Shadow Exchange is Sonic’s DEX powerhouse, consistently chipping over 65% of the chain’s trading volume. The exchange processes close to $1 billion in monthly volume with just $30 million TVL. That's a 33x capital efficiency ratio - a figure most AMMs can’t match. With $39 million+ in lifetime fees and a dual-yield model combining trading fees and Sonic rebates, Ayan explains how Shadow is built for sustainable, real yield, not empty incentives. 🔗