Sonic Labs changes leadership and promises a "reset": S token drops 6%
Sonic Labs has announced a radical change in its top management. The board of directors of the EVM layer-1 network developer has been left by former CEO Michael Kong, Executive Chairman David Richardson, and co-founder and CTO Andre Cronje. The company called them the "architects of the current Sonic," emphasizing that they laid the foundation for the project's further development.
Matt Visser has been appointed as the new CEO, and Costa Kourkoumelis has taken the position of COO. The market reacted instantly: the S token dropped by more than 6% amid the news.
New Course: Transparency Instead of Grand Promises
The new management stated that the top priority is not presenting another roadmap, but bringing order to operations and restoring community trust. "I'm not going to promise an instant turnaround. My job is to make Sonic 1% better every day and let that effect compound," Visser said.
Acknowledging Problems and a 97% Drop from the Peak
In an address to the community, Sonic Labs directly acknowledged the deterioration of market performance and investor sentiment. "The token is falling. Community sentiment is worsening. We see it and we are not going to pretend the problem doesn't exist," the statement said.
The numbers speak for themselves: in January 2025, S quotes reached an all-time high of $1.03. At the time of writing, the asset is trading at $0.028 — a drop of 97.2% from the peak. The management suggested viewing the current moment as "day one" of a new phase in the project's development, focusing on gradual improvements over the next 100 days.
Focus on Transparency and Risk Control
Key changes include increased management transparency, the creation of a separate risk and compliance committee, and more open interaction with S holders. The company promised to publish more specific information about decisions made and to abandon formal announcements without practical substance.
Technical Team Works Without Interruption
Despite the personnel changes, the technical team continued working without disruption. Since the beginning of 2026, developers have merged about 400 significant pull requests into the main GitHub branch, released two network updates, and continue testing version 2.2.0 in a closed testnet. The company emphasized that the technology remains the ecosystem's main asset and has developed independently of organizational changes.
My analytical commentary: A change in leadership is a classic move for projects that have lost market trust, but simply appointing new managers is not enough. A 97% drop from the peak is not just a correction, but a deep structural problem. The key question is not how quickly Visser can "make 1% a day," but whether he can restore liquidity and real demand for the S token, which is now practically worthless. Transparency is good, but investors need concrete metrics and partnerships, not just promises.