Sonic Labs Halts Manual Token Minting, Initiates S Supply Audit

Sonic Labs CEO Matt Visser announced that the team has completed its business handover and will undergo departmental restructuring to establish separate technical commercialization operations around public chains. Version 2.2 has been launched, introducing bundled transactions, an expanded trading guarantee mechanism, increased smart contract limits, and a new execution engine. The strategic focus is on L1, on-chain financial activities, and the commercialization of underlying technologies. SonicVM and SonicDB will be licensed externally, independent of the crypto cycle. The four business lines include payment and foreign exchange channels, AI, RWA and tokenization, and predictive market infrastructure, with perpetual contracts no longer being pursued separately. Regarding the S token, no new minting will occur in the future, all manual minting will be canceled, and only automatic emissions for payment validators will be retained. Additionally, an independent third-party audit of the S supply and related reports will be commissioned, with results expected to be published in a few weeks. In terms of personnel, Brandon Topham will oversee finance and compliance, Melvin Tan will handle Asia-Pacific business, and Charles Elliman will serve as the growth advisor for Africa.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.