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Sonic Labs Proposes Token Issuance To Enter U.s. Tradfi Markets
Crypto Trends

Sonic Labs Proposes Token Issuance to Enter U.S. TradFi Markets

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Sonic Labs is moving to expand $S into U.S. traditional finance, aiming for ETFs, ETPs, and NASDAQ PIPE structures. The proposal, announced via X, targets institutional adoption and a stronger U.S. presence. 

This project is set to be led by Sonic USA LLC, which will bring on a CEO and put together a team based in the U.S. to tackle market and regulatory opportunities. 

To ensure swift strategic moves, the proposal also rolls out updated tokenomics. The plan includes launching new tokens to support a $100 million NASDAQ PIPE, a $50 million ETF allocation, and 150 million $S tokens for Sonic USA’s operations. 

Right now, Sonic Labs is at a bit of a disadvantage since it only holds a small fraction of its initial allocation. Other L1 chains hold onto 50–90% of tokens, allowing for quick collaborations and increased market visibility for strategic reasons.  

Strategic Goals and Token Usage

Sonic is set to fund three projects with this issuance’s tokens. To kick things off, they’ll partner with BitGo to ensure secure custody and work with an ETF provider for tracking $S in ETP/ETF products. This initial phase will provide liquidity support and ensure everything meets institutional-grade compliance.

Moreover, Sonic’s financial strategy will be bolstered by NASDAQ PIPE allocations, paving the way for long-term treasury inclusion and open market acquisitions.

Sonic USA LLC also plans to bring in new leadership, establish an office in New York City, and push for regulatory harmonization to drive domestic growth. Plus, every token transaction will be transparently recorded on-chain.

The plan also includes updates to the gas fee structure. Ninety percent of FeeM transactions are directed to builders, while five percent goes to validators, and the remaining five percent is set to be burned. For non-FeeM transactions, half will be allocated to validators, and the other half will be burned.

These changes aim to reduce net inflation, create a deflationary atmosphere, and boost the value of the $S. 

Through modernizing its tokenomics and expanding into the U.S. market, Sonic could enhance its competitive edge. With the issuance of strategic reserves, Sonic can become more agile in seizing opportunities in traditional finance, improve its visibility on platforms like CoinMarketCap and CoinGecko, and encourage wider adoption.

Also Read: Kraken Expands xStocks to Tron, Boosting Access and DeFi Trading



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NYC proposes 5 percent raise for rideshare drivers in a bid to appease Uber and Lyft
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NYC proposes 5 percent raise for rideshare drivers in a bid to appease Uber and Lyft

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New York City’s Taxi and Limousine Commission (TLC) have settled on new minimum-wage rules for rideshare drivers, Bloomberg reports. Drivers will receive a five percent raise under the new proposal, a compromise to keep Uber and Lyft from locking drivers out of their apps.

The proposal needs to be voted on by the TLC’s board of commissioners before it goes into effect, but assuming it does, it’ll end months of uncertainty for drivers working in the city. Uber began sporadically locking drivers out of its app in May 2024, preventing them taking rides and earning money. The company was blocking access to its app to avoid having to pay drivers who were working but not actively taking rides. Besides introducing a minimum wage for drivers that started around $18 per hour in 2022, New York also included stipulations in its law that required drivers be paid for the downtime between rides, something Uber and Lyft naturally had a problem with.

Bloomberg writes that the TLC initially proposed a 6.1 percent raise in an attempt to disincentivize Uber and Lyft from locking drivers out. The proposal would adjust how driver pay is calculated, in exchange for an upfront raise and a guarantee that drivers are warned before they lose access to a rideshare app. Settling on a five percent raise and a commitment to not raise wages yearly and instead based “changing industry dynamics,” is a further capitulation. One that’s still not enough for Lyft, apparently. The company told Bloomberg that, “while these changes are a step in the right direction, we still have concerns that the underlying pay formula will still deprive drivers of earning opportunities, drive up prices for riders and reduce ride availability.”

Uber and Lyft have long had a contentious relationship with city and state governments over driver protections. In comparison to the passing of Prop 22 in California, which reclassified gig workers as contractors after another law did the opposite, even a diminished minimum wage law in New York is better than nothing.



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Us Bitcoin Etf Inflows Hit $2.4B In 8 Days, Btc Price To Rally
Crypto Trends

Binance’s CZ Proposes Fix for Google, Apple, Meta’s 16B Password Leak

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A huge data breach has shaken the internet after researchers working with Cybernews found over 16 billion login credentials exposed. These credentials come from major platforms like Google, Apple, Meta (Facebook), and many others. This is the largest breach of its kind ever discovered.

A lot of details were linked, including real usernames, passwords, cookies, and metadata, all neatly organized and ready to be used by hackers. According to researcher Vilius Petkauskas, these details are clean and organized, most of them have never been seen before, which means hackers can easily use them with hacking tools.

The researchers found 30 big files, with each one holding between millions to billions of records. One file had more than 3.5 billion passwords by itself. Only one of the 30 files had been shared before. The rest are all new.

These records could unlock personal emails, social media, and even government systems, which makes the situation even more dangerous. The ones with the highest risk are people who use cryptocurrency. If the hacker could manage to gain access to their emails, they could reset their passwords and take over their crypto accounts.

Some wallets also store keys or recovery phrases in cloud services. If attackers find those, they can steal the funds instantly. This may even lead to more targeted hacks and phishing scams.

Binance founder Changpeng Zhao (CZ) reacted to the news on X, posting: “That’s 2 passwords per person for the planet. Use a different password for each site, and hopefully a different email address too. And use a hardware 2FA device!” What he means is that everyone should update their login info and add extra layers of protection.

CZ advises using 2-factor authentication | Source: X

The leaked credentials also include logins to tools like GitHub, Telegram, VPNs, and developer portals, which could lead to even bigger cyberattacks on companies.

Security expert Darren Guccione, CEO of Keeper Security, said this shows how poor cloud security still is. “This could be just the tip of the biggest security iceberg,” he warned.

Researchers say the data was likely taken using infostealer malware and not from public leaks. The breach affects people and companies worldwide. Everyone is advised to change their passwords, avoid reusing them, and turn on two-factor authentication.

Also Read: Israeli Hackers Leak Nobitex Source Code After $100M Crypto Heist



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1inch Foundation Proposes User Compensation Plan Following October Hack

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In brief

  • A DAO proposal is seeking to reimburse $768,026 in USDC to affected users.
  • But victims must submit KYC and law enforcement reports.
  • The vote currently stands at 53.47% in favor, 46.53% against.

The 1inch Foundation has submitted a new proposal to its decentralized autonomous organization to compensate users affected by an October 2024 exploit.

The proposal, dubbed 1IP-80, outlines a reimbursement plan of $768,026 in USDC—the estimated value of the stolen tokens at the time of the attack—to be sourced from the DAO’s treasury.

The DeFi DEX aggregatir Foundation would oversee the verification and distribution process, requiring victims to complete Know Your Customer identity verification, provide evidence of losses, file a report with law enforcement, and sign a compensation agreement.

It did not specify precisely what KYC would be required. 1inch does not require users to complete a KYC process to trade on its platform, making it a popular choice for those who prefer not to use centralized exchanges that have this requirement.

A case is currently under investigation in the Canary Islands, whereby victims would also need to waive their right to any funds recovered in the future.

An exploit occurred on October 30 last year, when attackers compromised the 1inch decentralized application via a supply chain vulnerability in the Lottie Player library, a plugin used for animations on websites.



Unlike the more recent $5 million breach of 1inch in March 2025, which saw the return of most funds through negotiations with the hacker, no restitution was previously made in the October case.

Under the proposal, the DAO would transfer the funds to the Foundation, which would process claims and disburse compensation. Victims would be required to forfeit any rights to recovered assets, which would instead be returned to the DAO treasury.

As of publication, 30 votes have been submitted. The vote currently stands at 53.47% in favor (3.8 million votes) versus 46.53% (3.3 million) against.A single large voter wallet dominates each side. 

One wallet accounts for the entire 3.3 million ‘no’ votes, while another holds 2.2 million of the 3.8 million votes in favor.

The dissenting wallet argues that the DAO should not act as an insurance fund, citing a lack of recurring revenue. The vote remains open until June 22.

Edited by Sebastian Sinclair

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



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NFT Gaming

Polymarket Odds on U.S. Military Action Against Iran Slide as Trump Team Proposes Tehran Talks

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Traders on decentralized betting platform Polymarket have scaled back expectations for U.S. military action against Iran amid reports that President Donald Trump’s team is looking to mend fences.

As of writing, probability that U.S. will strike Iran by June 30 stood at 46%, down sharply from the overnight high of 66.9%, according to trading in the Polymarket-listed contract “U.S. military action against Iran before July.”

The decline follows a report from Axios that the U.S. is mulling a meeting this week between U.S. envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi. The meeting will be aimed at exploring a diplomatic initiative involving a nuclear deal and an end of the Israel-Iran conflict.

Yet one Polymarket user said that “Trump should join the fray: his troops need the experience in postpostmodern warfare,” calling for a military action against Iran.

On Friday, Israel launched coordinated airstrikes and drone attacks on multiple sites across on Iranian military and nuclear facilities, leading to retaliatory action by Tehran.

Bitcoin initially fell in a knee-jerk reaction to $102,750 alongside risk aversion in traditional markets, characterized by an uptick in the anti-risk Japanese yen and weakness in the U.S. stocks.

BTC, however, has stabilized since then, with prices recovering to trade at $106,700 at press time. However, futures tied to the S&P 500 traded 0.7% lower.

Note that the Trump administration is yet to official comment on the Axios report. In a late Monday post on Truth Social, Trump reiterated that Iran cannot have a nuclear weapon, calling for immediate evacuation of Tehran.



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Binance Founder CZ Proposes DEX to Prevent Front-Running

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In brief

  • Binance founder CZ proposed a new type of decentralized exchange that hides trades and liquidation points to protect users from front-running and manipulation.
  • Analysts say the idea could enable institutional-grade DeFi, but would require a trustless, non-custodial design using atomic swaps and zero-knowledge encryption.
  • CZ invited developers to contact him via ReachMe.io, a paid messaging app he introduced in March to filter high-volume inbound requests.

Binance founder Changpeng “CZ” Zhao proposed a new kind of decentralized exchange on Sunday, one that hides trades, positions, and deposits from the public, to protect traders from so-called front-running and liquidation attacks.

“Given recent events, I think now might be a good time for someone to launch a dark pool perp DEX,” Zhao wrote on X. “I have always been puzzled with the fact that everyone can see your orders in real-time on a DEX. The problem is worse on a perp DEX where there are liquidations.”

Perp DEXs are decentralized exchanges that offer perpetual futures contracts, enabling users to place highly leveraged bets on asset prices without expiration. 

“If others can see your liquidation point, they could try to push the market to liquidate you,” he wrote. “Even if you got a billion dollars, others can gang up on you.”

Zhao noted that while CEXs hide user identities, DEXs expose wallet-linked orders and liquidation points, enabling front-running and maximal extractable value (MEV) attacks, where bots detect and exploit pending transactions for profit.

“This results in increased slippage, worse prices, and higher costs for you,” he wrote.

To mitigate these risks, Zhao proposed a “dark pool-style” approach that conceals trades and smart contract activity. 

Zhao suggested the use of zero-knowledge proofs (ZK) or similar encryption to hide activity until later stages of settlement.

“CZ is really onto something here. Such a solution must be trustless, non-custodial, cross-chain, and secure,” Kadan Stadelmann, CTO of Komodo Platform, told Decrypt. “The non-custody feature, for example, promotes privacy.”



Zhao’s post has revived a long-running debate in DeFi over whether transparency is always beneficial, particularly for institutional players. 

Annu Shekhawat, Global Ecosystem Lead at Avail, said CZ’s post “makes a compelling case for the next frontier in DeFi infrastructure.”

“Today’s DEXs expose too much: real-time order visibility, wallet-linked order books, and predictable liquidation points,” Shekhawat told Decrypt. “That’s great for MEV bots however, terrible for serious traders.”

Stadelmann said building the kind of DEX Zhao envisioned would require full decentralization, cross-chain interoperability, and trustless execution, pointing to “atomic swaps” that use “Hash Time Lock Contracts.”

These are smart contract mechanisms that enable two parties to trade assets across blockchains only if one party provides a specific code within a specified time limit; otherwise, the transaction is automatically canceled, and both parties recover their funds.

Shekhawat said the first to build such a platform could set the benchmark for private DeFi, noting it would “unlock a whole new design space for institutional-grade DeFi.”

Zhao, who stepped down as Binance CEO in 2023, invited developers to contact him via ReachMe.io, a paid messaging platform he introduced in March. 

He introduced the feature to manage overwhelming message volume, gradually raising the price to filter out spam. 

Edited by Sebastian Sinclair

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



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