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123 Days In.
Building What's Next.
Let's look at what @MattVisser and the @SonicLabs team have been building, changing, and setting in motion. 🔍
When the new leadership took over on June 19, Sonic was entering a period that called for more than technical progress.
Rebuilding trust, bringing more structure to the organization, and giving the ecosystem a clearer direction were all part of the challenge.
Four months later, several meaningful developments have taken shape:
1️⃣ Leadership & Operations:
The leadership transition is complete, responsibilities are becoming clearer, and experienced people are joining across finance, compliance, and regional business development.
2️⃣ Technical Progress:
The engineering team has continued to deliver.
Sonic V2.2 went live, bringing bundled transactions, expanded gas sponsorship, larger smart contract limits, and a new execution engine.
These improvements give builders more flexibility and help make onchain applications more accessible.
3️⃣ Tokenomics & Transparency:
There's been a significant shift in how $S tokenomics are being approached.
Sonic has committed to ending discretionary token minting, leaving automated validator rewards as the exception.
An independent third party has been commissioned to audit $S supply, treasury holdings, historical minting, token burns, and circulating supply.
And on October 15, 5.9M $S from unclaimed airdrop allocations were permanently burned through the previously scheduled process.
4️⃣ Network Security:
@TheSpartanGroup has joined Sonic as an independent validator, contributing to the network's security and decentralization.
Another established Web3 organization participating in Sonic's next chapter.
5️⃣ Community Engagement:
Community engagement has also received renewed attention.
The decision to shut down Fantom Opera was reversed, and dedicated town halls are being organized to hear directly from protocol builders, app developers, and memecoin and culturecoin creators.
Because building a stronger ecosystem also means listening to the people who make it possible.
6️⃣ Business Development:
Beyond the network itself, Sonic's leadership has been meeting founders, businesses, and potential partners across Seoul, Singapore, and the UAE.
The focus is on exploring real-world applications and building relationships that could eventually translate into meaningful commercial opportunities.
7️⃣ A Clearer Commercial Direction:
Sonic is also sharpening its commercial focus.
The team has identified four core commercial areas:
▫️Payments & FX
▫️AI & Autonomous Agents
▫️RWAs & Tokenization
▫️Prediction Market Infrastructure
Alongside these, Sonic is exploring commercial licensing opportunities for SonicVM and SonicDB.
The bigger picture is about turning technical capabilities into useful products, broader adoption, and sustainable revenue.
8⃣ Market Performance:
And the market has had its own story to tell.
Since the leadership transition, $S has climbed from around $0.028 to briefly trade above $0.07, representing a gain of more than 150% at its peak.
Price doesn't tell the whole story, and market movements can't be attributed to leadership alone, but it's another development worth noting.
Of course, 123 days isn't enough to measure the success of an entire transformation.
There are still partnerships to turn into business, products to bring to market, and revenue to generate.
It's the combination of a team continuing to ship, leadership working to rebuild trust, and a clearer vision of how Sonic can turn its technology into a sustainable business.
And none of it happens without the builders and community members who continue showing up for the ecosystem.
123 days in, and we're beginning to see what 1% better every day can build.
But the work doesn't stop here. There's always another 1% tomorrow.
🤖 Made with AI
Crown 🏙 retweeted
As more autonomous agents move onchain, the advantage won’t just come from better tools, but from better guardrails, workflows, and decision-making.
Good discussion from @MrMinter and @Eterna_Hybrid 👇
"Just make me profit" isn't a strategy.
@MrMinter from @SonicLabs made that clear in Eterna Talks.
Eterna MCP gives your agent the tools. You still need to give it direction.
Spend time defining the rules. Set up market research. Decide what it should check before a trade, when to enter or exit, and how much it can risk.
Build the process before putting money behind it.
“First draft is in, busy working through it and will probably be published this coming week.”
— @MattVisser on @SonicLabs's independent $S supply audit.
The upcoming report could provide important clarity around Sonic's token economics.
But there's more to examine than whether the supply is higher or lower than previously reported.
What to Expect?
1️⃣ If Supply Is Higher Than Reported:
The first question is where the difference comes from.
Previously unaccounted tokens, discrepancies in circulating supply calculations, and additional issuance have very different economic implications.
What matters is whether those tokens are already circulating, remain in treasury wallets, or could enter the market later.
That distinction directly affects how investors evaluate dilution risk and potential selling pressure.
2️⃣ If Supply Is Lower Than Reported
A lower figure could suggest a more favorable supply picture, but the reason matters.
Were tokens permanently burned without being properly reflected in reported figures?
Or does the difference simply come from how locked, treasury-held, or circulating tokens are classified?
Only the former necessarily represents a reduction in the number of existing tokens.
What Matters Beyond the Numbers?
Sonic's supply history includes the Fantom migration, institutional allocations, ecosystem incentives, validator rewards, and token burns.
An important question is whether these movements can be independently reconciled with the reported supply.
Matt has already announced the cancellation of discretionary token minting, leaving automated validator rewards as an exception.
That addresses future issuance policy.
The audit addresses the accuracy of existing supply records and related reporting.
Whether the numbers come back higher, lower, or unchanged, the real value will be understanding how Sonic arrived at them and what they reveal about the token's economic structure.
What do you expect the audit to reveal?
A higher or lower $S supply than currently reported?
Crown 🏙 retweeted
A blockchain can process millions of transactions and still struggle to capture meaningful economic value.
That's one of the biggest challenges facing Layer 1 networks.
For years, transaction counts, TVL, and blockspace demand have been treated as indicators of success.
But as execution becomes faster and cheaper, relying on gas fees alone creates an economic limitation.
More activity doesn't necessarily translate into more value for the network's native token.
This is the problem @SonicLabs's vertical integration strategy is trying to address.
Instead of relying exclusively on transaction fees, Sonic is working toward a model where financial products, liquidity infrastructure, and application-level revenue contribute more directly to the economics of the sonic-3:native token.
The goal is to connect useful financial products with recurring revenue and stronger economic alignment across the network.
Three parts of Sonic's ecosystem help illustrate how this approach could work in practice.
$USSD: The Stable Liquidity Layer
Stablecoins are fundamental to onchain finance.
Trading needs reliable quote assets. Lending markets require stable liquidity. Payments and settlement depend on predictable units of value.
USSD was introduced to serve these functions on Sonic.
Built using @Frax's frxUSD infrastructure and backed by tokenized U.S. Treasury assets, USSD provides a network-integrated dollar asset.
But its importance goes beyond stable liquidity.
The reserve structure creates an opportunity for underlying asset yield to support the network's economics, including mechanisms intended to benefit the S token.
Rather than relying entirely on external stablecoin infrastructure, Sonic is exploring how a dollar-denominated asset can support both financial activity and value creation.
The long-term impact, however, depends on recurring adoption across trading, lending, payments, and settlement.
@MetropolisDEX: Capital-Efficient Liquidity 💧
A financial ecosystem also needs efficient markets.
Metropolis uses Dynamic Liquidity Market Making (DLMM), allowing liquidity providers to concentrate capital within specific price ranges.
This offers greater control and potential capital efficiency, alongside the additional risks of managing concentrated positions.
Metropolis also provides Maker Vaults for managed liquidity strategies.
These vaults are particularly relevant to Sonic's vertical integration strategy because liquidity management can generate application-level revenue beyond ordinary transaction fees.
The key is whether those revenues come from sustainable economic activity rather than temporary incentives.
Metropolis illustrates how liquidity infrastructure can become part of a broader network revenue model.
@ShadowOnSonic: Trading and Liquidity Coordination 🥷
Shadow approaches market efficiency through concentrated liquidity and its x(3,3) model.
It connects traders, liquidity providers, and governance participants through trading fees, token emissions, and voting incentives.
xSHADOW gives participants influence over incentive allocation, while x33 offers a liquid, automated way to participate in those economics.
The objective is to coordinate liquidity around market activity and productive trading opportunities.
This matters because attracting liquidity is only one part of building a sustainable DeFi ecosystem.
Keeping that liquidity economically productive is the harder challenge.
Shadow demonstrates how incentive design can support trading and liquidity participation.
However, Shadow remains an independent protocol. Its internal revenue shouldn't automatically be counted as revenue captured by Sonic Labs.
Its relevance is the financial activity and liquidity infrastructure it contributes to the ecosystem.
Connecting the Pieces:
USSD, Metropolis, and Shadow serve different but complementary purposes.
▫️USSD provides stable liquidity.
▫️Metropolis delivers capital-efficient liquidity management.
▫️Shadow supports trading and coordinates liquidity incentives.
They don't all contribute to Sonic's economics through the same mechanisms, but together they illustrate how financial infrastructure can support interconnected markets.
Stable assets need liquidity.
Liquidity needs trading activity.
And financial applications need reliable infrastructure to connect them.
Sonic's opportunity is to turn more of that activity into recurring economic value through its vertically integrated products.
We've already seen an early example of this model.
In May 2026, Sonic reported approximately $13,000 in vertical integration revenue generated between March 1 and May 11, primarily through USSD and Metropolis vault activity.
Converted into S using the report's average price, that represented roughly 4.9 times the amount of S burned through transaction-fee-related mechanisms during the same period.
The absolute revenue was modest, and the implementation was still limited.
But it demonstrated an important principle: application-level revenue can provide economic value beyond gas fees alone.
It wasn't proof of sustainable scale or product-market fit.
It was an early indication of how the model could work.
The infrastructure provides the foundation.
Useful financial products create opportunities for demand.
Vertical integration offers a way to connect that demand to network-level value.
Product Utility. Sustainable Revenue. Network Value.
🤖 Made with AI
Crown 🏙 retweeted
"Just make me profit" isn't a strategy.
@MrMinter from @SonicLabs made that clear in Eterna Talks.
Eterna MCP gives your agent the tools. You still need to give it direction.
Spend time defining the rules. Set up market research. Decide what it should check before a trade, when to enter or exit, and how much it can risk.
Build the process before putting money behind it.
Crown 🏙 retweeted
If you're holding $frxUSD, just head to onchaincash.app/frxUSD and check out everything you can do with it...
From simple to advanced, it's all on one page.
What's your go-to frxUSD strategy? 👇
1/ Today we upgraded the ONCHAIN CA$H app.
We refined and extended a lot: the frxUSD hub, PegKeeper dashboard and a brand new Content Studio.
Essentially all the data you need around $frxUSD in one place, with even more already in the pipeline…
Built by the community, for the community!
Crown 🏙 retweeted
Private credit runs on months of emails, data rooms and repeat due diligence.
We handle everything in between: daily-monitored loan data, ratings, legal structuring and issuance, so investors can fund non-bank lenders in minutes.
Our new website is live 👇
deploi.org
A blockchain can process millions of transactions and still struggle to capture meaningful economic value.
That's one of the biggest challenges facing Layer 1 networks.
For years, transaction counts, TVL, and blockspace demand have been treated as indicators of success.
But as execution becomes faster and cheaper, relying on gas fees alone creates an economic limitation.
More activity doesn't necessarily translate into more value for the network's native token.
This is the problem @SonicLabs's vertical integration strategy is trying to address.
Instead of relying exclusively on transaction fees, Sonic is working toward a model where financial products, liquidity infrastructure, and application-level revenue contribute more directly to the economics of the sonic-3:native token.
The goal is to connect useful financial products with recurring revenue and stronger economic alignment across the network.
Three parts of Sonic's ecosystem help illustrate how this approach could work in practice.
$USSD: The Stable Liquidity Layer
Stablecoins are fundamental to onchain finance.
Trading needs reliable quote assets. Lending markets require stable liquidity. Payments and settlement depend on predictable units of value.
USSD was introduced to serve these functions on Sonic.
Built using @Frax's frxUSD infrastructure and backed by tokenized U.S. Treasury assets, USSD provides a network-integrated dollar asset.
But its importance goes beyond stable liquidity.
The reserve structure creates an opportunity for underlying asset yield to support the network's economics, including mechanisms intended to benefit the S token.
Rather than relying entirely on external stablecoin infrastructure, Sonic is exploring how a dollar-denominated asset can support both financial activity and value creation.
The long-term impact, however, depends on recurring adoption across trading, lending, payments, and settlement.
@MetropolisDEX: Capital-Efficient Liquidity 💧
A financial ecosystem also needs efficient markets.
Metropolis uses Dynamic Liquidity Market Making (DLMM), allowing liquidity providers to concentrate capital within specific price ranges.
This offers greater control and potential capital efficiency, alongside the additional risks of managing concentrated positions.
Metropolis also provides Maker Vaults for managed liquidity strategies.
These vaults are particularly relevant to Sonic's vertical integration strategy because liquidity management can generate application-level revenue beyond ordinary transaction fees.
The key is whether those revenues come from sustainable economic activity rather than temporary incentives.
Metropolis illustrates how liquidity infrastructure can become part of a broader network revenue model.
@ShadowOnSonic: Trading and Liquidity Coordination 🥷
Shadow approaches market efficiency through concentrated liquidity and its x(3,3) model.
It connects traders, liquidity providers, and governance participants through trading fees, token emissions, and voting incentives.
xSHADOW gives participants influence over incentive allocation, while x33 offers a liquid, automated way to participate in those economics.
The objective is to coordinate liquidity around market activity and productive trading opportunities.
This matters because attracting liquidity is only one part of building a sustainable DeFi ecosystem.
Keeping that liquidity economically productive is the harder challenge.
Shadow demonstrates how incentive design can support trading and liquidity participation.
However, Shadow remains an independent protocol. Its internal revenue shouldn't automatically be counted as revenue captured by Sonic Labs.
Its relevance is the financial activity and liquidity infrastructure it contributes to the ecosystem.
Connecting the Pieces:
USSD, Metropolis, and Shadow serve different but complementary purposes.
▫️USSD provides stable liquidity.
▫️Metropolis delivers capital-efficient liquidity management.
▫️Shadow supports trading and coordinates liquidity incentives.
They don't all contribute to Sonic's economics through the same mechanisms, but together they illustrate how financial infrastructure can support interconnected markets.
Stable assets need liquidity.
Liquidity needs trading activity.
And financial applications need reliable infrastructure to connect them.
Sonic's opportunity is to turn more of that activity into recurring economic value through its vertically integrated products.
We've already seen an early example of this model.
In May 2026, Sonic reported approximately $13,000 in vertical integration revenue generated between March 1 and May 11, primarily through USSD and Metropolis vault activity.
Converted into S using the report's average price, that represented roughly 4.9 times the amount of S burned through transaction-fee-related mechanisms during the same period.
The absolute revenue was modest, and the implementation was still limited.
But it demonstrated an important principle: application-level revenue can provide economic value beyond gas fees alone.
It wasn't proof of sustainable scale or product-market fit.
It was an early indication of how the model could work.
The infrastructure provides the foundation.
Useful financial products create opportunities for demand.
Vertical integration offers a way to connect that demand to network-level value.
Product Utility. Sustainable Revenue. Network Value.
🤖 Made with AI
Crown 🏙 retweeted
Farm rewards are not trading fees.
$Metro Emissions land in rewarded bins around the active price.
Swap fees are separate, and they occur when trades actually happen within a bin 💰
Crown 🏙 retweeted
So my girlfriend wanted to save around $100 for a new phone.
She knows she's a bit of a spender, so she asked me to hold the money for her.
Being the responsible boyfriend I am, I bought her sonic-3:native at $0.0438.
If it pumps, I'm the best boyfriend ever.
If it dumps, I'm going to need a new girlfriend. 🤝
🤖 Made with AI
Good morning fam, lats of people in on lots of platforms asking "when audit" here is a comment left by @MattVisser in one of my posts. Thanks Matt 🤝 $S
Crown 🏙 retweeted
Just trust the best in class - Frax.
Crown 🏙 retweeted
1/ Today we upgraded the ONCHAIN CA$H app.
We refined and extended a lot: the frxUSD hub, PegKeeper dashboard and a brand new Content Studio.
Essentially all the data you need around $frxUSD in one place, with even more already in the pipeline…
Built by the community, for the community!
Crown 🏙 retweeted
What´s the most important thing to know about a stablecoin, which you want to hold?
Unfortunately what keeps its peg from falling, the collateral backing.
@Ikebillion_ from @PharosWatch on the recent podcast "Talking To A Fellow Degen".
Crown 🏙 retweeted
From Fantom to @SonicLabs, a lot has changed. And so has my bull case.
I'm honoured to join @royal1dd from @FraxForce for a conversation about Sonic's past, its new direction under @MattVisser's leadership, and the community that's been through it all.
"SECOND CHANCES"
A Sonic Conversation.
Coming soon.
$S
So my girlfriend wanted to save around $100 for a new phone.
She knows she's a bit of a spender, so she asked me to hold the money for her.
Being the responsible boyfriend I am, I bought her sonic-3:native at $0.0438.
If it pumps, I'm the best boyfriend ever.
If it dumps, I'm going to need a new girlfriend. 🤝
🤖 Made with AI
Good morning fam, lats of people in on lots of platforms asking "when audit" here is a comment left by @MattVisser in one of my posts. Thanks Matt 🤝 $S
Crown 🏙 retweeted
Dynamic fees = base fee + variable fee. The base is set by the pool.
The variable part rises with volatility and is charged per crossed bin 📈
Crown 🏙 retweeted
227.79M total transactions recorded on @SonicLabs mainnet. 💥
In the last 24 hours alone:
🔹122,288 transactions
🔹1,834 new addresses
Next stop: 250 milion.
Have a fantastic weekend, Marines!
