Why did they shut down Sonic?

Could you please elaborate on the reasons behind the shutdown of Sonic? Was it due to financial difficulties, a lack of user interest, or perhaps regulatory pressure? How did the decision to close down affect the community and users who had invested in the platform? What measures, if any, were taken to ensure a smooth transition for those affected? And finally, are there any lessons that can be learned from this experience that can inform the future of similar ventures in the cryptocurrency and finance space?