We sent over some questions to the team at Sonic, who told us they expect the Internet Computer to become a top 3 market-cap cryptocurrency and how they gained this assurance after a seamless experience building on the interface. Their overall goal is to be the Defi Hub on the Internet Computer. Sonic recently rebranded from Dfinance after announcing a partnership with Fleek.
What attracted you initially to Blockchain?
- First is the genius Proof-of-work design of Bitcoin, which prevented double-spending so that the idea of electronic cash is possible. Second is the decentralized, transparent, open-source nature of blockchain technology.
Of all the platforms you could have chosen, why did you decide to build on the Internet Computer?
- When I saw the vision and design of the DFINITY Internet Computer, I was pretty sure it would be the next big thing; one day, it will in be the top 3 on the CoinMarketCap list.
- When I started to get my hands dirty and build software on top of it, I found the user experience is amazing; it's fast and scalable. This made me more confident about the Internet Computer.
- Consequently, I decided to build Sonic on the Internet Computer, hoping to make DeFi more accessible for general users by leveraging the Internet Computer's scalability and user experience.
How long has your company been established, and what is your business model based on?
- The team started to build Sonic on the Internet Computer in April this year, half a month before DFINITY launched the Internet Computer main-net.
What makes your company marketable, and what will ensure its long-term success?
- Every company's long-term success depends on its users, so the only way to succeed is to provide the best product out there. We are trying our best to do that.
What overall vision do you have? Do you have a roadmap? If so, what does it involve?
- The goal of Sonic is to be the DeFi hub on the Internet Computer, the selling point of DeFi on the Internet Computer.
- We have released the testnet product, which includes token issuance, swap, and farm. As we advance, we will provide more DeFi products for the Internet Computer ecosystem, such as a decentralized USD-pegged stable coin backed by an underlying asset like ICP, a pool-based decentralized money market, and so on.
What advantages do you believe you have over other competitors?
- We have a strong team; most of us have been in the crypto industry for over three years; we have been through a lot, from the ICO boom in 2017 to the bear market from 18-19 to the big crash after the pandemic break-out, to the DeFi summer. We have experience and understanding of the crypto industry, with our first-mover advantage, I think we will make it.
What advice do you have for anyone working in the same space as you?
- Safety first, the code you write will manage many people's money, so always be careful when you write the code, and a security audit is essential.
What other projects building on the Internet Computer are you most excited about?
- I'm most excited about something on the DFINITY foundation's roadmap, and the first is to increase the canister storage limit; this will greatly improve the developer and user experience.
- Hopefully, we won't have to store our data across multiple canisters, and the architecture will be simpler, the query cost will be faster.
- The second one is the chain key technology; the Internet Computer will integrate Bitcoin and Ethereum. This will drive many innovations, especially in the DeFi space.
Do you have any plans to collaborate with other projects building on the Internet Computer?
- Yes, we are happy to collaborate with other projects in the community. The goal is to make the ecosystem more extensive and more robust. We can collaborate with the community in many aspects, such as token standard, wallet standard, etc.
Do you have any token sales planned for the future? If so, when? Can you give details?
- There will be a public token sale in the future, and the time is to be determined. Most likely, it will happen when we launch the mainnet.