Sonic has recorded double-digit percentage gains over the past day as a new blockchain-level upgrade gains traction in the market.
The Bundle Transactions upgrade streamlines the transaction approval process by allowing users to group multiple transactions into a single atomic execution and process them at once, reducing the stages of approval required.
DEX Activity Surge
The upgrade has driven on-chain activity higher. Decentralized exchange volume surged to $2.46 million according to DeFiLlama, marking one of the highest levels recorded in approximately two months. The last comparable spike in volume occurred around June 28. The recent surge represents more than a tenfold increase from the monthly low of $241,000 recorded on August 15.
Total value locked has increased more modestly, rising by $770,000 over one day to $17.22 million at the time of reporting. Continued daily inflows would be necessary to confirm sustained bullish momentum.
Perpetual Markets Show Strength
Activity in perpetual markets has remained high, with $22.73 million in open interest. The Open Interest-Weighted Funding Rate stood at 0.0021%, trending upward, indicating that traders have concentrated positions in longs as they anticipate further price increases.
Exchange data reflects buyer dominance, with Binance's Taker Buy Ratio reading 3.1. Readings above 1.0 indicate buyers are leading, with higher values suggesting more aggressive buying pressure.
