Sonic (@SonicLabs): Setting the Record Straight

Setting the Record Straight Sonic Labs is issuing the following statement regarding recent public commentary about Andre Cronje and the Sonic network. Timeline Overview January to June 2018 A South Korean team launched an ICO for Fantom, now known as Sonic. The original team mismanaged the ICO proceeds and failed to deliver a functional product. The initial tokenomics were poorly structured, a large share of the funding was depleted, with no results, as their team was incapable of even deploying an ERC-20 FTM token contract. Many ICO participants exited their positions early, leaving the project in a critically unstable state. Through the later involvement of Andre Cronje from June 2018 onwards, the restructured Fantom team was able to stabilize and ultimately revive the project. Without this intervention, Fantom likely would not have survived. Andre’s design of the Lachesis Protocol, created to address scalability limitations and significantly increase transaction throughput, delivered a major technical advancement that strengthened the broader EVM ecosystem. A judgment from the Seoul High Court concluded that the current technical team led by Andre Cronje developed aworking product that the South Korean team failed to deliver, effectively rescuing the project “from the brink of collapse.” (Seoul High Court Judgment dated 19 June, 2024, pp. 12-14) 2019 to Present Following the ICO, Andre became actively involved and introduced new theoretical and architectural frameworks that revitalized the project. His contributions led to the deployment of a DAG-based consensus model and a high-throughput blockchain network, first with a testnet in December 2018 and later the first mainnet in December 2019. At the time, Fantom emerged as one of the most technically ambitious networks in the industry, achieving single-digit-second block times and fast finality. When Andre became involved, the treasury held under $5 million in non-FTM assets. Through early participation in DeFi, disciplined treasury management, and strategic positioning, these assets were expanded into a nine-figure balance sheet between 2020 and 2021. This growth helped secure long-term development, infrastructure expansion, and ecosystem stability. His early work also enabled the recruitment of academic contributors, including Bernhard Scholz and a team of PhD researchers, who helped formalize and extend the protocol design. These efforts contributed to the launch of a decentralized, production-grade network that remains competitive today. Without this intervention, Fantom likely would not have continued beyond 2020, as the project faced limited funding, minimal delivered technology, and limited operational structure at the time. Today, Sonic Labs payroll, infrastructure, and operating expenses are fully funded through the development fund that was expanded under Andre’s treasury strategy. Andre has served in both advisory and technical roles for approximately eight years. He was not responsible for designing the original project tokenomics. Those frameworks were established through the initial South Korean teams and governance proposals approved by global Sonic network validators, often without participation from Sonic Labs–affiliated validators. Clarifications To address several recurring claims directly: • Andre did not design the original Fantom tokenomics. These were created by the initial South Korean team in 2018 and later modified through on-chain governance. • Andre does not have unilateral custody or control of the Sonic development fund. Treasury management is overseen by a board structure which includes Andre Cronje, Michael Kong, and David Richardson. • Andre has not received a salary or tokens for his contributions. • Andre did not, and has never, abandoned Fantom/Sonic. He has remained actively involved for over eight years, designing the original technology, growing the treasury, and continuing his involvement as a technical advisor, providing direction regularly to the technical team. • There has been no misappropriation of funds. Claims suggesting otherwise are false. In fact, the opposite is true: Andre significantly grew the treasury, without which there would be no project today. Contrary to misleading narratives, Andre continues to support Sonic in an advisory capacity. Historically, Andre’s most prominent innovations have launched on Ethereum. His involvement in independent initiatives such as Yearn and Keep3r has never conflicted with his support for Fantom/ Sonic, and Flying Tulip is no exception. In an industry often driven by short-term incentives, it may be difficult to believe that long-term contributors operate without immediate compensation. However, throughout the evolution of DeFi and the EVM ecosystem, many builders have contributed out of conviction and technical curiosity. Andre has been one of the most visible contributors in that regard. Recognition and Contributions Andre has successfully positioned himself as a DeFi pioneer and is recognized globally for his innovations. He is frequently referenced and profiled by prominent U.S. media outlets, including Forbes, Bloomberg, and The Wall Street Journal, validating his influence and leadership in the blockchain and cryptocurrency space. He has developed and launched multiple unicorn projects, including Yearn Finance, Keep3r Network, Solidly (via Velodrome & Aerodrome), and Fantom/Sonic, each achieving billion-dollar valuations and transforming segments of the DeFi landscape. He has been awarded “Most Influential in Crypto” by major publications such as CoinDesk, Forbes, and CryptoSlate. Thousands of Solidity developers and DeFi founders acknowledge his positive impact on the broader ecosystem. Sonic Labs does as well, as Andre has been an avid mentor to our technical team across the globe. Looking Ahead We look forward to the deployment of Flying Tulip, especially on Sonic. Andre has dedicated years of research to this product, and we firmly believe it represents a groundbreaking endeavour that will become one of the leading long-term DeFi projects. - Sonic Labs Board of Directors