97% Down — Andre Cronje Exits Sonic Labs Board as S Token Continues to Sink Lower

The 3 founding committee members built Sonic Labs, formerly the Fantom Foundation, from the crushed up. Cronje served arsenic main exertion serviceman and is known crossed DeFi for creating Yearn Finance. Kong ran the Fantom Foundation arsenic CEO. Richardson held the relation of enforcement chairman.

Sonic Labs confirmed the departures successful an official statement shared connected X. The institution said the trio remains invested successful Sonic’s occurrence but volition nary longer marque concern decisions for the organization.

New Leadership Takes Over

Matt Visser steps successful arsenic the caller CEO. Kosta Kourkoumelis takes the relation of main operating officer. Visser acceptable expectations debased and specific.

“I americium not present to committedness an instant turnaround,” Visser said. “I americium present to marque Sonic 1% amended each azygous time and fto that compound.”

Sonic Labs pledged a dedicated hazard and compliance committee, nationalist decision-making, and less announcements without substance. The institution acceptable up a disclosure email for holder concerns.

Token Performance Reflects the Pressure

The S token trades betwixt $0.028 and $0.031, a diminution of astir 97% from its January 2025 all-time precocious adjacent $1.03. The token fell different 5% successful the 24 hours aft the committee announcement.

The S token has seen betterment implicit the past 24 hours.

Total worth locked connected Sonic dropped from a May 2025 highest of $1.14 cardinal to astir $20 million, according to Defillama data. That marks a 98% illness successful locked superior connected the network.

Sonic Labs did not soften the numbers. “The token is down. Community sentiment is down. We spot some clearly, we are not spinning it,” the institution said.

Cronje Points to Flying Tulip

Cronje addressed his exit connected X, saying his absorption for the past 18 months has centered connected Flying Tulip, a DeFi level helium built offering real-yield stablecoin products. He said Flying Tulip has scaled to astir $70 cardinal successful TVL crossed 3 systems, earning adjacent 16% APY connected USDC and USDT connected Ethereum and astir 8% connected Sonic.

He clarified helium was ne'er Fantom’s founder, lone its archetypal method architect, and said helium opposes shutting down the bequest Opera network.

A Familiar Pattern

Cronje stepped backmost from crypto successful March 2022, citing regulatory unit from the SEC and burnout, earlier returning to physique Sonic’s method architecture. His 2026 exit follows that aforesaid arc: measurement backmost from a high-profile project, redirect vigor into an autarkic building.

What it means for traders: Sonic’s governance reset trades laminitis visibility for operational discipline, portion Cronje’s attraction present sits with Flying Tulip’s output products alternatively than the S token’s recovery.