Sonic Labs, formerly known as the Fantom Foundation, announced on Thursday via X that Kyber Network's decentralized exchange, KyberSwap, will be launching on the Sonic blockchain. This development marks a significant step for Sonic Labs as it seeks to expand its ecosystem and attract more decentralized finance (DeFi) projects.

However, the broader market outlook remains bleak. Regulatory scrutiny continues to intensify globally, casting a shadow over the industry's future. Additionally, market volatility and declining investor confidence are contributing to a pessimistic sentiment. As such, while individual projects like Sonic Labs may show promise, the overall market conditions suggest caution.