Spent some time looking at the top 7 DEXs on Sonic.

Understand the assets on the platform in a few minutes!

Sonic Innovative Spot Dex
The trading volume accounts for half of Sonic on average.
TVL 60.5m
$SHADOW market cap 12.2m
Transaction fee income in the last 30 days is 2.8m

Combine the x(3,3) model with the upgraded AMM concentrated liquidity management.
Encourage users to stake tokens or provide liquidity to maximize collective returns.
Through the token reward redistribution mechanism, the potential gains of short-term speculators are transferred to long-term participants.

- And x33 is the complete liquid asset of xSHADOW.

Sonic's concentrated liquidity + automated management Dex
TVL 56.3m
$SWAPX market cap 3m
Transaction fee revenue in the last 30 days: 545k

Integrate automated liquidity management (ALM) tools to automatically adjust liquidity ranges based on market volatility.

- A total of 3000 SwapX xNFTs will have different monthly SWAP transaction fee dividends, with a minimum of 10%, plus a 3% royalty distribution for NFTs.

DeFi Multi-Chain Protocol

$WAGMI Market Cap 9m
Transaction fee income of 553k in the last 30 days

trading, LP, leverage, and strategy generation operations
Improve capital efficiency through concentrated liquidity technology and an automatic rebalancing mechanism, supporting multi-chain asset management such as BNB Chain, Polygon, and Arbitrum, with cross-chain bridging capabilities.

The Multi-Position Concentrator GMI is a core feature that supports flexible asset allocation and yield optimization, allowing for the simultaneous management of multiple assets across different chains, adjusting strategies according to market fluctuations to maximize returns. Supports Vesting and mGMI.

- Stake $WAGMI to participate in governance, earn rewards, and unlock advanced features.

Sonic's first DLMM DEX
$METRO market cap 2.2m
Transaction fee revenue in the last 30 days: 1.7m

Traditional AMMs suffer from low capital efficiency and high slippage for large trades. The LB model divides liquidity into price ranges, allowing LPs to concentrate liquidity provision within specific ranges, similar to the on-chain implementation of limit orders.

Zero slippage trading: There is almost no price deviation within the target price range, making it especially suitable for large exchanges of stablecoins or high liquidity assets.
Dynamic Market Response: When market volatility intensifies, LPs can manually adjust liquidity distribution or use preset strategies to maximize fee earnings and reduce impermanent loss risks.

- A total of 777 METRONIX NFTs enjoy a 3x multiplier staking of $METRO.
Earnings from staking USDC distributed to METRONIX holders

The combination of Sonic's Perps Dex perpetual contracts and on-chain order books.
$NAVI market cap 3.4m
Total transaction fee income 694k

Liquidity providers place buy and sell orders, and traders complete transactions through the matching engine, achieving precision in price discovery and deep liquidity.

- Stake $NAVI to earn esNAVI, MPs, and 20% platform fees.
- Liquidity Provider NLP: Holders can earn dividends from the custody of NAVI and platform fees by providing liquidity.
- Stablecoin Liquidity Provider NSLP: Holders earn a share of the platform's trading fee dividends by providing stablecoin liquidity.
- A total of 5555 Capy Guardians Club NFTs enjoy a 2% protocol fee and access to AI + Agent signals within 3 months. Staking NFTs will have esNAVI + S rewards, with 50% of income generated from NLP and NSLP pools.

$EQUAL market cap 1.6m
Transaction fee income in the last 30 days: 12.4k

Comprehensive DeFi

Zero Gas trading and cross-chain compatibility, allowing one-click asset trading across 20+ chains, integrating liquidity from 12 major DEXs.
Integrate liquidity aggregation, automated smart contracts, bridge-less cross-chain protocols, and mainstream wallets, supporting various functions such as Swap, Perp, Yield Farming, and fiat deposit and withdrawal.
Recently, it has just supported the Sonic chain.

Sonic's ecological Dex manifests in a fragmented liquidity market, revolutionizing capital efficiency and restructuring incentive mechanisms.

From Shadow's x(3, 3) redistribution, Metropolis's LB zero slippage model, to SwapX's ALM automation strategy and Equalizer's bribery market, these protocols are essentially solving the same problem: how to maximize value from limited liquidity. Especially during market downturns, there is a greater tendency to allocate funds to protocols that are safe and can dynamically capture yields.

The high-performance characteristics of Sonic's underlying chain, with low Gas + EVM compatibility, allow these protocols to experiment with complex mechanisms at low cost, hoping to explosively capture value during liquidity recovery.