sonic

Sonic Labs has issued a statement regarding recent public comments about Andre Cronje and the Sonic network. In 2018, a Korean team initiated an ICO for Fantom (now renamed Sonic), which failed to deliver a fully functional product due to mismanagement, resulting in the depletion of a significant amount of funds. Andre Cronje joined in June 2018 and rebooted Fantom. At the time Andre joined, the treasury held less than $5 million in non-FTM assets, which grew to nine figures between 2020 and 2021.Sonic Labs further stated that Andre did not design the original Fantom token economic model; the model was created by the original Korean team in 2018 and later modified through on-chain governance. Andre does not unilaterally hold or control the Sonic development fund. Andre has never abandoned Fantom/Sonic, designed the original technology, expanded the funding, and continues to serve as a technical advisor, regularly providing guidance to the technical team. There is no instance of fund misappropriation.

The original Layer 1 public chain Sonic, created by the Fantom team, stated that it plans to promote the upgrade of the value accumulation mechanism of the native token S through the establishment and acquisition of core protocol applications and infrastructure, and hinted at possible related mergers and acquisitions in the future.Sonic Labs pointed out in its latest statement that the team will focus on key infrastructure at the intersection of token utility, liquidity, and use cases, reducing the outflow of value from the ecological application layer by internalizing and commercializing core economic activities. At the same time, Sonic will maintain its openness and permissionless characteristics for developers. The team stated that the previous model of relying on "user growth --- increased transactions --- higher Gas consumption --- token value return" has become difficult to sustain. With the development of Rollup, modular architecture, and high-performance public chains, the increase in block space supply has led to continuous compression of transaction fees, making it insufficient to rely solely on Gas revenue to support the long-term value of L1. Sonic is a high-performance public chain compatible with EVM, aiming to achieve near-instant confirmation and extremely high throughput, and is currently attempting to reshape the value capture path of Layer 1 through deeper ecological integration.

According to official news, the unified on-chain financial system Flying Tulip, founded by Sonic Labs founder Andre Cronje, will launch its token sale on CoinList. This public sale aims to raise $200 million, accounting for 20% of the total supply of FT tokens (2 billion), with a token price of $0.10, corresponding to an FDV of $1 billion.The public sale will start on February 3 at 00:00 and end on February 6 at 21:00 UTC, with a minimum purchase amount of $100.It is reported that Flying Tulip aims to integrate spot trading, lending, perpetual contracts, insurance, and a native stablecoin (ftUSD) into a unified protocol architecture. The tokens participating in this sale will be protected by a "Perpetual PUT" structure, and the FT NFTs received by participants will include redemption rights, allowing them to choose to hold, burn tokens to redeem funds at the original price, or unlock tokens for free trading (redemption rights will be lost after unlocking).

Sonic posted on X platform, "As planned, a total of 16,027,929.41 S tokens have been successfully burned through the execution of smart contracts that require no permission, which were allocated for unclaimed first season airdrops."

Sonic posted on X platform that in early November 2025, Beets suffered a vulnerability attack. The Sonic Labs team successfully recovered 5,829,196 S, and has now proportionally distributed all the funds to all affected users.

According to OnchainSchool monitoring, about four hours ago the SONIC main team wallet transferred 12 million tokens to a new address, worth approximately 1 million USD. Additionally, another 12 million SONIC tokens were transferred to the same address five hours ago. This address now holds SONIC tokens worth approximately 2 million USD. Furthermore, on-chain data indicates that the SONIC main team has reportedly begun withdrawing tokens from Wintermute and several exchanges over the past week.

Sonic Labs has announced an update to its ETF token allocation execution plan. Previously, the Sonic community authorized through a governance proposal the use of up to $50 million worth of S tokens for a potential U.S. listed ETF to facilitate its entry into the regulated U.S. market. However, following the approval of the proposal, due to the overall weakening market environment and the significant decline in the price of S, Sonic Labs decided to postpone execution and did not mint any related tokens during this period to avoid increasing supply at unfavorable price levels.The announcement stated that if the original plan were executed at the current price, it would require the issuance of over 600 million S tokens, which significantly deviates from the original intent of the governance proposal; therefore, this plan will not be adopted. To better align with the interests of token holders, Sonic Labs has clarified new execution constraints: S tokens will only be minted for ETF allocations when the price of S is above $0.50, corresponding to a maximum of 100 million tokens; the total token value is strictly capped at $50 million, with a preference for issuing fewer tokens at higher price levels; any execution that deviates from the above conditions will not occur.Sonic Labs also emphasized that the S tokens used for the ETF will be locked within regulated products and will not enter circulation in the secondary market, nor will they increase market selling pressure. The team stated that a U.S. listed ETF remains a long-term strategic focus, aimed at providing compliant Sonic exposure for institutional investors, and any future adjustments will continue to be communicated clearly through governance processes.

Sonic has launched the mainnet version v2.1.2, which introduces Pectra compatibility and includes several improvements to the network.

According to official news, Sonic announced that mainnet v2.1.2 is officially launched, introducing Pectra compatibility and making several improvements to the network.

Sonic Labs CEO Mitchell Demeter announced that the company will launch a brand new Fee Monetization (FeeM) system to implement a deflationary model for its native token S. This system establishes a tiered reward mechanism for ecosystem builders, with reward ratios ranging from 15% to 90% based on network usage. Validators will receive a fixed 10% of the fee distribution, while the remaining portion will be burned. Transaction fees on the Sonic chain are paid in S tokens.Demeter stated that this move aims to strengthen long-term value through token burns while incentivizing developers and validators. He pointed out, "Our goal is to increase deflationary intensity and enhance long-term value synergy." The system will be officially implemented through on-chain governance voting. Additionally, Demeter revealed that Sonic is about to enter a "new phase," including a U.S. expansion plan approved by governance and the introduction of certain Ethereum Improvement Proposals (EIPs) along with proprietary Sonic Improvement Proposals (SIPs) to enhance developer usability and interoperability.

Sonic Labs CEO Mitchell Demeter shared the next phase plans for the project on the X platform. Demeter stated that Sonic is currently well-funded, with no liquidity concerns, and has the resources needed to execute long-term plans. Sonic's development in this round will be driven by actual use cases, clear economic benefits, and continuous delivery of results, rather than speculative behavior.In addition, Sonic plans to refine its tokenomics, aiming for deflation, and intends to introduce a brand new tiered fee monetization (FeeM) structure, with reward levels ranging from 15% to 90%. Of this, 10% will be allocated to validators, while the remaining portion will be burned. This initiative will reward actual usage and network activity while promoting deflation. Sonic is also advancing plans to establish an office in New York City to solidify its growing team and refocus on institutional partnerships and policy relations.Currently, Sonic's focus will shift towards driving business value upgrades, adopting selected Ethereum Improvement Proposals (EIPs), and launching Sonic Improvement Proposals (SIPs).

The Sonic security team received an alert about a suspected attack on the Beets protocol in Eastern Time, and immediately activated the security mechanisms originally planned for the upcoming upgrade.Some involved wallets have been frozen, and the officials are closely collaborating with the Beets team to investigate the incident.

Sonic officially stated on X that due to the Balancer hacking incident involving the Sonic ecosystem project Beets, the team has deployed a security mechanism as a precautionary measure, which is planned to be implemented in the upcoming network upgrade. In addition, two wallets related to the hackers (0xf19f, 0x0453) have been frozen and are awaiting further investigation. Sonic will work with the Beets team to advance subsequent efforts.

ChainCatcher message, Sonic has released an important announcement on the X platform stating: All nodes on the mainnet and testnet must upgrade to version 2.1.2 immediately to avoid disconnection. This version introduces native fee subsidies and critical security improvements, replacing the earlier v2.1 before the full upgrade of the Sonic mainnet to Pectra compatibility. It is applicable to validators, RPC providers, archive nodes, exchanges, and other node operators. After the upgrade, nodes will continue to operate on the current mainnet until the complete transition on November 3, 2025.

ChainCatcher message, according to the Web3 asset data platform RootData X tracking data, in the past 7 days, Bitcoin Layer2 Stacks has been the project with the most unfollows from X (Twitter) top figures. The new influential figures on X who unfollowed this project include cryptocurrency trader Loomdart(@loomdart), CryptoCondom(@crypto_condom), and Professor Suo (@hellosuoha).In addition, the project with the most unfollows from X top figures also includes Sonic.

ChainCatcher news, Sonic Labs announced on its official blog that the blockchain venture capital firm CMCC Global plans to launch the Sonic ecosystem fund Resonance Fund, with a scale of up to $25 million. The fund is dedicated to investing in groundbreaking protocols and founders that shape the Sonic ecosystem.The fund primarily focuses on high-growth opportunities in the DeFi and consumer-facing application sectors, with its core mission to promote fee monetization models as a sustainable revenue model for smart contract developers and accelerate their adoption. Additionally, the fund aims to enhance the liquidity of the Sonic ecosystem through strategic capital allocation. Its investment strategy is designed to capture value throughout the entire asset lifecycle, targeting early investments in emerging DeFi leading projects as well as strategic investments in high liquidity assets within the Sonic ecosystem.

ChainCatcher news, Sonic SVM's decentralized trading platform SegaSwap has announced the completion of its seed round financing, with a valuation of 10 million dollars, led by Sonic SVM and 10K Ventures.This round of financing will be used to expand liquidity on Sonic SVM, launch new types of liquidity pools and analytical tools, improve LP incentive mechanisms, and provide more convenient deployment support for asset issuers. It is reported that SegaSwap will be deeply integrated with Sonic SVM's Attention Capital Markets (ACM) protocol, combining on-chain trading attention with incentive mechanisms to enhance liquidity efficiency and promote the implementation of attention capital markets.

ChainCatcher news, according to official sources, Sonic Labs announced an investment in the institutional-level RWA service provider FinChain, aiming to accelerate its strategic goal of becoming the settlement layer for future finance.After the collaboration, Sonic will support RWA issuance, institutional-level settlement channels, and composability with DeFi, further expanding the on-chain real-world asset (RWA) market applications. Last month, it was reported that FinChain, under Fosun Wealth Holdings, officially launched its Star Chain and secured millions of dollars in financing.

ChainCatcher news, Sonic Labs announced a strategic investment in FinChain, a Web3 brand and institutional-grade RWA provider incubated by Fosun Wealth Holdings. This investment will enable FinChain to prioritize the launch of new RWA products and tokens on Sonic, achieving native liquidity, composability, and settlement. Issuers will gain reusable identities, compliance workflows, and distribution across FinChain channels, relying on Sonic's ultra-low latency infrastructure. Through the risk-weighted assets (RWA) issued by FinChain, access to Sonic's money markets, vaults, and structured products will be expanded, enhancing yield, hedging, and credit primitives.

ChainCatcher news, Sonic (formerly Fantom) co-founder Andre Cronje stated that the team has invested over $7 million to help victims of the Multichain incident recover their assets, with more than $5 million allocated to legal-related expenses. The foundation has recently added an additional $2 million to the funding agreement to continue advancing related work in the United States and China.