Sonic · 237

Aave will phase out low-adoption assets and some on-chain deployments, involving nearly $100 million in supply assets

According to Aave founder Stani Kulechov, Aave's founder, said that after completing a comprehensive review, Aave will gradually eliminate 50 low adoption asset reserves in multiple deployment environments and stop deployments on Sonic, Scroll, zkSync, Metis, Soneium, and Aptos in an orderly manner, involving another 25 asset reserves. Additionally, 21 Pendle PT assets that have expired will also be phased out and replaced with new maturing assets. The adjustments involved a total of approximately $98.1 million in supply assets and $15.6 million in debt. Stani said the move is aimed at reducing the economic and technical risks of the agreement based on the new Aave risk framework and technology asset listing framework, and Aave will continue to conduct risk assessments of assets in various deployment environments in the future.

23d ago

Sonic: Research is being carried out to stop increasing supply, and 476.25 million additional tokens were not issued in accordance with tokenomics regulations this year

Comparing news, Sonic posted an article on the X platform stating that its tokenomics stipulates that 476.25 million tokens will be minted every year to fund growth, and the first distribution was originally scheduled to be minted on June 18, 2025. Sonic said that the minting was not carried out this year and is actively working to stop increasing the token supply. Currently, the only unresolved issue is the validator reward. Since the network needs to fund its own security, the team is studying ways to implement it. Sonic said the decision was in direct response to requests from the community and stakeholders, and more details will be shared as work progresses.

58d ago

Sonic Labs extends Fantom Opera until the end of the year and announces new leadership structure

Comparatively, Sonic Labs announced a number of governance and operational adjustments on the X platform. The Fantom Opera network, which was originally scheduled to shut down at the end of this month, will continue to operate until at least the end of 2026, and the corresponding cross-chain bridge will continue to receive financial support during this period. Sonic Labs said the decision was an adjustment based on community feedback. At the same time, the team announced the removal of the generic “Contributor (Contributor)” label and the disclosure of the new leadership structure. Among them, Matt Visser is CEO (CEO), who has a background in product management and financial restructuring, co-founded Squire.Law and led the Web3 product strategy; Kosta Kourkoumelis is the Chief Operating Officer (COO), has more than 20 years of experience in the financial services and digital asset industry, and has participated in ecosystem construction since the Fantom ICO stage. Earlier, Andre Cronje had announced his withdrawal from the Sonic Labs board of directors and stated that he would focus on technology research and development in the future.

59d ago

Why did S fall more than 97% after AC withdrew from Sonic while FT's valuation reached 1 billion?

Author: Curry, Shenchao TechFlow Original title: AC withdrew from Sonic's board of directors. The Godfather of DeFi once again experienced the experience of breaking out of the shell and doing crypto this year. He probably watched the US stocks reach new highs every day, then open his position in silence for three seconds and then shut it down. BTC has fallen by almost 20% since the beginning of the year, and ETH is even worse, so don't mention copycats. Under this kind of market, a 90% drop in any public chain's token is not news. What's even colder than the price is that people walk away to cool off. On June 19, AC, the godfather of DeFi, left the Sonic Labs board along with two other founding directors. The S token was reported at 0.028 at the time, leaving only a fraction of 1.03 at the beginning of the year. The on-chain TVL dropped from a peak of 1.14 billion in May last year to 20 million. According to DeFilLama's data, 98% has evaporated. There wasn't much reaction from the community when AC left. After all, he left the ring once in 2022 and then came back. The withdrawal statement is also very standard, saying that he is “still optimistic about Sonic,” but that he is no longer involved in business decisions. But what bothers me is the next part. He said the main focus has been on Flying Tulip for the past 18 months. This project raised 200 million dollars in private placement in August last year, with a valuation of 1 billion dollars. In February of this year, another public offering was launched on CoinList. The investors are Brevan Howard, DWF Labs, Susquehanna. In other words, during the period when S dropped from 1.03 to 0.028, AC was busy setting the stage for a new billion dollar project. What's even more impressive is the Flying Tulip token design. Investors with a Tier 1 subscription get an NFT called FTPut, which is essentially a perpetual put option. If they lose money, they can destroy the token at any time and redeem the principal amount at the original price. CoinList's public offering page clearly states that FT (splitable tokens, normal coins) bought on the open market do not have this right; only first-level participants have it. In contrast, the holders of S took over the market and fell to 0.028, which is 0.028. No floors, no redemptions, no one wrote you a way out... AC's exit statement that had nothing to do with me was posted on X, very short, but it seemed like every sentence was over measured. He said he was a technical advisor when he joined Fantom in 2018 and only officially became a director in December 2022. He wasn't the founder of Fantom; he never was; he was just the earliest technical architect. He was responsible for the underlying technology, including later Sonic's core system and cross-chain gateway. Then there is the critical section, which originally stated: “I am responsible for the technical decisions I lead, but I am not the sponsor or patcher of migration, airdrops, tokenomics, and the disposal of old networks.” One sentence removed myself from the fact that the S token dropped 97%. The technology was done by me, and the technology was fine. As to why the coin you bought dropped from one dollar to three percent, that was someone else's decision. The author does not evaluate whether this statement holds true, but admits that the cut is so clean that it is admirable. When most project founders run away, they either pretend not to talk, or send a vague statement full of “us” and “the team,” turning responsibility into a pot of porridge. AC is different; he drew his boundaries of responsibility so accurately that it's hard for you to refute, because he really doesn't care about the token economy. Moreover, he didn't temporarily think of doing this. In March 2022, AC announced its exit from the crypto industry citing regulatory pressure and burnout. At the time, Fantom's TVL evaporated almost one-third within a week, and the community was full of criticism. He quietly came back a few months later, and all he did was reinvent Sonic's technology. He said he was tired when he left, was silent when he came back, and when he left, he said, “I've actually been busy with other things for the past 18 months.” On Sonic's side, the six months before he left, executives changed one after another. CEO Mitchell Demeter, who was just invited in September of last year, resigned in February of this year, and the business leader also joined him. After the CEO left, the board of directors took charge of the board itself for a few months, and now the board of directors has resigned and replaced it with Matt Visser, a new CEO who has never managed the front line of the public chain. Five months, the whole tube...

61d agoburnking#AI #DeFi #Sonic

AC responds to withdrawal from the Sonic Labs board of directors: only responsible for the technical architecture, not participating in token and commercial decisions

According to Twitter, Andre Cronje (AC) issued a statement on June 21 in response to his withdrawal from the Sonic Labs board of directors and clarifying his specific responsibilities within the Fantom and Sonic ecosystem. AC said its resignation from the Sonic Labs board of directors is true, but some outside reports have confused the relationship between its technical role and the project's commercial operations, token economy, and migration decisions. AC stated that he was not the founder of the company or the original token project and initially only participated in the project as a technical advisor. AC further stated that it did not participate in the design, lead, or execution of the FTM to S token migration, is not responsible for the design and management of the Sonic airdrop, and is not responsible for the decision making of the FTM-S token migration and S token economic model. At the same time, it emphasized that it did not support shutting down the ERC-20 version of Ethereum FTM or stopping the Opera network. AC said it will no longer participate in Sonic Labs' business decisions in the future and will focus its main energy on the construction of the Flying Tulip project.

62d ago

Andre Cronje announced his departure: not the founder of Fantom and did not lead FTM's migration and airdrop to S

According to Twitter, Andre Cronje issued a statement on his resignation from the board of directors of Sonic Labs (formerly Fantom), confirming that Sonic Labs' previous announcement was true. The announcement was made because some reports and reviews have confused the boundaries of responsibility between its technical role and all of Fantom's or Sonic Labs' business, token, migration, and operational decisions. Allegedly, Fantom and the original Fantom project existed before he joined. He began participating as a technical advisor in 2018 and was not appointed as a Fantom director until December 13, 2022. Andre Cronje said he was not the founder of the Fantom company or the original token project, but rather the original technical architect of the Fantom operable network, then served as Fantom's director and chief technology officer at Sonic Labs. He claims that he has informally used the term co-founder to describe his basic technical role, but this statement is not accurate because it confuses company formation with technology creation. Its main responsibilities are technical work, including protocol research, architecture, engineering, developer infrastructure, and the design and development of the Sonic network, particularly the Sonic Gateway. At the same time, he emphasized that he did not design, lead, or execute the FTM migration to S, did not design or manage the Sonic airdrop, and was not responsible for making decisions on the Sonic token economic model, token allocation, emissions, or incentive structure. It also stated that it does not support discontinuing the ERC-20 version of Ethereum FTM or shutting down the Opera network; its position is that both should continue to receive support. Once the transition is complete, it will no longer participate in Sonic Labs' business decisions. Its main focus has been on the construction of the Flying Tulip for the past 18 months and will continue to do so.

63d ago

AC and other executives have collectively resigned from the Sonic Labs board of directors to no longer participate in Sonic related business decisions

According to Twitter, Sonic officially announced in X that executives such as Michael Kong, Andre Cronje (AC), and David Richardson have collectively resigned from the board of directors of Sonic Labs and will no longer participate in any of the company's business decisions in the future. AC later issued a letter on X confirming that it had resigned and stated that it would focus its efforts on building the Flying Tulip in the future.

63d ago

Sonic Labs announces management changes: Andre Cronje and 3 others resign from the board, Matt Visser becomes CEO

According to Twitter, Sonic Labs announced that Michael Kong, Andre Cronje, and David Richardson will resign from the Sonic Labs board of directors. The three remain concerned about Sonic's success and will fully hand over responsibilities before making business decisions for the organization. Sonic Labs also announced that Matt Visser will be CEO and Kosta Kourkoumelis will be COO. The new management's top priority is not to publish a roadmap, but to discipline operations and regain trust. Matt Visser said: “I'm not here to promise an immediate reversal of the situation. I'm going to make Sonic 1% better every day and compound it. Sonic Labs said that current token prices and community sentiment are low, and that the next 100 days will be viewed as a new first day, with the goal of making minor improvements every day. Sonic Labs promises to advance transparent governance, establish dedicated risk and compliance committees, prioritize the community, reduce empty announcements, and provide more clear updates on progress.

63d ago

AC: FT only triggered around $50,000 in liquidations during its first massive retracement, far lower than the traditional LTV model

Comparing news, Sonic co-founder Andre Cronje said that during the period when the derivatives platform FT (FlyingTulip) experienced a large-scale market retracement for the first time, the equity account lending model only generated a liquidation scale of about 50,000 dollars. Due to the use of a net risk calculation rather than a collateral model, and the soft settlement mechanism in place, the average settlement amount for a single transaction is only $200 to $2000. Andre Cronje pointed out that if a traditional borrowing system based on loan value ratio (LTV) is used, the scale of settlement under current market fluctuations may increase 10 to 20 times. He said that the equity account model can achieve net risk management and reduce market impact through a soft settlement mechanism, thereby bringing a safer, less volatile and less discounted lending experience.

77d ago

Curve Finance announced the suspension of LayerZero infrastructure in the agreement

According to Twitter, Curve Finance officially announced that due to the attack on the LayerZero infrastructure in the RSetH hacking incident, it was decided to suspend Curve's LayerZero infrastructure before further understanding the root cause of the incident. This operation will affect: CRV bridging from the following chains: BNB, Sonic, Avalanche, Fantom, Etherlink, Kava (other chains still use native bridges); crvUSD Fast bridging (L2 slow bridging can still be used normally).

125d ago