Date: 2026-09-19 · Starter point: DefiLlama RWA — Backed Finance
Quote source: KyberSwap Aggregator API (GET /sonic/api/v1/routes), which routes across Shadow (CL + Legacy), SwapX, Wagmi, Metropolis, Beets, SpookySwap, Thick, DeFive, Curve, Uniswap v3 and other Sonic DEXes.
On-chain verification: Alchemy Sonic RPC (eth_call symbol/decimals/totalSupply).
- There is effectively no tradeable RWA spot liquidity on Sonic today.
- The only genuine RWA token with non-zero supply on Sonic is bCSPX (Backed's S&P 500 UCITS ETF tracker): 3,000 tokens ≈ $1.96M on-chain — but total DEX liquidity is ≈ $13.50 (a single Beets 0.1% pool). Kyber finds no route even for $100.
- The other six Backed tokens on Sonic (bNVDA, bTSLA, bGOOGL, bMSFT, bMSTR, bGME) are deployed but have zero total supply — contracts exist, nothing was ever issued.
- No tokenized gold or silver exists on Sonic (checked XAUT, PAXG, XAUm, KAU/KAG, VNXAU/VNXAG — none deployed).
- No Nasdaq/index token other than bCSPX (no QQQ/SPY equivalents).
- Ondo Global Markets is NOT on Sonic (NVDAon, BMNRon, QQQon, GLDon, SLVon live on Ethereum, BNB, Solana, HyperEVM). A counterfeit "NVDAon" token exists on Sonic with a dead pool on Shadow Legacy — see scam warning below.
| Token | Underlying | Issuer | Sonic contract | On-chain supply | DEX liquidity | Kyber route |
|---|---|---|---|---|---|---|
| bCSPX | iShares Core S&P 500 UCITS ETF | Backed Finance | 0x1e2c4fb7ede391d116e6b41cd0608260e8801d59 |
3,000 (≈ $1.96M FDV) | $13.5 (Beets bCSPX/USDC.e 0.1%, 0xfa45d902f7ffadfc0cf07e2002ae92c87e65cc0e) |
❌ none at any size |
| Token | Underlying | Sonic contract | On-chain supply | DEX liquidity | Kyber route |
|---|---|---|---|---|---|
| bNVDA | NVIDIA | 0xA34C5e0AbE843E10461E2C9586Ea03E55Dbcc495 |
0 | none | ❌ |
| bTSLA | Tesla | 0x14A5f2872396802C3Cc8942A39Ab3E4118EE5038 |
0 | none | ❌ |
| bGOOGL | Alphabet A | 0xEbee37Aaf2905b7BdA7E3b928043862e982E8F32 |
0 | none | ❌ |
| bMSFT | Microsoft | 0x374a457967ba24fd3ae66294cab08244185574b0 |
0 | none | ❌ |
| bMSTR | MicroStrategy (Strategy) | 0xaC28C9178ACc8BA4A11A29E013a3A2627086e422 |
0 | none | ❌ |
| bGME | GameStop | 0x7212088A11b4d8f6FC90fbB3dfE793B45dd72323 |
0 | none | ❌ |
Contract addresses verified against Backed's own backed-ccip-contract repo and on-chain symbol() calls.
None found on Sonic. The major tokenized metals and their actual chains:
| Token | Asset | Chains (not Sonic) |
|---|---|---|
| XAUT (Tether Gold) | 1 oz gold | Ethereum, Tron, TON |
| PAXG (Paxos) | 1 oz gold | Ethereum |
| XAUm (Matrixdock) | 1 oz LBMA gold | Ethereum, BNB, Sui, Solana |
| KAU / KAG (Kinesis) | gold / silver | Kinesis chain, Stellar |
- Backed bNVDA / bGOOGL exist on Sonic (above) but with zero supply — untradeable.
- BitMine (BMNR): tokenized only as Ondo BMNRon, available on Ethereum / BNB / Solana / HyperEVM — not Sonic.
- Ondo Global Markets (430+ stocks/ETFs incl. NVDAon, QQQon, GLDon, SLVon): chains are Ethereum, BNB Chain, Solana, HyperEVM — Sonic not supported.
- Backed xStocks (NVDAx, SPYx, QQQx…): Solana, Ethereum, Arbitrum, Mantle, TON, Ink — not Sonic.
Swaps quoted from USDC (0x29219dd400f2Bf60E5a23d13Be72B486D4038894) and USDT (0x6047828dc181963ba44974801FF68e538dA5eaF9), sizes $100 / $10,000 / $100,000 / $1,000,000:
| Token out | $100 | $10k | $100k | $1M |
|---|---|---|---|---|
| bCSPX | ❌ route not found | ❌ | ❌ | ❌ |
| bNVDA | ❌ route not found | ❌ | ❌ | ❌ |
| bTSLA | ❌ route not found | ❌ | ❌ | ❌ |
| bGOOGL | ❌ route not found | ❌ | ❌ | ❌ |
| bMSFT | ❌ route not found | ❌ | ❌ | ❌ |
| bMSTR | ❌ route not found | ❌ | ❌ | ❌ |
| bGME | ❌ route not found | ❌ | ❌ | ❌ |
| "NVDAon" (fake) |
Identical results from USDC and USDT. Kyber raw response for every real RWA token:
{"code":4008,"message":"route not found"}
Sanity check: the same API returns normal routes on Sonic for e.g. USDC→wS ($100 → 3.06 S), so "route not found" genuinely means no indexed liquidity.
Full raw results: see kyber-quote-matrix.json in this gist.
| Asset | Venue with real liquidity |
|---|---|
| bCSPX (S&P 500) | Base, Gnosis, Arbitrum, Ethereum (Backed bTokens; note Backed is migrating bTokens → xStocks) |
| xStocks (SPYx, QQQx, NVDAx, TSLAx…) | Solana (Jupiter/Raydium), Ethereum; CEXs (Kraken, Bybit…) |
| Ondo GM (NVDAon, BMNRon, QQQon, GLDon, SLVon…) | Ethereum, BNB Chain (PancakeSwap), Solana, HyperEVM |
| Gold (XAUT/PAXG/XAUm) | Ethereum, Tron, TON / ETH / ETH-BNB-Sui-Solana respectively |
RWA-adjacent assets that DO trade on Sonic (out of scope of the request, but liquid): frxUSD (Frax, backed by tokenized T-bill funds), scUSD (Rings), USDe/sUSDe (Ethena).
Also noted: Fortlake's Sigma Opportunities Fund was tokenized by Backed on Sonic (announced Dec 2024 with Chainlink) — institutional product, no public DEX pool found.
| Address | |
|---|---|
FAKE "NVDAon" on Sonic (100B supply, dead Shadow Legacy pool 0xec897d6d533abdaf3a73e018d110acdbf20733ca, Kyber values output at $0.00) |
0x7a3f10d7be88accfad228890cf02747596524768 |
| Official Ondo NVDAon — Ethereum | 0x2d1f7226bd1f780af6b9a49dcc0ae00e8df4bdee |
| Official Ondo NVDAon — BNB Chain | 0xa9ee28c80f960b889dfbd1902055218cba016f75 |
| Official Ondo NVDAon — HyperEVM | 0xb989ad9b91886b1aaed8daadb26f028b29b40945 |
| Official Ondo NVDAon — Solana | gEGtLTPNQ7jcg25zTetkbmF7teoDLcrfTnQfmn2ondo |
Only trust addresses from issuer docs / CoinGecko platform data.
- Backed's official CCIP repo → Sonic deployment addresses for 7 bTokens.
- Alchemy Sonic RPC → verified
symbol(),decimals(),totalSupply()for each (6 of 7 have zero supply; bCSPX has 3,000). - DexScreener
/tokens/{addr}→ zero Sonic pairs for all Backed tokens; GeckoTerminal → one dust Beets pool for bCSPX ($13.5) + the fake NVDAon pool. - CoinGecko platform data → confirmed Ondo GM tokens are not deployed on Sonic; gold/silver tokens not on Sonic.
- Kyber Aggregator API → 64 quote calls (8 tokens × USDC/USDT × 4 sizes), all recorded in
kyber-quote-matrix.json.