Binance has confirmed its support for the rebranding and token swap of Fantom (FTM) to Sonic (S), which is scheduled for early 2025.
The transition will see FTM replaced by Sonic across all Binance products. The exchange stated that as part of the transition, FTM deposits and withdrawals will be suspended starting at 3:30 UTC on January 13, 2025, with all FTM trading pairs, including FTM/BTC, FTM/USDT, and FTM/ETH, set to be delisted at the same time. Trading for the new Sonic (S) token will commence on January 16, 2025, with trading pairs such as S/BTC, S/BNB, and S/USDT becoming available.
Binance also plans to update its Futures, Margin Trading, and Simple Earn services to accommodate the Sonic token.
The token swap will occur at a 1:1 ratio, ensuring users receive an equal number of Sonic tokens for their FTM holdings. Binance will oversee the technical aspects of the transition, requiring no additional action from users. However, once the swap is complete, FTM withdrawals will no longer be supported.
The new Sonic token will launch with an initial circulation of approximately 2.88 billion tokens, subject to an annual inflation cap of 15% until 2031.
Meanwhile, the Sonic network aims to incentivize developers by allowing them to retain up to 90% of revenue generated by their applications. Additionally, a 190 million Sonic token airdrop and an Innovator Fund are planned to drive activity on the Sonic and Opera chains. While users can continue using FTM on the Opera network, the S token will be required for transactions, governance, and other functions on the Sonic network.
This process mirrors previous seamless token swaps facilitated by Binance, such as the MATIC to POL rebranding.
Binance advised users to either update or close any open positions related to FTM services, such as loans and trading bots, before the January 13 deadline. The exchange has indicated that both it and the Sonic team will offer further updates on the token swap and network transition as the launch date approaches..
In another development, Binance has also announced an increase in the maximum position limits for its yield-based margin asset, BFUSD, on its Futures platform. The adjustment, which took effect on December 17, 2024, at 15:00 (UTC+8), will increase trading flexibility for users across VIP levels. BFUSD, which serves as a margin for USDT-M futures contracts and offers daily USDT rewards, will now feature significantly higher position limits to accommodate growing user demand.
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