Sonic Labs CEO and Business Head Depart

According to ME News, on February 21st (UTC+8), Sonic Labs released its 2026 Ecosystem Update (Part 1), announcing the departure of CEO Mitchell Demeter and Head of Business Development Evan Owens. The board is currently temporarily managing the company while searching for a new CEO. Sonic stated that its development fund has formed a long-term operational reserve, with no pressure to unlock risky investments. The fund's allocation covers assets such as S tokens, stablecoins, and government bonds. Strategically, Sonic Strategy holds approximately 127 million S tokens (multi-signature escrow and prohibited from sale) and has ended its partnership with the CMCC Resonance Fund. On the product front, the AI smart contract generation platform Spawn is undergoing internal testing; FeeM has distributed over 2.6 million S tokens to developers, and may adjust its future commission structure from 90% to a tiered structure; the Meme Season and Sonic & Sodas incentive programs have been terminated, and the company will focus on long-term ecosystem development and token economic integration going forward. (Source: ME)