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In mid-February 2025, Argentina's President Javier Milei posted a tweet promoting a previously poorly known cryptocurrency, Solana (SOL)–based Libra (LIBRA), triggering a huge price surge from fractions of a cent to over $5 within hours of the tweet. The token's creators, who controlled 70% of the supply, quickly sold their holdings at the peak, causing the price to plummet to less than $1 within hours. Approximately five hours after his initial post, Milei deleted his post, distancing himself from the project as rug pull allegations spread.
The LIBRA token debacle further tarnished Solana's reputation, already undermined by the numerous dubious meme coins on Solana, exacerbating SOL's decline. US president Donald Trump's announcement about including SOL in the proposed US strategic crypto reserve assets list helped soften the decline, but the damage had already been done.
Against the backdrop of Solana’s reputational troubles, developers and decentralized app (DApp) operators are actively searching for alternatives — and many are turning to Sonic (S), the rebranded reincarnation of Fantom (FTM), as a chain that also features great performance and cost advantages, while also being Ethereum virtual machine (EVM)–compatible and, importantly, largely free from the image of a scam nest.
Among the many DApps embracing Sonic is SwapX (SWPX), a decentralized exchange (DEX) that offers a number of innovative features, including concentrated liquidity (CL) provision, modular plugins for additional functionality, automated liquidity management, user-friendly account abstraction and more.
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