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
XRP Ledger Plans to Become Native DeFi Lending Powerhouse - U.Today
The XLS-66 proposal aims to enhance the XRP Ledger with native lending and borrowing capabilities, allowing users to earn returns on idle capital. For activation, it requires 80% validator approval, currently lacking sufficient support.
UToday50m ago
Circle Moves $68 Million in 30 Minutes Using USDC, Showing Real Power of Stablecoin Payments
Circle recently demonstrated the transformative potential of stablecoins in corporate finance by swiftly transferring $68 million using USDC, showcasing advantages like instant settlement and improved transparency over traditional banking methods.
CryptometerIo1h ago
Cardano promotes stablecoin USDCx, aiming for direct withdrawals without bridges
Input Output Group (IOG) has clarified its strategy for expanding stablecoin integration on Cardano through the USDCx infrastructure. This system, backed 1:1 by USD Coin in Circle's xReserve smart contract, enables various DeFi activities, targeting direct USDC withdrawals to enhance liquidity without relying on bridges. IOG emphasizes that USDCx is a long-term upgrade for Cardano's financial infrastructure.
TapChiBitcoin4h ago
X Money Account Opening Process Revealed: Complete in Less Than 1 Minute, Supports Facial Recognition Verification
Crypto KOL AB Kuai.Dong revealed the account opening process for X Money. Users only need to enter basic information to open an account within 1 minute. X Money supports virtual and physical cards, offering withdrawal and spending functions, with a transfer limit of $1,000,000 and a withdrawal limit of $100,000.
GateNews5h ago
CEO BitGo: Crypto company has a structural advantage in the digital asset custody race
Mike Belshe, CEO of BitGo, highlights the structural advantages of native crypto companies in digital asset custody, contrasting with traditional banks' conflicts of interest. BitGo generates over 80% of its revenue from stable custody fees, recently receiving a federal banking license. As of September 2025, BitGo is safeguarding $104 billion in assets for over 4,900 institutional clients globally.
TapChiBitcoin7h ago
AI and the Operational Challenges of DeFi Funds
Crypto liquidity funds are rapidly growing as institutional investors show increased interest in digital assets and DeFi strategies. However, many fund managers still rely on inefficient tools like spreadsheets for portfolio tracking across various exchanges and protocols. The complexity of DeFi activities complicates accurate performance and risk assessments, highlighting the need for AI solutions to automate protocol classification and portfolio analysis.
TapChiBitcoin7h ago
