Sonic Labs announced the restructuring of its management. Sonic Labs builds the EVM chain compatible with Sonic.
The project announced in a statement on Friday that Michael Kong, Andre Conje and David Richardson were the former CEOs of the company. “resigned” Sonic Labs Board
Kosta Kourkoumelis has joined as the COO. Matt Visser is the new CEO. Project added that it would be interesting to see what happens next, after the new leadership.
The first priority should not be a road map. The first priority is to regain trust and then maintain operational discipline.
This company added that its focus will be on transparent governance. It also said it would create a compliance team and focus on community.
Sonic’s S token price slips lower
Andre Conje, who was one of those early participants in the Fantom project confirmed that he had resigned.
S, the native Sonic coin, has dropped by 6% since Friday’s resignation. The token has dropped another 6% as of this writing to $0.028.
After peaking at $1 early in 2025, S token The price of the product has fallen by 97%. Project noted the drop in price.
We can say it plainly, “The token is lower, and sentiment is lower.” It’s obvious, we don’t pretend otherwise. Consider this the beginning of your journey.
Visser is the new CEO and the anticipated changes are expected to happen gradually. “He added.
It is not my intention to make a promise of an immediate turnaround. Sonic can only get better if we all do our part. Bring yourself to work, then prove your worth in front of the public.
Sonic network’s traction has been muted
Sonic’s DeFi TVL, (total locked value line in blue) has dropped from $1 billion down to 18 million dollars-a 98% decline in investor confidence and activity.
In the same way, revenue for this chain has also been trending down, which reinforces lower activity levels and volume.
The chain’s liquidity as measured by its stablecoin market capital also dropped from almost $1B to about $100M.
Globally, there has been a significant drop in the activity of the chain, and this could also have weighed down on its price. The leadership change will likely attract new users to the network.
Final summary
- Sonic Labs has announced leadership changes after the resignations of three senior executives.
- Sonic’s token prices dropped by 12 percent following an update.
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Source: ambcrypto.com
