Key Takeaways:
Sonic’s price surged 162%, TVL jumped 172%, and its daily revenue now ranks among the top DeFi projects.
A meme coin scandal hit Solana, while Sonic pushes a “utility” narrative—but meme tokens are still part of its ecosystem.
Sonic’s transaction volume keeps rising, strengthening its position as a fast-growing blockchain.
Sonic (S) hasn’t just seen explosive price growth—it’s also emerging as one of the fastest-growing chains in DeFi. Does this mark a shift back to the L1 narrative?
Over the past month, Sonic’s price has jumped from a low of $0.37 to a high of $0.97, an increase of roughly 162%. This rally stands out as the broader crypto market struggles, with some tokens losing 40% or more.
Source: CoinGecko
Previously known as Fantom (FTM), Sonic rebranded in January 2025, launching its new token, which is now actively trading on exchanges.
The project has quickly become a hot topic in crypto circles. Unlike meme coin-driven pumps, Sonic is positioning itself as a “utility-based” blockchain.
Built as a Layer 1 (L1) blockchain on the Ethereum Virtual Machine (EVM), Sonic completed its transition from Fantom on Dec. 18, 2024. CEO Michael Kong highlighted that transactions are now faster and cheaper.
According to its white paper, the network can handle up to 10,000 transactions per second (TPS). In Feb. 2025, Sonic recorded the highest theoretical TPS among blockchains—nearly 370,000.
This has fueled comparisons to Solana (SOL), which remains a dominant player despite recent meme coin scandals damaging its reputation.
Sonic is gaining traction, but the big question remains: can it hold its ground in DeFi amid competition from not just Solana, but also projects like Hyperliquid (HYPE) and Sui (SUI)?
Is the Crypto Market Shifting Back to ‘Useful’ Projects?
The rise of meme coins has overshadowed projects focused on network scaling and real-world utility.
However, a recent controversy surrounding the Libra token (LIBRA), launched on Solana, has reignited concerns. Beyond the impact on Solana itself, incidents like this erode trust in the broader crypto market.
There are signs of change. According to Dune, meme coins are no longer dominating crypto performance. Over the past 30 days, the sector has declined by 40%. Layer 1 tokens have also taken a hit (-23% MTD), though this is part of a broader market correction.
Source: Dune
Another key indicator is Solana’s revenue, which dropped to $1.1 million over the past seven days—a relatively low figure for a blockchain, especially considering that meme coin launch platform Pump.fun has often outperformed other DeFi dapps in profitability.
Source: TokenTerminal
On Feb. 21, Sonic ranked among the top five DeFi projects for daily revenue, generating $788,733—trailing only Ethereum (ETH) at $1.1 million. Solana, notably, did not make the list.
Is Sonic Set to Become a Major Crypto Story?
Sonic’s expansion in decentralized finance (DeFi) is becoming increasingly evident. According to DeFiLlama, the blockchain’s total value locked (TVL) has surged by 172% in the past month—the highest growth among the top 20 DeFi protocols. Hyperliquid follows with a 68% increase.
Meanwhile, Solana’s TVL has dropped by 32% over the same period.
Source: DeFiLlama
Despite this decline, Solana remains one of the leading blockchains for bridging assets. Over the past 30 days, Sonic has ranked sixth in this category.
Source: deBridge
Sonic’s transaction volume has also been rising month-over-month. While it still lags behind Solana in total activity, its momentum has strengthened—especially after Feb. 18, when the LIBRA token was revealed to be a scam, further damaging confidence in Solana.
Source: deBridge
Market narratives in crypto shift quickly. Sonic is currently in the spotlight with its ambitious TPS capabilities, but it still has a long way to go before truly competing with Solana.
A key question is whether Sonic can avoid the pitfalls that Solana has faced. Solana’s rapid growth in 2024 was largely fueled by the meme coin boom, a trend now closely tied to scams and speculative projects.
That said, Solana’s broader ecosystem could help it recover. Beyond meme coins, its strengths in DePIN, staking, and DEXs remain key use cases. Meanwhile, Sonic is still a newcomer, and its long-term reputation remains uncertain.
Source: CoinGecko
Notably, some of the fastest-growing tokens on Sonic over the past week have been meme coins. If the blockchain can establish broader utility, its speed could position it as a competitor to Solana.
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