Sonic SVM, a layer 2 network based on Solana, officially launched its native token $SONIC on Tuesday.
The token generation event occurred on January 7, 2025 at 12:00 UTC, enabling $SONIC to begin trading on various cryptocurrency exchanges.
The launch is particularly noteworthy for players of SonicX, a TikTok-based click-to-earn game developed by Sonic SVM, who will receive airdropped tokens as rewards for their in-app progress.
Source: Sonic SVMWhat is Sonic SVM?
Sonic SVM is the first Solana Virtual Machine (SVM) network extension built on Solana, focusing on games and applications.
It leverages the Sonic HyperGrid framework to coordinate optimistic Solana aggregation, thereby enhancing the scalability and performance of the decentralized gaming ecosystem.
By integrating applications like SonicX with platforms like TikTok, Sonic SVM aims to seamlessly introduce web2 users into the Solana and web3 ecosystems, building a bridge between traditional social media platforms and blockchain-based games.
Source: Sonic SVM$SONIC Token Issuance and Airdrop Details
The $SONIC token is the backbone of the Sonic SVM ecosystem, facilitating staking, payments, and governance within the platform.
The total supply of $SONIC is capped at 2.4 billion tokens, of which 57% is allocated to the community. As part of the launch, 7% of the total supply has been earmarked for an initial airdrop to early backers, including SonicX players, node operators, and select NFT holders. Eligible participants have two options to claim their tokens:
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- Partial claims and vesting: Receive 60% of the distribution immediately, with the remaining 40% vesting within six months, receiving a bonus of 140% of the vested amount.
- Full claim: Claim 100% of your allocation up front without any additional bonuses.
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The airdrop claiming process started on January 3, and with the completion of the token generation activity, $SONIC tokens can now be traded on multiple exchanges such as KuCoin, BitGet, and BingX.
The coin has experienced significant volatility since its launch, rising 55% in the past 24 hours, with trading volume surging to $2.4 billion. As of this writing, the $SONIC token is trading at around $0.85, according to CoinGecko.
