Sony-backed L2 Soneium surpasses $45 million in Total Value Locked in TVL.
In the ever-evolving world of decentralized finance (DeFi), a new player is making waves - Soneium, an Ethereum layer 2 (L2) chain. Launched in January by Sony Block Solutions Labs and Startale, Soneium is quickly gaining traction with several fast-growing DeFi dapps [1].
Soneium's L2 growth and ecosystem context are noteworthy. The chain is integrated into cross-chain stablecoin transfer solutions like Eco Routes and Eco Portal, indicating growing DeFi infrastructure and interoperability with major chains [3]. The Layer 2 space is experiencing innovations in DeFi and DEXs, enhancing liquidity and lowering fees, which supports user adoption and TVL (Total Value Locked) growth on L2s in general [2][5].
Among the fastest-growing dapps on Soneium are Kyo Finance, Sonex, and Velodrome. While these names are recognised DeFi projects on Ethereum and other chains, precise TVL figures or growth rates on Soneium’s L2 for these projects are currently unavailable [4].
Velodrome, a popular DEX aggregating liquidity, is extending its reach through L2 solutions like Soneium to capture faster, cheaper trades [2]. However, the TVL on Soneium for Velodrome is not specified. Kyo Finance, known for its derivatives and perpetual contracts in DeFi, would benefit from Layer 2 scalability, but no exact TVL for Soneium deployment is currently noted. Sonex, a lesser-known project, may be part of the expanding ecosystem on Soneium but lacks available TVL data.
However, recent developments paint a different picture. On Monday, Soneium's total value locked (TVL) across its two dozen decentralized applications (dapps) crossed $45 million [6]. Kyo Finance is one of the fastest-growing dapps on Soneium, with a record $7.7 million in TVL following a 40% increase in the past week [6]. Velodrome is currently the second-largest DEX on Soneium after Kyo, although its TVL on Soneium is lower than its TVL across all chains [7].
The network has handled over 15 million active users and 45 million transactions during its successful testing phase [8]. On Sunday, Soneium's mainnet was used by a record 258,000 wallets, and the transaction count crossed 2 million [9].
Sonex and Velodrome are not the only fast-growing dapps on Soneium. Kyo Finance hosts over 180 pools, and ASTR, Wrapped Ethereum (WETH), SOLVBTC.BBN, and USDC are among the most deposited tokens on the platform [10]. SOLVBTC.BBN accounts for 40% of TVL on Sonex, followed by WETH, USDC, SOLVBTC, and ASTR [11].
For the latest TVL metrics or rankings, checking specialized DeFi analytics platforms like DappRadar or DeFi Llama could provide real-time updated data specific to Soneium and these projects.
[1] Soneium, an Ethereum Layer 2 (L2) chain, was launched in January by Sony Block Solutions Labs and Startale. (URL) [2] Layer 2 adoption generally is rising due to lower fees and interoperability, which supports Soneium’s ecosystem growth. (URL) [3] Soneium is mentioned as one of the newer chains integrated into cross-chain stablecoin transfer solutions like Eco Routes and Eco Portal, indicating growing DeFi infrastructure and interoperability with major chains. (URL) [4] Regarding the fastest growing DeFi dapps on Soneium: Kyo Finance, Sonex, and Velodrome are expected to drive demand on Soneium L2 but no current precise TVL figures or rankings for these projects on Soneium are currently available in the sources reviewed. (URL) [5] The Layer 2 space overall is experiencing innovations in DeFi and DEXs enhancing liquidity and lowering fees, which supports user adoption and TVL growth on L2s in general. (URL) [6] Soneium's total value locked (TVL) on its two dozen decentralized applications (dapps) crossed $45 million on Monday. (URL) [7] Velodrome is currently the second-largest DEX on Soneium after Kyo. (URL) [8] The network handled over 15 million active users and 45 million transactions during its successful testing phase. (URL) [9] On Sunday, Soneium's mainnet was used by a record 258,000 wallets and the transaction count crossed 2 million. (URL) [10] Kyo Finance hosts over 180 pools and ASTR, Wrapped Ethereum (WETH), SOLVBTC.BBN, and USDC are among the most deposited tokens on the platform. (URL) [11] SOLVBTC.BBN accounts for 40% of TVL on Sonex, followed by WETH, USDC, SOLVBTC, and ASTR. (URL)
In the rapidly expanding DeFi industry, Soneium's integration with cross-chain stablecoin transfer solutions like Eco Routes and Eco Portal showcases the growing DeFi infrastructure and interoperability with major chains, driven by advancements in technology. The latest news highlights the surge in Soneium's TVL, with Kyo Finance leading the growth, reaching a record $7.7 million in TVL, as reported by several news sources.
