Onchain yield drives $1 million revenue milestone, Andre Cronje notes

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Onchain yield drives $1 million revenue milestone, Andre Cronje notes — Sonic Labs nears $1 million onchain yield

Andre Cronje, chief technology officer (CTO) at Sonic Labs (formerly known as Fantom), announced that the project is one week away from reaching $1 million in revenue. This milestone comes just 125 days after launch.

Cronje highlighted that ftUSD is maintaining stability and earning approximately 13.27% yield on USDC/USDT on Ethereum and around 6% on USDC/USSD on Sonic, underscoring the platform's ability to generate pure onchain yield.

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Cronje previously noted that USDC and USDT depositors can earn up to 13.74% APY on Ethereum via ftUSD. In an earlier market event, he reported that only $50,000 was liquidated in FT's first major drawdown as a result of equity account based lending. These earlier developments have set the backdrop for Sonic Labs' recent growth.

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