Outlook 2024 for Sonic: A Year of Monumental Growth and Exciting Horizons

Sonic
3 min readDec 29, 2023

Dear Sonic Community,

As we stand at the threshold of a new year, it’s a moment of profound reflection and anticipation. The journey of Sonic in 2023 has been nothing short of extraordinary, marked by monumental growth and groundbreaking developments. From humble beginnings in January with a Total Value Locked (TVL) of $224K and monthly transactions amounting to $55K, we’ve soared to impressive heights, closing the year with a staggering $6M in TVL and $10.5M in monthly transactions. This r growth is a testament to your unwavering support and belief in our vision.

The dawn of Sonic V3 on Bitfinity EVM

The upcoming year heralds the launch of Sonic V3 on the Bitfinity EVM, a milestone that promises to redefine your experience with us. This iteration is not just an upgrade; it’s a reimagining of our platform, designed to enhance user engagement and streamline your interactions. Our commitment to innovation and excellence is encapsulated in this launch, ensuring that Sonic remains at the forefront of the decentralized finance space.

Galois: Revolutionizing Perpetual Contracts

Our ambition extends beyond the present, aiming to revolutionize the perpetual contract market with the development of Galois. This new platform, set to launch on Optimism Ethereum, marks our foray into an untapped domain, bringing unique opportunities and solutions. Galois will subsequently extend its presence to ICP and Bitfinity, broadening our ecosystem and reinforcing our position as pioneers in the DeFi sector.

Liquid Staking Protocol: A Paradigm Shift

The introduction of the Liquid Staking Protocol in June 2024 is poised to be a game-changer. LS is not merely an addition to our offerings; it’s a paradigm shift that empowers you to maximize your assets’ potential. By enabling Liquid Staking to supply liquidity to the Perpetual platform, we’re opening avenues for enhanced rewards, surpassing those from NNS staking. This initiative underscores our dedication to providing value-driven solutions to our community.

Vision 2024: Scaling new heights

Looking ahead, we set our sights on a monumental goal — achieving a monthly transaction volume of $1B and elevating our TVL to over $100M by the end of 2024. These targets are ambitious, but with the continuous support and engagement of our community, they are within our grasp.

This journey, marked by its highs and lessons, would not have been possible without you — our community members, who have stood by us, believed in our vision, and collaborated tirelessly. Your trust and involvement are the cornerstones of our success, and we remain deeply grateful for your partnership.

As we embark on this exciting new chapter, we reiterate our commitment to innovation, transparency, and community-centric development. Together, let’s continue to redefine the boundaries of what’s possible in the DeFi space.

Here’s to a transformative and successful 2024!

With gratitude and anticipation,

The Sonic Team

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