Binance has officially announced its support for the rebranding and token swap of Fantom (FTM) to Sonic, set for an early 2025 token swap.
Binance has announced that it will support the rebranding and token swap of Fantom (FTM) to Sonic (S), which is set to take place in early 202025 with a 1:1 token swap ratio. The exchange will停止处理FTM存款和取款3 at 3:30 UTC on Jan. 13, 2025, and delist all FTM trading pairs, including FTM/BTC, FTM/USDT, and FTM/ETH. Following this, trading for the new S coin will commence on Jan. 16, 2025, when pairs such as S/BTC, S/BNB, and S/USDT will go live.
The FTM tokens will be swapped for Sonic tokens at a 1:1 ratio, meaning that users will receive the same amount of Sonic tokens for each FTM token they hold. All technical aspects of the swap will be handled by Binance, and users will not be required to perform any actions. However, FTM withdrawals will not be supported after the token swap is complete.
This token swap is in line with Binance’s history of assisting with token migrations of this nature, such as the renowned MATIC to POL token swap, where Binance facilitated the seamless integration of the new token for its users.
As part of the transition, Binance will be updating its Futures, Margin Trading, and Simple Earn services, where FTM will be replaced by the new S token in the affected products.
There will be around 2.88 billion S tokens in circulation at launch, with a total supply cap and 15% yearly inflation until 2031. As part of an incentive program designed to attract developers to the Sonic network, users will be eligible to claim up to 90% of the funds their applications generate. Moreover, the platform will feature a 190 million S airdrop and an Innovator Fund to bolster users of the Sonic and Opera chains.
For users who choose not to swap to the S token, their FTM tokens will continue to be functional on the Opera network. However, to participate in transactions, governance, and other activities on the new Sonic network, users will need to hold the S token.
Here are some key points to note:
Binance advises FTM token holders to adjust or close any open positions in FTM-related services, such as loans, margin positions, and trading bots, before the deadline. More details and updates will be provided by the crypto exchange and the Sonic network as the launch of the S token approaches.
