Leading cryptocurrency exchange Binance has announced its full support for the rebranding of popular altcoin Fantom (FTM) to Sonic (S). The platform will facilitate the token swap at a 1:1 ratio and handle all technical requirements on behalf of its users. This significant transition is set to take place in January 2025, with new trading pairs for Sonic (S) becoming active on January 16, 2025.
Key Dates for FTM Users
- FTM Deposits and Withdrawals: Binance will halt FTM deposit and withdrawal services starting January 13, 2025, at 03:30 UTC. Users are advised to complete all FTM deposit transactions before this time.
- New Sonic (S) Pairs: On January 16, 2025, at 07:00 UTC, deposits for Sonic (S) will open. Simultaneously, the following trading pairs will be available: S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC, and S/USDT.
- Futures Trading Closure: FTM futures contracts will cease on January 6, 2025. Users are encouraged to close their positions before this date to avoid automatic settlement.
Sonic (S): Tokenomics and Future Plans
Sonic (S) will launch with an initial circulating supply of 2.88 billion coins and a total supply of 3.175 billion coins. The annual inflation rate will stabilize at 1.75% four years after the launch of the Sonic Blockchain. Additionally, the total supply increase will be capped at 15% by 2031.
Sonic aims to expand the Fantom ecosystem and enhance the overall user experience. This strategic rebranding is expected to position Sonic (S) as a key player in the blockchain space, offering innovative solutions and greater scalability.
Simplified Transition for Binance Users
Binance has assured users that it will handle all technical requirements for the token swap, ensuring a seamless transition from FTM to Sonic (S). This move underscores Binance’s commitment to supporting innovative projects and delivering value to its users.
For the latest updates on this transition and other cryptocurrency news, stay tuned to Dey There.
