Sonic Labs, the organization behind the Sonic layer-1 blockchain, has announced a fundamental strategic pivot from emphasizing transaction speed to building long-term business value and token sustainability. Under new CEO Mitchell Demeter, the company will implement Ethereum and Sonic Improvement Proposals (EIPs and SIPs), token supply reductions through burns, and revamped reward structures aimed at delivering measurable financial outcomes for builders, validators, and S token holders.
about Sonic Labs Pivots to Token Value & Sustainability
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Sonic Expands to US with ETF Plan & Deflationary Shift
Sonic’s community has voted to establish a US subsidiary, Sonic USA LLC, which will issue 150 million tokens and oversee a $100 million private investment linked to Nasdaq. A key component is a $50 million ETF partnership with a regulated provider, using BitGo as custodian. Alongside geographic expansion, the network approved major tokenomics changes: 90% of FeeM revenue goes to builders, with increased burn rates for non-FeeM activity to create deflationary pressure. These measures aim to counter the token’s 60% annual decline and align incentives with long-term holders through locked tokens and value preservation mechanisms.
about Sonic Expands to US with ETF Plan & Deflationary ShiftDeFi Protocol CrediX Hacked: $4.5M Stolen, Recovery Promised
CrediX, a DeFi protocol, was hacked for $4.5 million in crypto, with the attacker exploiting an administrative account to mint unbacked stablecoins and drain collateral. Blockchain security firms CertiK and Peckshield confirmed the breach, noting the funds were moved from Sonic to Ethereum. CrediX assured users of full recovery within 48 hours, though its website remained offline. The attacker had gained privileged access six days prior, raising questions about platform security. CrediX, which offers high-yield lending (up to 10,000% APY), had recently rebranded from Fantom. Meanwhile, Sonic’s native token saw a minor price bump despite broader declines. The incident highlights ongoing risks in DeFi, echoing past warnings from regulators like Gary Gensler.
about DeFi Protocol CrediX Hacked: $4.5M Stolen, Recovery PromisedBinance Pauses Deposits & Withdrawals for Wallet Upgrade
Binance has announced a temporary suspension of all deposits and withdrawals on July 31 due to a wallet network upgrade, expected to last around 15 minutes. Trading will continue uninterrupted, and services will resume once the network stabilizes. The exchange has recently introduced new trading pairs like CVX/USDC and LISTA/USDC, with mixed market reactions. Additionally, Binance has adjusted its offerings, removing the Seed Tag from meme coins like BONK and PEPE, while rumors persist about a potential Pi Network (PI) listing in August. The exchange regularly conducts such maintenance to optimize performance, following similar pauses last year on networks like TRON and Cardano.
about Binance Pauses Deposits & Withdrawals for Wallet UpgradeCrypto Markets Rebound as Bitcoin Hits $106K Amid Ceasefire News
Bitcoin’s price surged to $106,000 after reports of a ceasefire agreement between Israel and Iran, sparking a broader crypto market recovery. Altcoins, particularly SEI (up 41%), saw significant gains, though lingering geopolitical uncertainty kept volatility high, with over $500 million in leveraged positions liquidated. While the market rebounded, Israel’s accusations against Iran and threats of retaliation cast doubt on the ceasefire’s stability, leaving traders cautious about the sustainability of the rally.
about Crypto Markets Rebound as Bitcoin Hits $106K Amid Ceasefire NewsBitcoin Hits $102K Amid Market Volatility and Geopolitical Tensions
The cryptocurrency market is experiencing heightened volatility, with Bitcoin reclaiming the $100,000 mark but remaining under pressure from macroeconomic and geopolitical events. The escalation of the Israel-Iran conflict, including US strikes on Iranian sites, has caused turmoil in global markets, including crypto. Bitcoin briefly dipped below $100,000 before recovering to $102,000, though the situation remains uncertain. Over $600 million in liquidations occurred in the past 24 hours, reflecting extreme market swings. Altcoins showed mixed performance, with some like HYPE gaining 6%, while others like MNT and BGB declined. The market’s fragility underscores its sensitivity to external shocks.
about Bitcoin Hits $102K Amid Market Volatility and Geopolitical TensionsBinance Expands Loan Options & Launches High-Leverage Perpetuals
Binance has updated its loan program, adding support for meme coins like TRUMP and PNUT as collateral, though these tokens remain in decline. The exchange also introduced MYX/USDT and MYX/FUSDT perpetual contracts with up to 50x leverage, boosting MYX Finance’s price by 12%. Meanwhile, Binance will delist CATI/FDUSD, ONE/BTC, and TLM/FDUSD spot pairs on June 20, though the tokens remain tradable elsewhere. The moves come as the crypto market cap dips to $3.35 trillion, with Bitcoin briefly falling to $103,600 and Ethereum struggling above $2,500.
about Binance Expands Loan Options & Launches High-Leverage PerpetualsBitcoin Drops 2% as Trump Tariffs Shake Crypto Markets
Bitcoin’s price volatility intensified this week, briefly surging past $112,000 before Trump’s tariff announcement triggered a sell-off. The cryptocurrency fell below $107,000, erasing recent gains, while altcoins like Ethereum and XRP dropped 5-10%. The total crypto market lost over $100 billion in a single day, with Bitcoin’s dominance holding at 61%. The sudden downturn highlights the market’s sensitivity to macroeconomic policy shifts, particularly from the US. Traders are now watching for further reactions as the proposed tariffs take effect in June.
about Bitcoin Drops 2% as Trump Tariffs Shake Crypto MarketsGSR Boosts Sonic’s DeFi with S Token Liquidity
Sonic Labs has appointed GSR as the official market maker for its native S token, ensuring deep liquidity and market stability. Beyond trading, GSR will actively support DeFi projects on the Sonic network, offering strategic expertise. The partnership follows Sonic’s recent $10M token sale to Galaxy and integration with Trust Wallet, streamlining cross-chain swaps. With S token’s price rising 2.23% and market cap exceeding $120M, Sonic is positioning itself as a key player in DeFi. The collaboration underscores Sonic’s commitment to ecosystem growth, backed by GSR’s trading prowess and Arkham Intelligence’s analytics tools.
about GSR Boosts Sonic’s DeFi with S Token LiquidityOklahoma Advances Bitcoin Reserve Bill Amid Market Decline and Liquidations
Oklahoma’s Strategic Bitcoin Reserve bill has advanced, with the House approving it 12-2, aiming to accumulate Bitcoin for financial security. This comes as Bitcoin’s price fell to $86,099, resulting in $1.06 billion in liquidations and significant ETF outflows amid broader market instability influenced by macroeconomic factors.
about Oklahoma Advances Bitcoin Reserve Bill Amid Market Decline and LiquidationsSEC Closes Investigation into Robinhood’s Crypto Unit Signaling Regulatory Shift
Robinhood announced that the SEC has closed its investigation into its crypto unit without pursuing enforcement action, marking a potential shift towards more favorable regulation for the crypto industry. This follows a similar decision regarding Coinbase, with both companies benefiting from a recent surge in crypto trading revenue. Robinhood’s shares rose over 3% in premarket trading, reflecting optimism about regulatory clarity under the new administration.
about SEC Closes Investigation into Robinhood's Crypto Unit Signaling Regulatory ShiftWarren Buffett’s Investment Strategy Amid High Market Valuations
Warren Buffett is not fleeing stocks, despite recent net selling and reduced positions in favorites like Apple and Bank of America. He reassured shareholders that a substantial majority of their money will remain in equities, emphasizing his commitment to investing in solid American businesses, even as he exercises caution amid high market valuations.
about Warren Buffett's Investment Strategy Amid High Market Valuations