Sonic crypto price sees bullish momentum, but crypto market downturn erases gains
Sonic has posted several ecosystem updates recently, but overall market momentum still erased much of its gains.
- Sonic’s integration with Covalent will enable data to transfer as fast as the network speed
- So far, most infrastructure has lagged behind Sonic’s speed, causing latency
- Covalent will offer Sonic data to developers as an API
Sonic (S) has recently seen positive market momentum due to several updates and partnerships. On Tuesday, Sept. 9, the token reached a weekly high of $0.3178. However, due to the overall crypto market downturn, its price subsequently corrected to $0.3051, reducing its weekly gains to just 0.4%.
Sonic is known for its ultra-fast speeds. However, at 400,000 transactions per second, it is hard for other infrastructure to keep up. For this reason, on Sept. 8, blockchain data firm Covalent integrated the network into its GoldRush Streaming and Foundational APIs, which match its speed.
“Sonic is fast, 400k TPS with sub-second finality fast. But when the chain settles in milliseconds and your infrastructure lags behind, you can’t react. This is the latency crisis,” Covalent wrote in its press release.
According to Covalent, the integration will enable external developers to pull data from Sonic almost as fast as the chain updates. This is important for users of its GoldRush platform, mostly automated trading bots and on-chain agents. For them, speed in execution and finality are essential for generating profits.
Sonic integration to come with compliance features
Covalent also stressed that compliance features will remain robust, even as the API speeds up. The platform generates cryptographic proofs for its API output, meaning traders can provide verifiable proof of their transaction history to potential auditors.
The network also supports more than 100 chains and provides data in a unified format. This means compliance is easier for platforms that work across different blockchain networks, as they do not need separate programs for each network.
Earlier, on Sept. 7, Sonic revealed major changes to its tokenomics. The total circulating supply will rise from 4.12 billion to 4.75 billion Sonic tokens, with much of the new tokens going to boost Sonic’s partnerships. At the same time, the network is expanding its burn mechanism, creating deflationary pressure.
