Sonic Labs receives approval to issue $200 million in S tokens for US capital market expansion, including a proposed exchange-traded product and Nasdaq-listed investment vehicle. Voting ended with 99.99% approval from 105 wallets. Plans include $100 million for a Nasdaq PIPE vehicle and $50 million for an S token-tracking ETP.
Many companies use crypto to boost balance sheets, but Sonic Labs aims to enhance competitiveness by leveraging traditional financial instruments. Sonic launched in December 2024 after rebranding from Fantom Opera network, but limited tokenomics hindered opportunities like partnering with GameStop and Robinhood.
Sonic plans to make the S token more deflationary by updating gas fee mechanism and burning more transaction fees. This move aims to reduce net inflation and create long-term deflationary pressure. Despite a 69% drop in token value since January, Sonic aims to play with traditional financial players without compromising holders.
Sonic is part of the US Commerce Department’s blockchain program to publish economic data onchain using Chainlink and Pyth’s oracle services. This allows developers to reference US macroeconomic statistics directly on Sonic, unlocking new innovation like developing trading models from GDP and inflation data.
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