Sonic (S) is the native asset of Sonic, an EVM-compatible Layer 1 launched on December 18, 2024, alongside a migration path from Fantom Opera. S pays network fees and is used for staking, validators, and governance. Sonic is a separate network from Opera; the earlier FTM-to-S transition does not mean every old Fantom application or asset moved automatically.
Market Data Snapshot
| Metric | CoinGecko snapshot |
|---|---|
| Ticker | S |
| Price | $0.04817 USD |
| Market capitalization | $187.152M USD |
| 24-hour change | — |
| Circulating supply | 3.885B S |
| Maximum supply | No fixed maximum listed (CoinGecko: ∞) |
| Network | Sonic mainnet (native token) |
| Contract | Native token; no ERC-20 contract |
Sonic and Fantom
Sonic Labs describes Sonic as a new EVM chain and says Opera continues to operate while future development focuses on Sonic. FTM and S could be exchanged both ways during the first 90 days after launch. That period has ended; the official upgrade route is now one-way from FTM to S. App tokens and liquidity positions can have their own migration rules, so an FTM-to-S conversion should not be assumed to migrate every asset or position.
As a Layer 1, Sonic runs its own validator and execution environment. Its compatibility with the EVM lets developers reuse familiar tools, but it does not make Sonic identical to Ethereum or guarantee that applications have the same security assumptions.
Fee Monetization
Sonic’s Fee Monetization program is designed to allocate 90% of qualifying application-generated network fees to registered applications; the remaining 10% goes to validators. Official documentation describes off-chain oracles tracking gas use and a contract-based claim process. The 90% figure is a program rule, not a promise that every application or user receives a payment.
S tokenomics
S is used for gas, staking, validator rewards, and governance. CoinGecko currently lists no fixed maximum supply for S. Sonic’s documentation describes a yearly ecosystem-growth allocation of 47.625 million S for six years, with unused amounts burned, as well as a separate validator-reward policy. The docs state a 3.5% target reward rate when 50% of supply is staked and describe new annual issuance at 1.75% after the initial four-year reward period. These programs are not a hard supply cap; consult current governance and token documentation for changes.
Sonic Labs also says governance approved an institutional expansion in 2025 and that 472,372,662.8 S was issued for the Nasdaq digital-asset treasury and Sonic USA entity allocations. The documentation says a further $50 million worth of S may be issued for an ETF pursuit. These disclosures sit alongside the separate annual ecosystem-funding and validator-reward programs.
Market capitalization and circulating supply change over time. The table is a dated market snapshot, not a measure of network security, adoption, or application quality.
Related Terms
See Also
- What Is Tokenomics — And Why It Determines Whether a Crypto Project Survives
- Is Ethereum Staking Making the Network More Centralized?
- Does Ethereum TPS Include Layer 2 Transactions?
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Sources
- CoinGecko — Sonic (S) — Current listing confirms S market data, circulating supply, and that no fixed maximum is listed.
- Sonic Labs — S token documentation — Explains the S token’s roles, issuance programs, burns, and validator-reward policy.
- Sonic Labs — migration overview — Gives the launch date, FTM-to-S migration timeline, and continued Opera status.
- Sonic Labs — Fee Monetization — Describes fee allocation, app registration, oracle tracking, and reward claims.