The price of AAVE, the native currency to Aave lending platform, has spiked over 20% in the past 24 hours after it integrates Sonic – a high performance EVM blockchain, previously known as Fantom.
This integration on Aave marked a significant milestone for Sonic as it reached a whopping $33 million in total value locked (TVL) within just 24 hours. Sonic now stands among top blockchain networks, enabled for lending and borrowing on Aave – including Ethereum, Optimism, Arbitrum, Polygon and a dozen others.
Following this announcement, the price of AAVE pumped as high as 23%, surging from $175 to $216 in the past 24 hours. As per Coinmarketcap data, AAVE is currently trading at $211 with a market cap of $3.18 billion.
While it’s been hardly 2 days of Sonic market launch on Aave, it has now amassed $47.60 million in funds with $22.52 million of S (the native currency of Sonic), $19.43 million of USDC and $5.08 million of WETH. Users can lend or borrow any of these assets while connecting via their Sonic wallet.
Previously known as Fantom, Sonic has rebranded with major changes in fundamentals and development approach and it has now become a fully EVM-compatible blockchain rather than being a standalone network.
