State of Sonic Q1 2022
A lot has happened in the past three months for Sonic! Let’s look back at our work in Q1 and the upcoming Q2 roadmap.
GM.
April’s over already, and we wanted to take a minute and showcase our team’s achievements in Q1.
After joining the Psychedelic family last November, the Sonic team has been hard at work delivering state of the art features across the entire Q1’22. From launching a brand new Sonic dApp version and the first liquidity pool on the IC, to smashing the $5M quarterly trading volume mark, we’ve consolidated Sonic to move into the growth phase starting Q2.
As Sonic’s user count continues to rise and new features get added, we’re going in one direction — #UpOnly!
Launch & Reception 🚀
As a refresher, Sonic is an open internet service that offers a suite of DeFi products for the Internet Computer blockchain. It features a gasless AMM which guarantees gas-free swapping and minting.
Following its official release in January 2022, Sonic has enjoyed widespread adoption across the IC ecosystem. New features like token swaps, XTC minting, and the Sonic-js API helped us prepare the product to scale even further.
Gas-free Token Swaps 💰
With V1, we introduced an initial set of assets and gasless token swaps. Users can now swap ICP, Wrapped ICP (WICP), and Cycles Token (XTC) and only pay a 0.3% swap fee that rewards liquidity providers and covers transaction fees for the underlying update calls.
Get me XTC 🔄
We also launched the first WICP/XTC liquidity pool and saw over $5.4M in trading volume in Q1!
This way, there are now two ways to get XTC on Sonic. You can mint ICP into XTC (burning ICP to create cycles at a price predetermined by the IC), which is the native way of acquiring cycles, or use the XTC / ICP liquidity pool to trade one token for the other.
Sonic will automatically tell you which way is more price-advantageous due to the varying nature of both mint & pool prices.
Sonic API💻
Our team prepared and refined Sonic-js, a javascript library available to developers to integrate their dApps with the protocol. BUIDLers can now offer unfettered access to Sonic swaps and liquidity pools directly from their own applications, add & remove liquidity to Sonic’s pools, and query data like their user’s LP balances.
With the Sonic API, dApps can provide end-to-end integrations with the DEX to grant accessibility to their own tokens or provide rewards for users who lock up liquidity in a project’s liquidity pool.
🗺 Our Q2 Roadmap
With V2, we’ll add some exciting new features to help jumpstart Sonic’s growth phase.
First, we’ll bring the Liquidity Bootstrapping Pools (LBPs) to the protocol — the go-to space for transparently launching new tokens and funding the respective projects. As newly issued tokens get directly imported onto the DEX after their LBP, users will soon be able to see and trade hundreds of pairs, instead of the single liquidity pool available today!
With the advent of new tokens, we’ll also feature a ‘verified’ status for tokens that are added to DAB and have their code verified through Cover. Not only that, but we’ll add more fungible token standards in the future through the use of DAB’s standard-agnostic wrappers.
