Sonic SVM priceSONIC

Stablecoin protocol Usual has partnered with blockchain security firm Sherlock to launch a $16 million bug bounty, surpassing Uniswap’s $15.5 million bounty, which was previously the largest in the industry. Usual has partnered with Sherlock to launch a $16 million bug bounty aimed at identifying critical vulnerabilities in its codebase, as originally reported by The Block. The bounty, hosted on Sherlock’s platform, will only reward findings that pose a definite and significant risk of fund loss or freezing for over a year, without external conditions. Usual’s codebase has already undergone 20 audits, including a recent Sherlock audit contest with a $209,000 prize pool, with no vulnerabilities found. High-value bug bounties are becoming a trend in crypto security. Recently, Sonic Labs teamed up with Immunefi to offer a $2 million bounty, while Compound Finance launched a $1 million program, also with partnership with Immunefi. In November 2024, Uniswap Labs (UNI) launched a $15.5 million bug bounty—previously the largest in the industry. However, Usual’s $16 million bounty now stands as the biggest to date. “With over $880 million in TVL, this record-breaking bounty prize is a powerful statement from Usual showing their dedication to the security of their protocol,” the projects told The Block.

The cryptocurrency market has just witnessed a record-breaking bearish Q1, with Ethereum ( $ETH ) suffering its largest drop since 2018, plunging 45%. This widespread decline has dragged most altcoins down, and Sonic ( $S ) (formerly Fantom – FTM ) was no exception, experiencing a sharp 37% drop in value. However, after bearish sentiment, Sonic (S) is now flashing technical signals that have historically preceded strong trend reversals. With a well-defined pattern forming on its weekly chart, could this setup indicate a major recovery in the making ? Broadening Wedge Setup: Repeating History for a Recovery ? Sonic’s weekly chart highlights a broadening wedge pattern, a formation typically seen as bearish. However, there is still room for an upside move before any potential breakdown. The latest correction began when Sonic (S) faced rejection from the upper resistance trendline at $1.47 in mid-December (marked by the red arrow), triggering a sharp decline of over 75% toward the lower support trendline. Following this drop, Sonic (S) tested the lower trendline support at $0.33 and has since rebounded slightly, now trading around $0.50. Interestingly, as the chart reveals, several key similarities are emerging, particularly in the MACD indicator (marked with red circles) and the 50-day MA breakout zone. If Sonic (S) follows a similar breakout pattern to previous instances, a move from this MACD signal, along with a successful breakout above the 50-day moving average, could confirm a strong recovery rally. This rally may drive Sonic’s price toward the upper resistance trendline, located around the $1.90 range—representing a potential 275% surge from current levels. What’s Ahead ? With the market still volatile, Sonic (S) traders will closely monitor whether the price can successfully reclaim the 50-day MA. A clean break above this level could confirm the beginning of a new bullish cycle, while failure to hold recent support could lead to further downside.

Now tracking @SpinDash_Sonic on @SonicLabs Spindash is a prediction market game where users can stake tokens to predict outcomes and earn rewards

While @aave has overtaken @SiloFinance as #1 lending market on @SonicLabs, this is a really healthy demography for Sonic ecosystem & here's why: Both protocols now account for ~31% of Sonic’s $925M TVL as lending becomes the largest DeFi sector. This is extremely healthy imo as

⚡️ NEW: Native LBTC has launched on Sonic, enabling the conversion of #Bitcoin to a yield-bearing version compatible with the network.