Solana-based layer-2 network Sonic SVM officially launched its native token, $SONIC, on Tuesday.
The token creation event will occur on January 7, 2025 at 12:00 PM UTC, allowing $SONIC to begin trading on various cryptocurrency exchanges.
The launch is especially noteworthy for players of SonicX, a TikTok-based tap-to-earn game developed by Sonic SVM, who will receive airdrop tokens as rewards for their in-app progress.
Source: Sonic SVMWhat is Sonic SVM?
Sonic SVM is the first Solana Virtual Machine (SVM) network extension built on Solana and is focused on games and applications.
Leverages the Sonic HyperGrid framework to orchestrate optimistic Solana rollups and improve scalability and performance of decentralized gaming ecosystems.
By integrating with platforms like TikTok through applications like SonicX, Sonic SVM aims to provide a bridge between traditional social media platforms and blockchain-based games by seamlessly onboarding web2 users to Solana and the web3 ecosystem.
Source: Sonic SVM$SONIC token launch and airdrop details
The $SONIC token serves as the backbone of the Sonic SVM ecosystem and facilitates staking, payments, and governance within the platform.
The total supply of $SONIC is limited to 2.4 billion tokens, with 57% allocated to the community. As part of the launch, 7% of the total supply has been designated as an initial airdrop to early supporters, including SonicX players, node operators, and holders of certain NFTs. Eligible participants have two options to claim their tokens:
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- Partial claim through vesting: You claim 60% of your allocation immediately and the remaining 40% is vested over 6 months, giving you a 140% bonus on the vested amount.
- Full Claim: Claim 100% of your quota upfront with no additional bonuses.
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The airdrop claim process has been available since January 3, and with the completion of the token creation event, $SONIC tokens can now be traded on several 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 surge in trading volume to $2.4 billion. As of this writing, the $SONIC token is trading around $0.85 USD, according to data from CoinGecko.