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crypto.news 2024-12-24 10:03:14

Binance announces Fantom to Sonic token swap and rebranding timeline

Binance announces Fantom to Sonic token swap and rebranding timeline

The delisting of Fantom and the formal introduction of Sonic tokens with a 1:1 token swap ratio in 2025 are both announced by Binance. Binance has officially announced its support for the rebranding and token swap of Fantom ( FTM ) to Sonic, set for an early 2025 token swap. The exchange will stop processing FTM deposits and withdrawals at 3:30 UTC on Jan. 13, 2025, and delist all FTM trading pairs, including FTM/BTC, FTM/USDT, and FTM/ETH. After that, trading for the new Sonic (S) coin will open on Jan. 16, 2025, when pairings including S/BTC, S/BNB, and S/USDT will become live. The FTM tokens will be converted to Sonic at a 1:1 ratio, which means that users will get the same number of Sonic tokens for each FTM they own. All technical parts of the swap will be managed by Binance, so users won’t need to do anything on their own. However, FTM withdrawals won’t be supported after the token swap is finished. You might also like: FTM jumps 12% as Sonic Labs targets $11T lending market with new blockchain feature This token swap is in line with Binance’s history of assisting with token migrations of this kind, such as the well-known MATIC to POL token change, in which Binance made the switch easy for users. Futures, Margin Trading, and Simple Earn are among the services that Binance will be upgrading as part of the transition. In the affected products, FTM will be replaced by the new S token. With a total supply cap set at 15% yearly inflation until 2031, there will be about 2.88 billion S tokens in circulation at launch. As part of an incentive program designed to attract developers to the Sonic network, users will be eligible to get up to 90% of the funds their apps produce. Additionally, the platform will provide a 190 million S airdrop and an Innovator Fund to encourage users of the Sonic and Opera chains. You might also like: Investors bullish on Fantom ahead of Sonic upgrade Users’ FTM tokens will remain functional on the Opera network for the foreseeable future if they decide not to upgrade to the S token. However, users will need to possess the S token to engage in transactions, governance, and other activities on the new Sonic network . Key points to note here are: At 3:30 UTC on January 13, 2025, all FTM trading pairs were delisted and deposits and withdrawals were halted. Sonic (S) token trading starts at 8:00 UTC on January 16, 2025, with pairs such as S/USDT, S/BTC, and S/BNB. Before the deadline, Binance encourages FTM token holders to update or terminate any open positions in FTM-related services, including loans, margin positions, and trading bots. When the S token is launched, more information and updates will be given by the cryptocurrency exchange and the Sonic network . You might also like: Key Spot trading pairs set for removal on Binance

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