Solana-based Layer-2 network Sonic SVM has officially launched its native token, $SONIC, on Tuesday.
The token generation event occurred on January 7, 2025, at 12:00 PM UTC, enabling $SONIC to commence trading on various cryptocurrency exchanges.
This launch is particularly noteworthy for players of SonicX, a TikTok-based tap-to-earn game developed by Sonic SVM, who are set to receive airdropped tokens as rewards for their in-app progress.
Source: Sonic SVMWhat is Sonic SVM?
Sonic SVM is the first Solana Virtual Machine (SVM) network extension built on Solana, focusing on gaming and applications.
It utilizes the Sonic HyperGrid framework to orchestrate optimistic Solana rollups, enhancing scalability and performance for decentralised gaming ecosystems.
By integrating with platforms like TikTok through applications such as SonicX, Sonic SVM aims to seamlessly onboard web2 users into the Solana and web3 ecosystem, providing a bridge between traditional social media platforms and blockchain-based gaming.
Source: Sonic SVM$SONIC Token Launch and Airdrop Details
The $SONIC token serves as the backbone of Sonic SVM’s ecosystem, facilitating staking, payments, and governance within the platform.
The total supply of $SONIC is capped at 2.4 billion tokens, with 57% allocated to the community. As part of the launch, 7% of the total supply has been designated for an initial airdrop to early supporters, including SonicX players, node operators, and specific NFT holders. Eligible participants have two options for claiming their tokens:
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- Partial Claim with Vesting: Claim 60% of the allocation immediately, with the remaining 40% vested over six months, earning a 140% bonus on the vested amount.
- Full Claim: Claim 100% of the allocation upfront, without any additional bonuses.
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The airdrop claim process has been available since January 3 and with the token generation event completed, $SONIC tokens are now tradable on multiple exchanges such as KuCoin, BitGet, BingX and more.
The token has experienced significant volatility since its launch, with a 55% increase in the last 24 hours and a trading volume surge to $2.4 billion. At the time of writing, the $SONIC token is trading at approximately $0.85 USD according to data from CoinGecko.
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