Good news in Sonic’s business environment 👇
At last a change in the business vision; internal moves are positive ↗️ $S
#SonicLabs
At last a change in the business vision; internal moves are positive ↗️ $S
#SonicLabs
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--Bullish
Binance News
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Sonic Labs CEO Says Manual Token Issuance Will End, Third-Party Audit of S Supply to Begin
Foresight News posted on X (formerly Twitter). Sonic Labs CEO Matt Visser said the team has completed its business handover and will reorganize departments while separating technical commercialization work around the public blockchain. He said version V2.2 was launched today and adds bundled transactions, an expanded transaction guarantee mechanism, higher smart contract limits, and a new execution engine.
Visser said the company will continue focusing on Layer 1 development, on-chain financial activity, and commercializing underlying technology. SonicVM and SonicDB can be licensed externally and are not dependent on the crypto cycle. He said the company has four business lines: payment and foreign exchange channels, AI, RWA and tokenization, and prediction market infrastructure. Perpetual contracts will no longer be pursued as a separate line of business.
Regarding the S token, Visser said no new minting will take place in the future and all manual issuance increases will be canceled, leaving only automatic emissions used to pay validators. He also said an independent third party has been commissioned to audit the S supply and related reports, with results expected within weeks.
On personnel changes, Brandon Topham will oversee finance and compliance, Melvin Tan will handle Asia-Pacific business, and Charles Elliman will serve as an Africa growth adviser.
Visser said the company will continue focusing on Layer 1 development, on-chain financial activity, and commercializing underlying technology. SonicVM and SonicDB can be licensed externally and are not dependent on the crypto cycle. He said the company has four business lines: payment and foreign exchange channels, AI, RWA and tokenization, and prediction market infrastructure. Perpetual contracts will no longer be pursued as a separate line of business.
Regarding the S token, Visser said no new minting will take place in the future and all manual issuance increases will be canceled, leaving only automatic emissions used to pay validators. He also said an independent third party has been commissioned to audit the S supply and related reports, with results expected within weeks.
On personnel changes, Brandon Topham will oversee finance and compliance, Melvin Tan will handle Asia-Pacific business, and Charles Elliman will serve as an Africa growth adviser.