BlockBeats News, February 21 — Sonic Labs announced the 2026 ecosystem update (Part One), stating that CEO Mitchell Demeter and Business Director Evan Owens have stepped down. The board is currently managing the company temporarily and is seeking a new CEO. Sonic stated that the development fund has established a long-term reserve, eliminating the risk of investment unlocking pressure. The funds are allocated across assets such as S tokens, stablecoins, and government bonds.
At the strategic level, Sonic Strategy holds approximately 127 million S tokens (held in multi-signature custody and prohibited from sale) and has ended its partnership with CMCC Resonance Fund. In terms of products, the AI smart contract generation platform Spawn is undergoing internal testing; FeeM has distributed over 2.6 million S tokens to developers, with plans to shift from a 90% rebate to a tiered structure in the future; at the same time, the Meme Season and Sonic & Sodas incentive programs have been terminated. The focus will now be on long-term ecosystem development and token economy integration.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
HyperGPT Launches HyperStore, an AI App Marketplace for Web3
HyperGPT has launched HyperStore, an AI app marketplace connecting developers and users, enabling app monetization and promotion within a growing community. Developers can showcase various AI products to earn revenue while simplifying access to Web3 users.
BlockChainReporter1m ago
Circle's USYC asset management surpasses $2 billion
Gate News Announcement, March 10 — The stablecoin issuer Circle officially announced that as the application of tokenized money market funds continues to expand in the industry, the assets under management of its product USYC have surpassed $2 billion.
GateNews1h ago
Elon Musk's X Money App Nears Public Launch, No Sign of Dogecoin
Elon Musk's X Money will launch public beta in April, offering peer-to-peer transfers, direct deposits, and yield earning. Despite Musk's support for Dogecoin, the app currently has no crypto integration, though future features may include it.
Decrypt1h ago
Ripple Director Names Turkey, Nigeria and UAE as "Must-Watch" Markets - U.Today
Ripple's Reece Merrick outlined plans for the RLUSD stablecoin, targeting Turkey, Nigeria, and the UAE to enhance global expansion. These nations show significant digital dollar demand, critical for financial operations, with projections of $33 trillion in stablecoin transactions by 2025.
UToday1h ago
Justin Sun Reaffirms Zero-Tolerance Policy on Illegal Activities at Tron
TRON founder Justin Sun says his companies maintains zero tolerance against illegal activities like embezzlement, unauthorised computer access and bribery.
He threatened legal action against those who spread false rumors online and ‘smear judicial organs’ just days after two of his companies
CryptoNewsFlash1h ago
Sky Protocol proposes to reduce the SKY buyback ratio from 75% to 7.5% for approximately 3 months.
Sky Protocol proposed a new plan on March 10th, aiming to reduce the SKY buyback ratio from 75% to 7.5% to strengthen the protocol's capital foundation and USDS backing. During the proposal period, SKY staking rewards remain unchanged. The USDS circulation has reached approximately $11 billion, and the Sky Savings Rate has also been lowered to 3.75%. Voting will end on March 12th.
GateNews2h ago
