Sonic Labs said its three founding board members — Andre Cronje, Michael Kong and David Richardson — are resigning from the board, and named Matt Visser as chief executive officer and Kosta Kourkoumelis as chief operating officer, in a leadership overhaul at the blockchain network whose token and onchain activity have collapsed over the past year. The company disclosed the changes in a post on X.
Sonic's S token traded at about $0.031, near a fully diluted valuation of $120 million, down roughly 97% from its January 2025 record of $1.03, according to CoinGecko data. The token fell about 30% over the past 30 days, compared with a 19% decline in Bitcoin over the same period. Total value locked on Sonic, a measure of the assets deposited in its DeFi protocols, stood at about $20 million, down some 98% from a peak of $1.14 billion in May 2025, according to DefiLlama.
The reshuffle removes from business decision-making the figures who built the network — Cronje, the DeFi developer behind Yearn Finance who steered Fantom's rebrand into Sonic, chief among them — and pairs that exit with public commitments to transparency, compliance and rebuilding holder trust. It caps a leadership unwind that has run for more than a year at a network that once ranked among the larger Layer 1 ecosystems by deposits.
