sonic ecosystem projects that are worth keeping an eye on:

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.

As the native token of 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. In a week, $SHADOW's market value has risen from around $5M to the current $41.15M, an increase of more than 700%, with a peak market value of $47.21M.

X33 ($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:

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)

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.

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.

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