Buy Crypto- Markets
Futures- Spot
- Copy Trade
- Earn
- More
Sonic Labs officially launches Sonic mainnet and launches 190.5 million S tokens airdrop plan to incentivize users and developers
Original source: Sonic Labs
Sonic Labs today officially announced the launch of Sonic Mainnet, an EVM-compatible Layer-1 blockchain platform dedicated to providing developers with excellent infrastructure and generous incentives.
Sonic Mainnet supports 10,000 transactions per second (TPS), achieves sub-second finality, and has a built-in decentralized Ethereum access gateway to help developers build next-generation applications on this unparalleled infrastructure and liquidity platform.
Sonic was created by the core team behind Fantom, and its native token S has achieved a major breakthrough compared to Fantom and FTM. Through a one-to-one upgrade mechanism, existing FTM holders can seamlessly switch to S and start using Sonic.
Sonic, with its mature technical experience, has positioned itself as the core of the DeFi ecosystem, innovating developer incentives while providing users with a smooth user experience and massive liquidity access.
Fee Monetization: Developers First
Sonic's fee monetization (FeeM) mechanism draws on the advertising revenue model widely used by platforms such as YouTube in the Web2 era, allowing developers to earn up to 90% of the network fees generated by their applications. Compared to many blockchains that only provide limited developer incentives and focus mainly on value extraction, Sonic's FeeM model effectively solves this problem.
Sam Harcourt, head of business development at Sonic Labs, said, "Recently, we have seen many new chains come online, especially some centralized Layer 2s, whose founding teams pocket all network fee revenue. This model excludes developers and forces them to charge users additional fees to obtain income. The FeeM model writes developer rewards directly into the chain, fundamentally ensuring that network fees can be shared with developers."
On the Sonic chain, developers can get a share of the network fees generated by the traffic and interaction attracted by their applications, providing them with a built-in continuous income mechanism.
From Fantom to Sonic: FTM Upgraded to S
Fantom and its token FTM are officially upgraded to Sonic and S tokens. Sonic Labs provides FTM holders with a one-to-one seamless upgrade service to convert FTM to S through a dedicated upgrade portal on the MySonic platform.
Sonic Labs CEO Michael Kong said, "The launch of Sonic Chain marks a new upgrade for Fantom. We built this revolutionary platform based on its nearly 100% stable operation record since 2019. Sonic prioritizes the needs of developers, enabling them to create applications with smooth user experience and earn revenue sharing from network fees."
During the first 90 days after the launch of the Sonic mainnet, holders can freely exchange between FTM and S tokens through the upgraded platform. After this period, holders will only be able to upgrade from FTM to S.
Sonic Gateway: Secure and decentralized cross-chain interoperability
With the rise of cross-chain activities, secure and trustless cross-chain bridges have become more important than ever. Traditional Layer-1 and Layer-2 cross-chain bridge solutions often rely on centralized systems, which can lead to billions of dollars in potential loss risks.
Sonic Gateway addresses these challenges and provides the following key features as a decentralized, trustless bridge between Ethereum and Sonic:
· Security:Built-in fault protection mechanism. If the Gateway stops operating for more than 14 days, user funds can be restored on Ethereum to ensure asset security.
· Efficient speed:Asset transfers use an efficient batch processing mechanism (processed every 10 minutes from Ethereum to Sonic and once an hour in the reverse direction). In addition, users can enable the Fast Lane function by paying a small fee to achieve instant cross-chain.
· Decentralization:Operated by Sonic's validators on both chains, the Sonic Gateway is as decentralized as the Sonic network itself, avoiding the risk of centralized manipulation.
Sonic Labs Chief Research Officer Bernhard Scholz said, "To enable users to achieve efficient and trustless asset management, we developed Sonic Gateway, a cross-chain bridge that can provide liquidity from other platforms. Through our validator support and built-in security protection mechanisms, Gateway allows users and applications to safely take advantage of the advantages and incentives brought by new liquidity."
Sonic Labs plans to expand Gateway to blockchains beyond Ethereum in the future, providing users with direct decentralized access to native assets on multiple blockchains.
Sonic Airdrop: S Token Distribution Program
To promote network growth, Sonic Labs has launched an airdrop program to distribute 190.5 million S Tokens, focusing on incentivizing users and developers. The program includes two incentive mechanisms:
· Sonic Points:Rewards early users, including early adopters, asset holders, and active participants.
· Sonic Gems:Rewards developers by encouraging the development of applications that drive user activity and innovation. Developers can convert Gems into S Tokens and share these tokens with users, incentivizing users to continue using the application.
About Sonic
Sonic is an EVM-compatible Layer-1 platform that provides developers with generous incentives and powerful infrastructure. The chain supports over 10,000 transactions per second (TPS), achieves sub-second confirmations, and enhances liquidity and asset security through a secure Ethereum gateway.
For more information, please visit the Sonic official website and follow Sonic's Twitter account.
This article comes from a contribution and does not represent the views of BlockBeats
You may also like
From x402 to MPP: Cloudflare's crucial vote, will it go to Coinbase or Stripe?
BlackRock CEO issues annual open letter: The wave of tokenization has arrived, and we will lead this trend
When Backpack backstabs the community
When gold is no longer a safe haven, and Bitcoin continues to panic
Trump, the World's Largest Oil Trader
If the US and Iran have not reached an agreement in 5 days, what other cards does Trump have?
Tether Whale Dumps £12 Million, Backing Crypto’s ‘British Trump’
Ethereum Foundation Post: Rethinking the Division of Work Between L1 and L2 to Build the Ultimate Ethereum Ecosystem
Two Major Prediction Market Platforms Unite Rarely, What Is the Story Behind This New Fund?
Dragonfly Partners: Most agents will not engage in autonomous trading, how can crypto payments prevail?
US AI Startup Goes All In on Chinese Mega-Model | Rewire News Morning Brief
Trump Lies Again: A "Five-Day Pause" Psyop, How Wall Street, Bitcoin, and Polymarket Insiders Synced Uposciogen
When a Token Becomes Labor, People Become the Interface
Ceasefire News Leaked Ahead of Time? Large Polymarket Bets on Outcome Before Trump's Tweet
BlackRock CEO's Annual Shareholder Letter: How is Wall Street Using AI to Keep Profiting from National Pension Funds?
Sun Valley Releases 2025 Financial Report: Bitcoin Mining Revenue Reaches $670 Million, Accelerating Transformation to AI Infrastructure Platform
On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.
• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
This includes:
· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
The total annual operating costs and expenses amount to $1.1 billion.
Specifically, they include:
· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.
The US AI Startup Is Loving China's Open Source Model
App