Three founding board members of Sonic Labs, the layer-one blockchain formerly known as the Fantom Foundation, resigned this week. Andre Cronje, Michael Kong, and David Richardson stepped down, handing control of the struggling project to a new executive team. The project's native S token has lost roughly 97% of its value from its all-time high and continues to slide.
Who left and what they built
Andre Cronje served as chief technology officer and is a well-known figure in decentralized finance. Alongside Kong and Richardson, he helped build Sonic Labs from scratch. The three were the last remaining original board members. Their departure marks the end of an era for a project that once ranked among the more ambitious layer-one networks.
Why the board turned over
The facts provided do not specify the reasons for the resignations. What is clear is that the project has been bleeding value. The S token's 97% decline from its peak suggests deep market skepticism. The new executive team now faces the challenge of reversing that trajectory without the founders who defined the project's direction.
What happens to the network now
Sonic Labs operates as a layer-one blockchain, meaning it runs its own consensus mechanism and competes with networks like Ethereum, Solana, and Avalanche. With the founders gone, the new leadership must decide whether to pivot the technology, seek new funding, or scale back ambitions. No roadmap or public statement from the new team has been released yet.
The token's continued decline adds urgency. Investors who held through the peak have seen their holdings shrink to a fraction of their former value. The project's community is waiting for a signal — any signal — about what comes next.
