Sonic SVM: What Is This New Solana Layer 2 That Launched Today?

A brand new Layer-2 (L2) gaming chain built on Solana has just launched. Sonic SVM (SONIC), went live earlier today (January 7), with players of its TikTok-based tap-to-earn game receiving airdropped tokens for their in-game activity.

Last year saw a spike in the popularity of tap-to-earn games, most notably Notcoin and Hamster Kombat. Tap-to-earn is normally synonymous with The Open Network (TON) chain. However, Sonic SVM has diverted away from the norm by launching on Solana.

We are excited to announce that the $SONIC Initial Claim opening soon! As part of our ongoing commitment to building a Sonic SVM ecosystem, this initiative rewards our supporters and contributors.

Check your Initial Claim on $SONIC Eligibility Checker: https://t.co/UzhAtI1UoA pic.twitter.com/v1GLoy36Ow

— Sonic SVM (@SonicSVM) January 3, 2025

7% Of SONIC Supply Airdropped To Players Of The SonicX Tap-To-Earn TikTok Game And Other Communities

Sonic SVM’s tap-to-earn offering, SonicX, launched in October 2024. The game was created for the social media platform TikTok. The team stated that a future airdrop for its token on Solana would be available for SonicX players.

Less than three months later, the SONIC token generation event (TGE) has come and gone, with TikTok gamers receiving their token allocation for playing the SonicX game. Eligible participants for the SONIC airdrop were given two options.

Either claim their airdrop in full or claim 60% now with a 6-month cliff before the remaining 40% unlocks over the subsequent 6 months. Those who chose the latter are set to receive a 140% bonus in airdropped tokens.

According to a thread on X by the Sonic SVM team, 7% of the total SONIC supply was allocated for the initial airdrop claim. Alongside SonicX players, node operators, specific NFT holders, and others were eligible for the SONIC airdrop.

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Early Price Action For SONIC Looks Bullish After Airdrop Sellers Dump Their Bags

SONIC launched with a market cap of around $260 million before climbing to around $400 million. In typical fashion, those with an airdrop allocation began offloading their tokens, which dropped SONIC to $320 million. It has since recovered and has just now hit a new all-time high of around $450 million.

On day one, SONIC was already available on multiple top-tier centralized exchanges, including OKX, Bybit, MEXC, and KuCoin. Due to its CEX exposure and heavy on-chain activity, SONIC has processed over $680 million in trading volume, per CoinGecko.

(COINGECKO)

BONUS: Alternative Solana L2 Solaxy (SOLX) Nears $10 Million In Presale Funding

Solaxy will support both $ETH and $SOL with its robust scalability, describing themselves as the "world's first solana L2" this one looks quite bullish!

With $SOLX you're getting into a new Layer-2 which has an exciting #memecoin flare to it 🚀

DYOR – https://t.co/UuZScpnmos pic.twitter.com/hzXiY5CDv8

— Jacob Crypto Bury (@BuryCrypto) January 2, 2025

With SONIC already valued at over $400 million in market cap, Solaxy (SOLX) looks set to offer higher upside as it is still in presale phase. While it has only been live for a little over two weeks, this alternative Solana L2 has just surpassed $9 million in early stage funding.

Solaxy is a L2 scaling solution built to address Solana’s network congestion, as Solana regularly struggles with transaction failures. Data shows that on its worse days, over one-third of transactions fail to be processed.

It plans to tackle Solana’s scaling issues by processing transactions off-chain. This means bundling them, and then sending them back to Solana’s mainnet to be settled. This approach will ease congestion while preserving the network’s core security, drawing inspiration from other successful layer-2 solutions, such as Base and Polygon.

You can buy SOLX on the Solaxy.io presale page or via the ‘Upcoming Tokens’ feature in the fast-growing new Web3 crypto wallet Best Wallet.

Stay up-to date on all things SOLX by connecting with the Solaxy community on X and Telegram.

Visit Solaxy Here

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