Shiba Inu deployers could have made millions from the adoption of the meme coin if the project launched in the Sonic network.
Andre Cronje, the founder of Sonic, recently discussed the potential earnings meme coin deployers could have made had their tokens launched on Sonic. He specifically noted that Shiba Inu (SHIB) deployers alone could have earned over $88 million.
However, other meme coins like Pepe and Floki also stood to benefit massively, with potential earnings of $5.8 million and $1.6 million, respectively. These figures are a result of Sonic’s gas monetization model, which offers developers up to 90% of gas fees generated by their projects.
Sonic’s Gas Monetization Approach
For the uninitiated, Sonic is a blockchain designed to provide developers with a more lucrative environment. With its high-speed transaction finality of 720 milliseconds and scalability, Sonic seeks to be a prime choice for decentralized applications (dApps).
The appeal of Sonic is particularly strong due to its gas monetization feature, which offers developers up to 90% of the gas fees generated by their dApps.
In a previous post, Cronje compared Sonic to Ethereum, explaining how protocols like Compound, Aave, and even stablecoin issuers like Circle and Tether could have earned millions more if they had access to Sonic’s gas revenue model.
Curious how much some of the top protocols on Ethereum would have been paid if Ethereum offered 90% of gas fees to the Dapp like Sonic?
Compound: $30,439,872.62
Aave: $87,609,646.10
Circle: $305,878,808.70
Tether: $972,937,819.80
Uniswap: $2,439,295,129.10 https://t.co/RMjxvGvyzI pic.twitter.com/GriWxv2ynI— Andre Cronje (@AndreCronjeTech) September 13, 2024
This approach makes Sonic highly appealing to dApp developers, as it rewards those generating high traffic with substantial financial returns, a feature lacking in traditional blockchain platforms.
Shiba Inu’s Shibarium L2
Commenting on this, a representative from Fantom Starter, a decentralized finance project, suggested that serious projects now face two choices: build their own layer-2 solutions or utilize a blockchain that shares gas revenue like Sonic.
Interestingly, the Shiba Inu ecosystem, under the leadership of Shytoshi Kusama, has already taken the first route by launching Shibarium, its own layer-2 network. Shibarium is designed to enhance the scalability of the Shiba Inu ecosystem.
Although the launch faced some technical challenges, the team worked on upgrades to stabilize and optimize the network. Since its launch last August, Shibarium has processed over 418 million total transactions, boasting up to 1.82 million wallet addresses and helping to burn SHIB.
However, it is unlikely that the $88 million profit Shiba Inu would have realized had it launched on Sonic could be as appealing to its deployer Ryoshi. Despite the potential to realize billions from just selling off SHIB, the anonymous founder has chosen to leave the project in the hands of the community and disappear.
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