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
MicroStrategy Proposes Semi-Monthly Dividends for STRC to Improve Liquidity and Stabilize Stock Price
MicroStrategy has proposed changing its STRC preferred stock dividends from monthly to semi-monthly to enhance liquidity and stabilize stock prices, maintaining an 11.5% annual yield. Concerns about this structure have been raised by Bitcoin critic Peter Schiff.
GateNews11h ago
Pi Network Launches First Smart Contract Feature on Testnet, Enabling Subscription Payments
Pi Network has launched its first Smart Contract feature on Testnet, enabling users to set up automatic subscription payments while maintaining control of their funds. This marks a shift toward ecosystem utility and lays the groundwork for potential mainnet deployment.
GateNews11h ago
Topnod Self-Custody Wallet Becomes Official Partner of Layer1 Blockchain Pharos
Topnod has partnered with Layer1 blockchain Pharos, providing a user-friendly self-custody wallet that simplifies access to real-world assets. It will support Pharos's airdrop activities and facilitate the distribution of RWA assets on the Pharos chain.
GateNews15h ago
Buck Protocol Announces Closure, Holders to Receive Full Redemption
The Buck protocol announced an immediate shutdown, ensuring holders receive 100% capital returns with fully backed reserves. A redemption window has opened with no time limit for asset retrieval.
GateNews16h ago
XRP Evolves From Bridge Asset to DeFi Collateral, Says Evernorth CEO
Evernorth CEO Asheesh Birla is shifting XRP's role from a settlement tool to a productive asset in decentralized finance, focusing on capital efficiency. The company aims to activate dormant capital through initiatives like native XRP lending, positioning XRP as a key player in credit markets.
CryptoFrontier20h ago
Sui Launches USDsui Stablecoin Across DeFi Ecosystem
Sui has launched USDsui, a stablecoin integrated into its DeFi ecosystem for trading, lending, and application development, enhancing liquidity and supporting developers in building efficient financial tools.
GateNews04-17 14:41
