HTX Research Latest Report | Sonic: A Model for the New DeFi Paradigm

SINGAPORE, April 28, 2025 /PRNewswire/ -- As Layer 2 scaling solutions remain a focal point of industry discourse, Sonic presents a fundamental shift in blockchain architecture. HTX Research has announced the release of its latest report, "Sonic: A Model for the New DeFi Paradigm" The report dives into the details of the Sonic public chain.

Sonic's Evolution: 2000+ TPS, 0.7s Confirmation, Near-Zero Fees

The Fantom Opera blockchain, initially recognized for its speed and throughput as a high-performance aDAG-based Layer 1 solution, encountered scalability limitations as its ecosystem expanded. Its traditional EVM architecture struggled with bloated state storage, slow node synchronization, and execution bottlenecks. To overcome these challenges without resorting to sharding or Layer 2 solutions, Fantom developed Sonic — a fundamental redesign engineered to deliver a significant performance leap.

Sonic Labs, a new team led by CEO Michael Kong, CTO Andre Cronje (founder of Yearn Finance), and Chief Research Officer Bernhard Scholz, dedicated two and a half years to the redesign of Fantom's virtual machine, storage, and consensus. They built Sonic, a new, independent EVM-compatible chain capable of processing over 2,000 TPS, achieving 0.7-second finality, and executing transactions at a cost of $0.0001. It also improves storage efficiency by 90% and reduces node synchronization time from weeks to under two days.

Technical Innovations Driving Sonic's Performance

Sonic's enhanced performance is underpinned by three core technological advancements: 

• SonicVM: A newly developed virtual machine fully compatible with the EVM, SonicVM optimizes computationally intensive operations like SHA3 hashing, pre-analyzes jump instructions, delivers significantly faster execution, and supports high throughput.
  
  
• SonicDB: Achieving nearly 90% data compression, SonicDB uses a layered storage strategy that splits the blockchain state into two databases: LiveDB for the current global state and ArchiveDB for historical blocks and states. This reduces node requirements and enhances network resilience through greater decentralization.
  
  
• Sonic Gateway: Functioning like an "L2-like" bridging solution to Ethereum, it uses a batch processing mechanism that strikes a balance between security and efficiency, enabling seamless two-way asset transfers and ecosystem access.

Stablecoin Ecosystem: Nested Yield and Resilient Growth

Defying market trends in 2025, Sonic's on-chain Total Value Locked (TVL) surged by over 500%, with the total stablecoin supply surpassing $260 million. This growth is driven by sophisticated high-leverage yield mechanisms.

• Silo v2 Loop Lending: Use staked S tokens to borrow stablecoins, achieving up to 20x exposure to capture combined incentives alongside stable yield spreads.
• Euler + Rings Protocol Combo: Deposit USDC to mint scUSD, then use leverage to potentially achieve up to 10x yield, along with Sonic points and protocol rewards.
• Shadow DEX Liquidity Provision for Rewards: By facilitating trading activity, particularly with the S/stS pair on Shadow, users can earn up to 169% APY and a share of trading fees.

Looking ahead, the ecosystem will incorporate Real World Asset (RWA) yields and off-chain payment solutions to create a sustainable and widely used stablecoin ecosystem backed by compliant assets and real-world applications.

Conclusion: Sonic - Leading the Charge in DeFi 2.0

Sonic's high performance, nested yields, and accessibility position it for rapid growth, with the potential to exceed $2B TVL and a multi-billion $S token market cap within a year. More importantly, Sonic is championing an "efficiency revolution" in blockchain design—prioritizing performance and capital efficiency to attract liquidity.

The report identifies technical challenges, including the adaptive AMM's reliance on external oracles, which introduces potential vulnerabilities. Furthermore, the inherent risks of high-leverage strategies in volatile markets necessitate the use of hedging instruments, such as short perpetual futures, to mitigate potential liquidations.

From a broader view, Sonic is well-positioned to lead the expected 2025 DeFi resurgence. Its thriving stablecoin ecosystem boosts the value of both the $S token and the network. Even in a bear market, Sonic demonstrates the potential for DeFi to establish resilient "yield havens" through innovation and performance. With its nested yields, developer-focused incentives, and efficient infrastructure, Sonic provides a model for the industry. The integration of RWAs and payment tools could place Sonic as a critical bridge between on-chain yields and real-world utility, driving DeFi toward mass adoption

For full report, please visit: https://square.htx.com/wp-content/uploads/2025/04/HTX-Research-Latest-Report-1-1.pdf

About HTX Research

HTX Research is the dedicated research arm of HTX Group, responsible for conducting in-depth analyses, producing comprehensive reports, and delivering expert evaluations across a broad spectrum of topics, including cryptocurrency, blockchain technology, and emerging market trends.

SINGAPORE, April 28, 2025 /PRNewswire/ -- As Layer 2 scaling solutions remain a focal point of industry discourse, Sonic presents a fundamental shift in blockchain architecture. HTX Research has announced the release of its latest report, "Sonic: A Model for the New DeFi Paradigm" The report dives into the details of the Sonic public chain.

Sonic's Evolution: 2000+ TPS, 0.7s Confirmation, Near-Zero Fees

The Fantom Opera blockchain, initially recognized for its speed and throughput as a high-performance aDAG-based Layer 1 solution, encountered scalability limitations as its ecosystem expanded. Its traditional EVM architecture struggled with bloated state storage, slow node synchronization, and execution bottlenecks. To overcome these challenges without resorting to sharding or Layer 2 solutions, Fantom developed Sonic — a fundamental redesign engineered to deliver a significant performance leap.

Sonic Labs, a new team led by CEO Michael Kong, CTO Andre Cronje (founder of Yearn Finance), and Chief Research Officer Bernhard Scholz, dedicated two and a half years to the redesign of Fantom's virtual machine, storage, and consensus. They built Sonic, a new, independent EVM-compatible chain capable of processing over 2,000 TPS, achieving 0.7-second finality, and executing transactions at a cost of $0.0001. It also improves storage efficiency by 90% and reduces node synchronization time from weeks to under two days.

Technical Innovations Driving Sonic's Performance

Sonic's enhanced performance is underpinned by three core technological advancements: 

• SonicVM: A newly developed virtual machine fully compatible with the EVM, SonicVM optimizes computationally intensive operations like SHA3 hashing, pre-analyzes jump instructions, delivers significantly faster execution, and supports high throughput.
  
  
• SonicDB: Achieving nearly 90% data compression, SonicDB uses a layered storage strategy that splits the blockchain state into two databases: LiveDB for the current global state and ArchiveDB for historical blocks and states. This reduces node requirements and enhances network resilience through greater decentralization.
  
  
• Sonic Gateway: Functioning like an "L2-like" bridging solution to Ethereum, it uses a batch processing mechanism that strikes a balance between security and efficiency, enabling seamless two-way asset transfers and ecosystem access.

Stablecoin Ecosystem: Nested Yield and Resilient Growth

Defying market trends in 2025, Sonic's on-chain Total Value Locked (TVL) surged by over 500%, with the total stablecoin supply surpassing $260 million. This growth is driven by sophisticated high-leverage yield mechanisms.

• Silo v2 Loop Lending: Use staked S tokens to borrow stablecoins, achieving up to 20x exposure to capture combined incentives alongside stable yield spreads.
• Euler + Rings Protocol Combo: Deposit USDC to mint scUSD, then use leverage to potentially achieve up to 10x yield, along with Sonic points and protocol rewards.
• Shadow DEX Liquidity Provision for Rewards: By facilitating trading activity, particularly with the S/stS pair on Shadow, users can earn up to 169% APY and a share of trading fees.

Looking ahead, the ecosystem will incorporate Real World Asset (RWA) yields and off-chain payment solutions to create a sustainable and widely used stablecoin ecosystem backed by compliant assets and real-world applications.

Conclusion: Sonic - Leading the Charge in DeFi 2.0

Sonic's high performance, nested yields, and accessibility position it for rapid growth, with the potential to exceed $2B TVL and a multi-billion $S token market cap within a year. More importantly, Sonic is championing an "efficiency revolution" in blockchain design—prioritizing performance and capital efficiency to attract liquidity.

The report identifies technical challenges, including the adaptive AMM's reliance on external oracles, which introduces potential vulnerabilities. Furthermore, the inherent risks of high-leverage strategies in volatile markets necessitate the use of hedging instruments, such as short perpetual futures, to mitigate potential liquidations.

From a broader view, Sonic is well-positioned to lead the expected 2025 DeFi resurgence. Its thriving stablecoin ecosystem boosts the value of both the $S token and the network. Even in a bear market, Sonic demonstrates the potential for DeFi to establish resilient "yield havens" through innovation and performance. With its nested yields, developer-focused incentives, and efficient infrastructure, Sonic provides a model for the industry. The integration of RWAs and payment tools could place Sonic as a critical bridge between on-chain yields and real-world utility, driving DeFi toward mass adoption

For full report, please visit: https://square.htx.com/wp-content/uploads/2025/04/HTX-Research-Latest-Report-1-1.pdf

About HTX Research

HTX Research is the dedicated research arm of HTX Group, responsible for conducting in-depth analyses, producing comprehensive reports, and delivering expert evaluations across a broad spectrum of topics, including cryptocurrency, blockchain technology, and emerging market trends.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

HTX Research Latest Report | Sonic: A Model for the New DeFi Paradigm

MELBOURNE, Australia, June 16, 2026 /PRNewswire/ -- For Pepperstone, the Aston Martin Aramco Formula One Team partnership is more than a sponsorship. It reflects the same competitive spirit, speed of decision-making and performance mindset that define the way Pepperstone builds its business globally.

In markets shaped by data, execution and constant change, Pepperstone sees clear parallels between trading and Formula One. Group CEO Tamas Szabo has recently unveiled how the partnership with Aston Martin Aramco has strengthened the business internally, enhanced global brand credibility and reinforced Pepperstone's ambition to compete at the highest level.

Building Pepperstone in a Competitive Landscape

"I've been in trading since I left university. I was drawn to the industry because it's a high-octane environment that matched my temperament. I've always been competitive, and this is a highly competitive industry.

I joined Pepperstone in 2017 as Group CEO, and shortly after I was given the opportunity to acquire the business. It was an extraordinary opportunity, and I'm very proud of what we're building.

What I've learned from decades in this industry is that you can't simply follow the competition. You have to think differently, adapt quickly and be willing to challenge conventional approaches.

We're a business that isn't afraid to try new ideas. Some work, some don't, but the important thing is learning quickly and moving forward. In a fast-moving industry, flexibility matters as much as planning.

We operate with a clear direction of travel, but we also recognise that markets, technology and customer expectations evolve rapidly."

Technology, Markets and Change

"We're at a crossroads in the financial world – and AI is the way forward. It is fundamentally going to change the way businesses operate and I suspect the change is going to be more profound than many people expect.

I think we will be moving towards a world where AI builds and creates first. Over time AI won't just help humans do something. It will do the job and it's the human that will then come in and apply the finishing touches.

If businesses get this right, productivity could increase dramatically. But it will also place a greater premium on creativity, judgement and the ability to think differently. Technology will become more accessible. Human ingenuity will become more valuable.

At the same time, we're watching significant changes across financial markets. Customer expectations are evolving. They want faster access, seamless experiences and increasingly around-the-clock participation.

We're also seeing the convergence of traditional finance and other assets. The pace of change is accelerating, and firms need to be ready for it."

The Value of Competition

"I take a lot of enjoyment from working with smart people who challenge the way I think. That's how you build a business and a brand.

Sometimes you're tempted to think it would be easier if competition didn't exist, but competition makes everyone better. It forces innovation, raises standards and creates better outcomes for customers.

Ultimately, competition is good."

Why Pepperstone Chose F1

"We spent considerable time evaluating which sports and platforms best aligned with Pepperstone's global brand ambitions.

Formula One stood out because the audience, the technology and the performance culture felt closely aligned with our business. There is a natural overlap between people who are passionate about markets and people who are passionate about Formula One.

F1 is one of the fastest-growing sports in the world and there are only a handful of brands that can appear on an F1 car. Seeing Pepperstone on the Aston Martin Aramco car was a proud moment for the business.

But it's not just about visibility.

The real value comes from the activation, the relationships, the shared learning and the ability to engage customers and partners on a global stage.

To the uninitiated, sponsorship is often about the logo. Today, I think that's probably only a small part of the value. The rest comes from what happens around the partnership — the customer experiences, the insights, the access and the shared pursuit of performance.

Since announcing the partnership, we've seen strong momentum across the business. It's not all attributable to Formula One, but the partnership has undoubtedly elevated the brand and reinforced our commitment to operating at the highest standards."

Building Trust in Pepperstone

"The partnership helps build trust in Pepperstone.

Many passionate Formula One fans are also our clients, and the association with a world-class team strengthens our credibility with a broader audience.

It doesn't change who we are as a company, but it communicates our scale, ambition and seriousness more effectively on a global stage.

With Pepperstone on the side of an Aston Martin Aramco Formula One car, there's a natural assumption that you are a serious organisation operating at a meaningful scale. We were always that business, but the partnership helps communicate it more effectively."

What Pepperstone Sees in F1

"Spending time around the team, the similarities are obvious.

In both trading and Formula One, mistakes are costly, competition is relentless and success often comes from finding small edges before everyone else does.

Those advantages don't last forever. As soon as one competitor finds an edge, everyone else works to close it. That means you're always searching for the next improvement.

That mindset is very familiar to us.

The parallels reinforce the importance of execution, innovation and continuous improvement.

We're planning to take our senior leadership team to the AMR Technology Campus at Silverstone because there is a lot to learn from organisations that operate at that pace and level of precision.

Meeting first-hand the people behind that performance culture is incredibly valuable for our team."

Creating Value Beyond Visibility

"The partnership has made Pepperstone feel part of a team, not just a sponsor.

That's reinforced when we bring clients to races and create experiences that are genuinely differentiated.

Formula One is a global sport, and many races coincide with markets where we have significant customer bases and operational hubs. That makes the partnership commercially meaningful as well as brand-building.

The network effect has also been significant.

Spending time with other partners, founders and CEOs creates valuable opportunities to exchange ideas and learn from businesses operating at the top of their industries.

I've met a lot of leaders through the partnership. It's always valuable to understand how great businesses are built, what challenges they face and how they continue to evolve."

Pepperstone Never Settles

"What resonates most is the ambition.

Aston Martin Aramco is clearly building to compete at the very top, and that mindset aligns closely with Pepperstone.

We absolutely never settle.

There is a constant list of things we want to improve across our products, technology and customer experience. Success isn't a destination. It's an ongoing pursuit.

In Formula One, everyone is chasing the podium. Teams are constantly looking for ways to go faster, perform better and close the gap to the front.

That feels very familiar to us.

What would be a podium for Pepperstone? We'd like to become one of the top three firms in the world at what we do.

I think we can achieve it, but it will take focus, execution and a commitment to continuous improvement.

Hopefully we'll be doing it together with Aston Martin Aramco for many years to come.

The partnership works because it reflects how we already think: fast-moving, ambitious, customer-focused and unwilling to stand still.

Formula One provides a powerful global stage, but the story is ultimately Pepperstone's own."

Boiler Plates: Pepperstone

Founded in 2010, Pepperstone delivers award-winning platforms, ultra-low spreads, and trader-first solutions to over 830,000 clients across 150 countries. It's globally regulated, and holds retail client funds in segregated Tier 1 bank accounts. The platform aims to deliver a great-value service – with clients at the heart of every decision they make.

MELBOURNE, Australia, June 16, 2026 /PRNewswire/ -- For Pepperstone, the Aston Martin Aramco Formula One Team partnership is more than a sponsorship. It reflects the same competitive spirit, speed of decision-making and performance mindset that define the way Pepperstone builds its business globally.

In markets shaped by data, execution and constant change, Pepperstone sees clear parallels between trading and Formula One. Group CEO Tamas Szabo has recently unveiled how the partnership with Aston Martin Aramco has strengthened the business internally, enhanced global brand credibility and reinforced Pepperstone's ambition to compete at the highest level.

Building Pepperstone in a Competitive Landscape

"I've been in trading since I left university. I was drawn to the industry because it's a high-octane environment that matched my temperament. I've always been competitive, and this is a highly competitive industry.

I joined Pepperstone in 2017 as Group CEO, and shortly after I was given the opportunity to acquire the business. It was an extraordinary opportunity, and I'm very proud of what we're building.

What I've learned from decades in this industry is that you can't simply follow the competition. You have to think differently, adapt quickly and be willing to challenge conventional approaches.

We're a business that isn't afraid to try new ideas. Some work, some don't, but the important thing is learning quickly and moving forward. In a fast-moving industry, flexibility matters as much as planning.

We operate with a clear direction of travel, but we also recognise that markets, technology and customer expectations evolve rapidly."

Technology, Markets and Change

"We're at a crossroads in the financial world – and AI is the way forward. It is fundamentally going to change the way businesses operate and I suspect the change is going to be more profound than many people expect.

I think we will be moving towards a world where AI builds and creates first. Over time AI won't just help humans do something. It will do the job and it's the human that will then come in and apply the finishing touches.

If businesses get this right, productivity could increase dramatically. But it will also place a greater premium on creativity, judgement and the ability to think differently. Technology will become more accessible. Human ingenuity will become more valuable.

At the same time, we're watching significant changes across financial markets. Customer expectations are evolving. They want faster access, seamless experiences and increasingly around-the-clock participation.

We're also seeing the convergence of traditional finance and other assets. The pace of change is accelerating, and firms need to be ready for it."

The Value of Competition

"I take a lot of enjoyment from working with smart people who challenge the way I think. That's how you build a business and a brand.

Sometimes you're tempted to think it would be easier if competition didn't exist, but competition makes everyone better. It forces innovation, raises standards and creates better outcomes for customers.

Ultimately, competition is good."

Why Pepperstone Chose F1

"We spent considerable time evaluating which sports and platforms best aligned with Pepperstone's global brand ambitions.

Formula One stood out because the audience, the technology and the performance culture felt closely aligned with our business. There is a natural overlap between people who are passionate about markets and people who are passionate about Formula One.

F1 is one of the fastest-growing sports in the world and there are only a handful of brands that can appear on an F1 car. Seeing Pepperstone on the Aston Martin Aramco car was a proud moment for the business.

But it's not just about visibility.

The real value comes from the activation, the relationships, the shared learning and the ability to engage customers and partners on a global stage.

To the uninitiated, sponsorship is often about the logo. Today, I think that's probably only a small part of the value. The rest comes from what happens around the partnership — the customer experiences, the insights, the access and the shared pursuit of performance.

Since announcing the partnership, we've seen strong momentum across the business. It's not all attributable to Formula One, but the partnership has undoubtedly elevated the brand and reinforced our commitment to operating at the highest standards."

Building Trust in Pepperstone

"The partnership helps build trust in Pepperstone.

Many passionate Formula One fans are also our clients, and the association with a world-class team strengthens our credibility with a broader audience.

It doesn't change who we are as a company, but it communicates our scale, ambition and seriousness more effectively on a global stage.

With Pepperstone on the side of an Aston Martin Aramco Formula One car, there's a natural assumption that you are a serious organisation operating at a meaningful scale. We were always that business, but the partnership helps communicate it more effectively."

What Pepperstone Sees in F1

"Spending time around the team, the similarities are obvious.

In both trading and Formula One, mistakes are costly, competition is relentless and success often comes from finding small edges before everyone else does.

Those advantages don't last forever. As soon as one competitor finds an edge, everyone else works to close it. That means you're always searching for the next improvement.

That mindset is very familiar to us.

The parallels reinforce the importance of execution, innovation and continuous improvement.

We're planning to take our senior leadership team to the AMR Technology Campus at Silverstone because there is a lot to learn from organisations that operate at that pace and level of precision.

Meeting first-hand the people behind that performance culture is incredibly valuable for our team."

Creating Value Beyond Visibility

"The partnership has made Pepperstone feel part of a team, not just a sponsor.

That's reinforced when we bring clients to races and create experiences that are genuinely differentiated.

Formula One is a global sport, and many races coincide with markets where we have significant customer bases and operational hubs. That makes the partnership commercially meaningful as well as brand-building.

The network effect has also been significant.

Spending time with other partners, founders and CEOs creates valuable opportunities to exchange ideas and learn from businesses operating at the top of their industries.

I've met a lot of leaders through the partnership. It's always valuable to understand how great businesses are built, what challenges they face and how they continue to evolve."

Pepperstone Never Settles

"What resonates most is the ambition.

Aston Martin Aramco is clearly building to compete at the very top, and that mindset aligns closely with Pepperstone.

We absolutely never settle.

There is a constant list of things we want to improve across our products, technology and customer experience. Success isn't a destination. It's an ongoing pursuit.

In Formula One, everyone is chasing the podium. Teams are constantly looking for ways to go faster, perform better and close the gap to the front.

That feels very familiar to us.

What would be a podium for Pepperstone? We'd like to become one of the top three firms in the world at what we do.

I think we can achieve it, but it will take focus, execution and a commitment to continuous improvement.

Hopefully we'll be doing it together with Aston Martin Aramco for many years to come.

The partnership works because it reflects how we already think: fast-moving, ambitious, customer-focused and unwilling to stand still.

Formula One provides a powerful global stage, but the story is ultimately Pepperstone's own."

Boiler Plates: Pepperstone

Founded in 2010, Pepperstone delivers award-winning platforms, ultra-low spreads, and trader-first solutions to over 830,000 clients across 150 countries. It's globally regulated, and holds retail client funds in segregated Tier 1 bank accounts. The platform aims to deliver a great-value service – with clients at the heart of every decision they make.

** This press release is distributed by PR Newswire through automated distribution system, for which the client assumes full responsibility. **

Tamas Szabo on Pepperstone's Competitive Mindset and the Power of F1