Sonic Labs | Crypto

Andre Cronje, Michael Kong and David Richardson have stepped down from the Sonic Labs board, while Matt Visser has been appointed as Sonic Labs' new CEO, replacing Mitchell Demeter who resigned in February. The S token, the native utility asset behind the Sonic blockchain, fell 5% on Friday after Sonic Labs, formerly known as the Fantom Foundation, announced the resignation of three former executives from its board. The S token fell to 0.031 on Friday, down 5% over 24 hours. The resignations include Michael Kong, a former CEO of the Fantom Foundation and director at Sonic Labs; David Richardson, who served as executive chairman of Sonic Labs; and Andre Cronje, who previously served as its chief technology officer. Statement from Andre Cronje about his resignation from the board. Source: Andre Cronje Read more

Sonic Labs’ strategic shift aims to bring “measurable, lasting value” for builders, validators and S token holders through upgraded fees, token burns and institutional partnerships. Sonic Labs, the organization behind the Sonic layer-1 blockchain, announced a major strategic shift as it pivots from emphasizing transaction speed to building long-term business value and token sustainability. After claiming industry-leading performance last year, Sonic Labs said its next chapter will focus on upgrades that deliver measurable financial outcomes, including new Ethereum and Sonic Improvement Proposals (EIPs and SIPs), token supply reductions and revamped rewards for network participants. “Every decision we make moving forward will be guided by the principles of building real value, with price, growth, and sustainability always in focus,” said Mitchell Demeter, the new CEO of Sonic Labs.  Read more