Binance has unveiled exciting news regarding the Fantom (FTM) token rebranding to Sonic (S), scheduled for early 2025. This major transition includes a 1:1 token swap as users prepare to embrace the new Sonic identity.
The Binance platform will halt all FTM deposits and withdrawals at 3:30 UTC on January 13, 2025. Following that, trading for the Sonic token will commence on January 16, 2025, at 8:00 UTC, with new pairs such as S/BTC, S/USDT, and S/BNB becoming active. So, whether you’re a daily trader or a token-holding enthusiast, this timeline is vital to your planning!
In a seamless transition, existing FTM tokens will be converted to Sonic tokens at a 1:1 ratio. This means that for every FTM you own, you’ll receive an equal number of S tokens. One of the best parts? Users will not have to worry about managing the technical aspects of this swap, as Binance ensures everything is taken care of for them. However, it’s important to remember that FTM withdrawals will no longer be supported once the swap is completed.
Binance has a strong track record of facilitating token migrations, famously making prior transitions, like MATIC to POL, smooth and user-friendly. As part of this rebranding initiative, the exchange will also enhance offerings related to Futures, Margin Trading, and Simple Earn, where FTM will be replaced with the new S token.
When Sonic launches, there will be a maximum supply of 2.88 billion S tokens, with a planned 15% yearly inflation rate until 2031. Moreover, a captivating incentive program will allow developers on the Sonic network to earn up to 90% of the revenue generated by their applications. Users will also benefit from a 190 million S airdrop and an Innovator Fund aimed at stimulating growth within the Sonic and Opera chains.
For those who choose not to upgrade to the S token, it’s reassuring to know that their FTM tokens will still function on the Opera network. However, engaging in transactions, governance, and other activities on the newly established Sonic network will require users to possess the S token.
Key reminders for all users include:
- At 3:30 UTC on January 13, 2025, all FTM trading pairs will be delisted, and deposits and withdrawals will stop.
- Trading with Sonic (S) tokens will begin at 8:00 UTC on January 16, 2025, with key pairs like S/USDT, S/BTC, and S/BNB available.
- Before this deadline, Binance urges FTM holders to close or adjust any open positions related to FTM services, including loans, margin positions, and trading bots.
More updates and information will follow from Binance and the Sonic network as we approach this landmark transition. If you’re holding FTM, stay informed and ready for the upcoming change!
