Sony-supported L2 Soneium surpasses $45 million in Total Value Locked within TV platforms
Fastest Growing Decentralized Exchanges (DEXs) on Soneium
Soneium, an Ethereum layer 2 chain launched by Sony Block Solutions Labs and Startale in January, has seen the rapid growth of several DEXs over the past few months. The three leading players in this space are Kyo Finance, Velodrome, and Sonex.
Kyo Finance
Kyo Finance is a decentralized exchange and derivatives platform that focuses on options trading, synthetics, and AMM liquidity pools. Some of its key features include offering perpetual options and futures for various crypto assets on Soneium, an unique AMM design for efficient derivatives market making, incentive programs rewarding liquidity providers and traders, and a governance token, KYO, used for protocol fees discounts, staking, and voting.
Recent updates for Kyo Finance include integrating Soneium-native stablecoins as collateral, enhancing liquidity diversity. The platform also launched enhanced staking with boosted APR and governance power, collaborated with Chainlink for improved oracle price feeds, and saw its total value locked (TVL) cross $150 million, up 40% in the last quarter.
Velodrome
Velodrome is an Automated Market Maker (AMM) DEX with a focus on low slippage and capital efficiency. It offers features such as boosted liquidity mining for long-term LPs, VeTokenomics for users to lock tokens for veTokens and get boosted rewards, multi-token pools for cross-asset swaps without high fees, and a governance token, VELO.
Velodrome recently upgraded its AMM smart contracts for better gas efficiency and improved swap speed, added new pools featuring emerging Soneium ecosystem tokens, facilitated bridging liquidity and assets from other chains to Soneium, and surpassed $200 million TVL, making it the largest DEX on Soneium by liquidity.
Sonex
Sonex is a DEX that offers token swaps, an integrated NFT trading marketplace, and DeFi services. It features a token swap platform with low fees powered by a novel AMM design, an NFT marketplace integrated directly within the DEX interface, a Sonex launchpad to help new projects raise liquidity through IDOs, and a governance token, SONEX.
Sonex has seen growth in its NFT marketplace, with more than 10,000 unique NFTs traded in the last month. It has also had multiple successful IDOs, raising upwards of $5 million collectively. The platform has introduced a "Liquidity Booster" program with double SONEX rewards for new LPs, improved its UI/UX with multi-chain wallet support and advanced analytics dashboards, and reached $75 million TVL, growing steadily as NFT and DeFi sectors converge.
Summary
| DEX | TVL (Approx.) | Key Strengths | Latest Major Update | |-------------|----------------|------------------------------------|-------------------------------------| | Kyo Finance | $150M+ | Derivatives & Options trading | New collateral and oracle upgrades | | Velodrome | $200M+ | AMM & boosted liquidity mining | V3 upgrade and cross-chain bridge | | Sonex | $75M+ | Token swaps + NFT marketplace | NFT growth and IDO launchpad success|
As Soneium continues to grow, these three DEXs are shaping the future of decentralized finance on the platform. For more specific details such as token metrics, liquidity pool data, or advanced usage guides for any of these DEXs, please let me know!
web3technology has been instrumental in the development of decentralized exchanges (DEXs) on Soneium, with Kyo Finance, Velodrome, and Sonex leading the charge.
Recent news about these DEXs includes Kyo Finance's integration of Soneium-native stablecoins, Velodrome surpassing $200 million TVL to become the largest DEX on Soneium, and Sonex reaching $75 million TVL and introducing a "Liquidity Booster" program for new liquidity providers.
