According to Foresight News, SonicAssistant, the strategic director of Sonic Labs, said, "24 hours ago, we notified the market maker Wintermute that we would not renew the contract, ending our five-year exclusive cooperation. The Sonic team has collaborated with other MM companies willing to provide MM++, who participate in our DeFi ecosystem, engage with promising applications, participate in global community activities, and maintain open and proactive communication with our team. This is precisely the necessary condition for the flourishing of our ecosystem projects. Merely supporting Cex is far from enough."
SonicAssistant stated, "Wintermute sold approximately $857,000 worth of S within 24 hours, which is likely a response to our decision not to renew the cooperation. Our previous transaction provided MM with a $16 million loan, but they have likely exceeded this inventory and are divesting to return our funds."
