Sonic Labs, the builder of the EVM-compatible chain, Sonic, has announced a leadership overhaul.
In a Friday statement, the project said that Michael Kong (former CEO), Andre Conje (CTO), and David Richardson (chairman) “resigned” from the Sonic Labs board.
As part of the replacements, Matt Visser has been roped in as the new CEO, while Kosta Kourkoumelis joins as COO. On what comes next after the leadership revamp, the project added,
First priority isn’t a roadmap reveal. It’s operational discipline and earning back trust, in that order.
It added that it will focus on transparent governance, create a real compliance team, focus on the community, and avoid empty promises.
Sonic’s S token price slips lower
Andre Conje, one of the early contributors to the project when it was called Fantom, confirmed the resignation.
On the price charts, however, S, the native token of the Sonic chain, dropped 6% on Friday, right after the leadership resignation. As of writing, the token dumped another 6% to $0.028.
Since peaking near $1 in early 2025, the S token price has consistently dropped by over 97%. Commenting on the price slump, the project noted,
The hard part, said plainly: the token is down, sentiment is down. We see it, and we’re not pretending otherwise. So treat this as day one.
For Visser, the new CEO, the expected changes will happen slowly. He added,
I am not here to promise an instant turnaround. I am here to make Sonic 1% better every single day and let that compound. Show up, do the work, prove it in public, repeat.
Sonic network traction remains muted
Sonic’s DeFi TVL (total value locked, blue line) dropped sharply from $1 billion to $18 million-A 98% drop in activity and investor confidence.
Similarly, the chain’s revenue trended lower, further reinforcing lower activity and volumes.
With muted interest and low volumes, the chain’s liquidity, as tracked by the stablecoin market cap, also dumped from nearly $1B to around $100 million.
Overall, the chain has seen a massive drop in activity and demand, which could have partly weighed on the altcoin’s price, too. Whether the leadership overhaul will attract users again to the chain remains to be seen.
Final Summary
- Sonic Labs announced leadership changes following the resignation of three top executives.
- S token price dumped by 12% following the update, amid muted network activity for the Sonic chain.