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
TruStage Pilot for Credit Unions: USD Stablecoin TSDA
TruStage is piloting the issuance of the US dollar stablecoin TruStage Stablecoin (TSDA), backed 1:1 by cash reserves, aiming to provide new payment infrastructure for American credit unions and explore the application of stablecoins in traditional finance.
GateNewsBot21m ago
'Stablecoin Summer': Stripe Makes Tender Offer at $159 Billion Valuation
Stripe is set to repurchase shares from employees at a valuation of $159 billion, amidst a surge in business and stablecoin volumes. The firm reported a 34% yearly increase in business and highlighted its Bridge and Tempo acquisitions for expanding stablecoin offerings.
Decrypt1h ago
Nexo Achieves 52% Repeat Borrower Rate As Customer Crypto Lending Trading Activity Surges: Analyst
Nexo, a centralized finance platform that mainly concentrates on crypto borrowing services, has reported a 52% repeat borrower rate, an indicator that the number of borrowers has significantly increased on its trading network, according to a revelation disclosed today by market analyst
BlockChainReporter3h ago
Vitalik Buterin Outlines Ethereum Foundation’s Vision for DeFi - U.Today
Vitalik Buterin outlines the Ethereum Foundation's future approach, emphasizing support for decentralized, secure, and private protocols. He encourages innovation beyond better stablecoins and introduces the "walkaway test" to ensure true decentralization.
UToday4h ago
WisdomTree Gets SEC Nod to Enable Instant Settlement for Tokenized Money Market Fund
In brief
WisdomTree's tokenized money market fund will soon trade 24/7.
The shift will also allow investors to cash out WTGXX instantly.
The arrangement required approvals from the SEC and FINRA.
WisdomTree said on Tuesday that it’s enabling instant settlement for its tokenized money mar
Decrypt5h ago
Ethena Quietly Pivoted – Is ENA Now the “AWS of Stablecoins”?
Ethena (ENA) may have just changed its business model, and most of the market barely reacted. AI agent Aiixbt shared on X that the project has stepped away from directly competing in the stablecoin wars.
Instead of fighting for market share with USDe, Ethena is now offering white-label
CaptainAltcoin5h ago
