Sonic has been making waves in the cryptocurrency market recently, with a series of ecosystem updates and partnerships that have generated positive momentum for the token. Despite reaching a weekly high of $0.3178 on Tuesday, Sept. 9, Sonic’s gains were dampened by the overall downturn in the crypto market, leading to a correction to $0.3051 and a modest weekly gain of just 0.4%.
One of Sonic’s standout features is its ultra-fast transaction speeds, processing up to 400,000 transactions per second. However, the speed of the network has posed a challenge for existing infrastructure to keep up with. To address this issue, blockchain data firm Covalent recently integrated Sonic into its GoldRush Streaming and Foundational APIs, matching the network’s lightning-fast speed.
In a press release, Covalent highlighted the importance of overcoming the latency crisis caused by infrastructure lagging behind Sonic’s speed. The integration will allow external developers to access Sonic data almost instantaneously, crucial for users of the GoldRush platform such as automated trading bots and on-chain agents who rely on speed and finality for profitable trading.
Compliance features will also remain robust with the integration, as Covalent ensures that cryptographic proofs are generated for API output, enabling traders to provide verifiable transaction histories to auditors. With support for over 100 chains and unified data formats, compliance becomes easier for platforms operating across multiple blockchain networks without the need for separate programs.
In addition to its technical advancements, Sonic announced changes to its tokenomics on Sept. 7, increasing the total circulating supply from 4.12 billion to 4.75 billion Sonic tokens. The influx of new tokens will primarily be used to strengthen Sonic’s partnerships, while the network is also enhancing its burn mechanism to create deflationary pressure.
Overall, Sonic’s recent updates and partnerships have positioned the token for further growth and adoption in the cryptocurrency market. With its focus on speed, compliance, and scalability, Sonic continues to demonstrate its potential as a leading player in the blockchain ecosystem.