Sonic (prev. FTM) S

Sonic Labs has abandoned its plan to introduce a US dollar-pegged algorithmic stablecoin, shifting its focus to a digital asset linked to the UAE dirham.

The Sonic blockchain is moving forward with plans to introduce an algorithmic stablecoin that generates yield, despite lingering concerns about risks reminiscent of the Terra-Luna disaster, which triggered one of the longest downturns in the crypto market.

Sonic (S) is being hailed as the “golden standard” of layer-2 solutions by co-founder Andre Cronje, who claims it stands apart as the only fully decentralized stage 3 L2.

The Sonic blockchain has recently surpassed $250 million in total value locked (TVL), marking a major milestone fueled by its rebranding and increasing investor interest.