Wagmi, a multi-chain decentralized exchange (DEX), has more than doubled its total value locked (TVL) in the past month. On Saturday, January 11, the platform hit a record $49 million in TVL, as per DefiLlama.
Wagmi is a DEX and yield platform supported by nine EVM-compatible chains, including Ethereum, Sonic, IOTA EVM, Kava, and Metis. Its recent growth is attributed to Sonic, which finalized its rebranding from Fantom in December 2024.
On December 22, Wagmi’s TVL on Sonic started with $600k. Today, it is at a record $25.5 million, accounting for more than half of the platform’s liquidity.
Sonic is a new chain built by the Fantom team to offer speed, scalability, and capital efficiency. It was released last month and has over $110 million in TVL as of this writing.
Wagmi is currently the second-largest DeFi app on Sonic and the largest DEX.
The platform supports swaps for dozens of tokens, with the most deposited assets being WAGMI and HeyAnon (ANON), each comprising nearly one-third of the total liquidity.
On Monday, January 13, Wagmi saw record daily inflows, with $3.5 million worth of crypto deposited in its pools.
The TVL growth was accompanied by an increase in volume figures, and Sonic accounts for the lion’s share. While DefiLlama has not yet included Sonic in Wagmi’s volume data, the platform itself reported over $240 million in volumes for the week ending January 10, with Sonic accounting for over $200 million of it.
Sonic generates the majority of trading fees on Wagmi.
The new chain continues to gain momentum following its recent launch. Other DEXs on Sonic also experience rapid growth. For example, SwapX has surged nearly 700% in the past month to break the $10 million mark.
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