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The next "Sui opportunity"? After Fantom changed its name to Sonic, which opportunities are worth ambush?

The next "Sui opportunity"? After Fantom changed its name to Sonic, which opportunities are worth ambush?

BlockBeatsBlockBeats2024/10/22 03:32
By:BlockBeats

"Fantom's user experience was the best in the last cycle, but the foundation seems to have no idea how to market it," said an old cryptocurrency expert. However, Fantom seems to have gradually come to its senses recently.

"Fantom had the best user experience in the last cycle, but the foundation seems to have no idea how to market it at all," said an old cryptocurrency expert. However, Fantom seems to have gradually come to its senses recently, and things are moving in an interesting direction.


$FTM: A new value trough after Sui?


Fantom announced its name change to Sonic on August 2 this year, and its native token $FTM will soon be renamed $S (Sonic Token). Among the mainstream public chains on the market, Sui has soared from the bottom of 0.5 to 2.3. Sui, which has performed well, has become a hot commodity in the market, and its eco-coin CETUS NAVX has also reached new highs one after another. The old public chain Fantom started a new round of main rising waves after August 5, but in sharp contrast, there is little voice in the market. So is the "unwanted" Fantom the next potential β?


After Sui was discovered by value, many KOLs in the market turned their attention to Fantom. With the coin swap in Q4 and the return of AC, Fantom has been sending the signal of "ambitious to do big things" to the market. From the perspective of secondary technical analysis, there is also a potential breakthrough expectation at the FTM 4-hour level.


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Image source: X


It is worth noting that Fantom's overall TVL has not started to rise and is still in a value trough. At present, Fantom's market value is US$2.081 billion, ranking 51st on CoinGecko. Compared with high-performance Layer1 in the same track, public chains such as Sui and Solana are not EVM-compatible. As an EVM-compatible high-performance L1, Sonic can bridge to various L2s of Ethereum and directly undertake the capital flow of Ethereum, which has a unique advantage in the EVM ecosystem. From the perspective of the chip structure, SUI still has about 70% of its tokens that have not been unlocked, but FTM tokens are almost fully circulated, and there is no potential selling pressure caused by unlocking.


Whether it is performance advantages or token fundamentals, FTM is on the eve of an explosion at this time.


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Image source: DefiLlama, CoinGecko


Renamed to Sonic, has the fundamentals changed?


The name change not only brings a new brand reshaping, but also shows a more positive attitude and action to revive the Fantom ecosystem compared to many L1s that have sufficient treasury but continue to "play dead". Andre Cronje himself also frequently updates Sonic's roadmap and progress on X after his return, and is particularly concerned about Sonic.


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Image source: X


Specifically, Sonic proposed the slogan "Builders Come First" in its newly released white paper and launched a package of incentive plans to encourage developers to build on Sonic.


Fee Monetization(FeeM)


In terms of mechanism design, Sonic has launched an incentive plan for Fee Monetization (FeeM). For apps participating in FeeM, Sonic Labs will give back 90% of the transaction fees generated by app interactions to developers, and the remaining 10% to validators.


Through Fee Monetization, Snonic will create a closed-loop ecosystem oriented towards developers. Developers deploy contracts that attract users - give developers positively correlated GAS incentives - attract more high-quality developers, thereby achieving a positive flywheel for ecological prosperity and development.


Airdrop


Sonic's native token S has a circulation of approximately 2.88 billion and a total supply of 3.175 billion, which is the same as the total supply of the original token FTM. You can still participate in the incentive test network activities. Sonic Labs uses approximately 190 million S tokens for airdrops.


Sonic boom is a bounty program that allows developers to obtain gem allocations and exchange them for airdrop points. Developers can receive three different levels of gem rewards after being selected by developing projects such as lending, NFT, and revenue aggregators. Sonic boom was launched on August 20 this year and will end on November 1. There is currently a total airdrop prize pool of about 54 million US dollars, of which the airdrop of gem points accounts for 37.5% of the total airdrop.


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Image source: Sonic official website


In addition to becoming a Sonic developer, other users can also obtain airdrop points through the Sonic Arcade program. SonicArcade initially had three earn-while-playing games - Plinko, Mines and Wheel - each offering airdrop points


The game is designed with the background of the arcade game hall in the 1980s, and the overall style and gameplay mechanism are similar to WeChat mini-program games. Users need to spend $TOKEN to start the game, which has no actual monetary value. Users can receive 420 $TOKEN for free every week without incurring additional expenses.


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Image source: Sonic official website


Ecosystem opportunity sorting


DeFi


The top three DeFi applications in the Fantom ecosystem by TVL are Beethoven X, SpookySwap and Equalizer.


Equalizer


As the main DEX of Fantom ecosystem, Equalizer is currently promoting Equalizer V5 and SuperVoter. In the past month, it has grown by about 130%, and its TVL has reached 19.84 million US dollars, making it the third largest DEX on Fantom.


The transaction fee of Equalizer is 0.02% for stablecoin trading pairs and 0.2% for non-stablecoin trading pairs. Relying on transaction fees every day can bring considerable after-sleep income to veEQUAL holders. Among them, the trading pair with the highest transaction fee is FTM/USDC. According to TokenTerminal data, Equalizer ranks 15th in fee generation among all DEXs. At the same time, Equalizer will directly give all its fee income to the holders of the native token $EQUAL.


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Source: Equalizer


Therefore, based on Equalizer's fee growth and full fee distribution profit-sharing mechanism, Equalizer is stable and positive both in terms of fundamentals and currency prices, and has a trend of latecomers catching up.


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Source: DefiLlama, CoinGecko


Beethoven X


Beethoven X is the DeFi protocol with the largest TVL in the Fantom ecosystem. Its main products include liquidity staking and DEX, which account for $18.51 million and $14.29 million of TVL respectively.


Users can get sFTM by staking FTM tokens. On the one hand, they can get staking rewards from the Fantom network and rewards from BeethovenX tokens BEETS. On the other hand, users can use sFTM for interactions with other DeFi protocols.


Although it is the protocol with the highest TVL, the market value of its token BEETS is only 5 million, and there is no obvious fluctuation in token price increases.


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Image source: DefiLlama, CoinGecko


SpookySwap


SpookySwap is a decentralized exchange on the Fantom Opera network, which includes functions such as integrated limit orders and cross-chain. At the same time, Spooky is expected to launch V3 farms soon. Its native token BOO has a market value of $13.14 million, and its price has risen by 11% in the past month. As an old DeFi in the previous cycle, its TVL and price have not yet emerged from the deep bear market.


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Image source: DefiLlama, CoinGecko


Meme


With the return of the founder of DYDX, the plan to launch the pump platform has led to a 30% surge in DYDX. Various public chains and projects have focused on "how to get users involved in memes" as the breakthrough point in the second half of the bull market. The overall atmosphere of Fantom is Tech-oriented, and its advantages lie in its faster transaction speed and low GAS. In the competition for the meme market, Fantom launched DegenExpress as a pump product for the ecosystem, and its meme target also has room for speculation and expectations.


$GOGLZ


CA:0x662B3d319e693aA578EDd4BD8a5c9395BC49e9F4


The market value is 7.2 million, with a 24-hour drop of 11.93%, and the trading volume reached 1.8 million US dollars.


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Image source: dexscreen


$sGOAT


CA:0x43F9a13675e352154f745d6402E853FECC388aA5


GOAT concept series. The current market value is 5.5 million, with a 24-hour drop of 14.02% and a trading volume of 181,000.


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Image source: dexscreen


Summary


Fantom’s ecosystem is still in the transitional period of “value discovery”, and early ambushes can bring huge left-side benefits. If you don’t have enough Degen, perhaps buying a gold shovel FTM is a safer choice.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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