Sonic Chain’s TVL has plunged by -60.9% over the past three months, mainly due to large-scale capital outflows from lending protocols following disappointment with the airdrop
Notably, Silo Finance and Aave V3 accounted for 58% of the total outflows
@SiloFinance : $599m → $184m (-69.3%)
@ShadowOnSonic : $161m → $30m (-67%)
@aave : $540m → $175m (-64%)
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Interestingly, trading volume has remained resilient despite the decline in TVL
▸Shadow Exchange: $877.6M in the past 30 days
(2x its current TVL)
▸Chain-wide DEX volume: $325M weekly
(+2.8% growth)
This suggests that liquidity providers are recycling existing capital rather than adding new funds
I believe that if Airdrop Season 1 had been successful, @SonicLabs TVL would still be above $1B today....✿ܓ
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