The full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
Research, not financial advice. Read the terms.
About Sonic
Analysis of 5 Jul 2026Sonic is a high-performance EVM Layer 1 that migrated from Fantom and is trying to rebuild DeFi activity around fast finality, FeeM developer rewards, USSD, USDC Bridge support, and vertically integrated core apps. As of July 5, 2026, the recovery case is still fragile.
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Matt Visser has taken over as CEO, while Andre Cronje, Michael Kong, and David Richardson have resigned from the Sonic Labs board. DeFiLlama-derived trackers show Sonic TVL near $18M, and CoinGecko lists USSD around $2.2M market cap.
Those numbers are too small to validate the March USSD launch or the June vertical-integration strategy, even though the technical base remains differentiated.
