Sonic Labs, previously known as the Fantom Foundation, announced on Tuesday via X that Snapshot will launch on the Sonic network. This development comes at a time when the blockchain industry faces increasing regulatory scrutiny and market volatility.

The introduction of Snapshot on the Sonic network aims to enhance governance mechanisms, yet the broader market sentiment remains pessimistic. Regulatory bodies worldwide continue to tighten their grip on cryptocurrency operations, creating an uncertain environment for both investors and developers.

As the industry grapples with these challenges, the long-term viability of new projects like Sonic Labs' Snapshot remains to be seen.