ResearchS
Sonic (S): a rebound without a revenue turnaround
S rose with the market, while fees, TVL and relative valuation show that Sonic's business has not yet turned around.
Written: #Sonic#L1#DeFi#on-chain#fees
Analysis
Long-form work based on platform data, with the data date, limitations and sources recorded alongside findings.
S rose with the market, while fees, TVL and relative valuation show that Sonic's business has not yet turned around.
Market-cap, stablecoin-flow, open-interest, funding and liquidation data as of August 21, 2026.
An independent check of Sonic network activity, capital, fees, development and valuation using data as of August 9, 2026.