The newly rebranded layer-1 blockchain Sonic (S) is being called the “golden standard” of layer-2s (L2s) by Andre Cronje, the project's co-founder. Cronje claims on the social media platform X that Sonic, formerly known as Fantom, is the “only actual decentralized stage 3 L2.

The crypto market's recovery has not benefited all altcoins, as some continue to face sharp declines. While Bitcoin holds steady at $102,200, several altcoins remain in a downtrend, struggling to regain momentum.

The former Fantom blockchain rebrands as Sonic, achieving $250M Total Value Locked within days of launch. The platform claims to be the fastest EVM chain with groundbreaking transaction speeds.

The crypto market managed to recover Monday's sharp losses, but the volatility left a lasting impact on several altcoins. Despite the broader market rebound, some tokens failed to recover fully, with the drawdown leaving them vulnerable.