Sonic的TVL大幅投入：象征性的低迷和跌落价值 - 有什么问题？

Sonic的TVL引起了鼻子，引起了人们的关注。我们分解了象征性的低迷，价值下降的价值以及对区块链的未来意味着什么。

Sonic's TVL Plunge: Token Slump and Plummeting Value – What's the Deal?

Sonic的TVL大幅投入：象征性的低迷和跌落价值 - 有什么问题？

Sonic, formerly known as Fantom, is facing a rough patch. Its TVL has plummeted, raising eyebrows about its growth strategy. Let's dive into the details of Sonic's situation.

Sonic，以前称为Fantom，正面临一个粗糙的斑点。它的TVL暴跌，引起了人们对其增长策略的关注。让我们深入了解Sonic情况的细节。

The TVL Tumble: A Deep Dive

TVL翻滚：深入潜水

Sonic's Total Value Locked (TVL) has experienced a dramatic drop, falling from $1.1 billion in May to a mere $367 million. This 67% decline raises serious questions about the blockchain's sustainability. The end of a 5-year deal with market maker Wintermute seems to have played a significant role.

Sonic的总价值锁定（TVL）经历了巨大的下降，从5月的11亿美元下降到仅3.67亿美元。这67％的下降引发了有关区块链可持续性的严重问题。与市政公司的5年交易结束似乎已经发挥了重要作用。

Sonic CEO Michael Kong acknowledges TVL's importance but suggests it doesn't tell the whole story. He maintains the goal is to reach Fantom's previous TVL peak. The plan includes creating a U.S. ETF and a Nasdaq digital asset treasury via Sonic USA, funded by $150 million in S tokens.

索尼克首席执行官迈克尔·孔（Michael Kong）承认TVL的重要性，但表明这并不能说明整个故事。他坚持的目标是达到Fantom以前的TVL峰。该计划包括通过Sonic USA创建美国ETF和NASDAQ数字资产财政部，由1.5亿美元的s代币资助。

The Market Maker Dilemma

做市商的困境

Incyt CEO Mike Maloney points out that relying on market makers is a double-edged sword. While they boost volume and tighten spreads, they also capture fees and can leave a void when their term ends. Sonic faces a choice: stick with market makers or build a truly decentralized ecosystem.

Incyt首席执行官Mike Maloney指出，依靠做市商是一把双刃剑。当它们增加体积和收紧差异时，他们也会捕获费用，并且在学期结束时可能会留下空白。 Sonic面临选择：坚持做市商或建立真正的分散生态系统。

The Yield-Seeking Mercenaries

寻求屈服的雇佣军

Glider CEO Brian Huang highlights the pitfalls of relying on yield-driven capital. Incentives attract users, but when those incentives disappear, so does the TVL. Sonic's native token, $S, has also suffered, dropping approximately 69% from its launch price. As the price of $S falls, the incentives become less appealing, creating a downward spiral.

Glider首席执行官Brian Huang强调了依靠产量驱动的资本的陷阱。激励措施吸引用户，但是当这些激励措施消失时，TVL也会消失。 Sonic的本地令牌（$ s）也遭受了苦难，比其发行价格下降了约69％。随着$ s的价格下跌，激励措施变得越来越吸引人，从而造成了下降的螺旋式。

Huang emphasizes that TVL is only useful with borrowers generating yield for lenders. Sonic needs to stimulate borrowing, not just rely on temporary incentives.

黄强调，TVL仅对借款人产生贷方产量有用。 Sonic需要刺激借贷，而不仅仅是依靠临时激励措施。

So, What's the Verdict?

那么，判决是什么？

Sonic finds itself at a critical juncture. The steep decline in TVL and the token's struggles point to the challenges of maintaining growth after incentive programs end. The blockchain needs to find a way to attract and retain users organically, rather than relying on short-term boosts.

Sonic发现自己处于关键时刻。 TVL的急剧下降和代币的斗争表明，激励计划结束后保持增长的挑战。区块链需要找到一种有机吸引和留住用户的方法，而不是依靠短期提升。

Sonic's plans for a U.S. ETF and a digital asset treasury are ambitious, but the focus should be on building a sustainable ecosystem with genuine utility. Only time will tell if Sonic can navigate these challenges and achieve its goals.

Sonic的美国ETF和数字资产财政部的计划是雄心勃勃的，但重点应该放在建立具有真正实用程序的可持续生态系统上。只有时间才能确定Sonic是否可以应对这些挑战并实现其目标。

In the meantime, keep an eye on this space – it's gonna be a wild ride! Will Sonic bounce back, or will it fade into the blockchain ether? Only time will tell, but one thing's for sure: the crypto world never sleeps!

同时，请密切关注这个空间 - 这将是一次疯狂的旅程！声音会反弹，还是会淡入区块链以太？只有时间可以说，但是一件事是可以肯定的：加密世界永远不会睡觉！