Fantom (FTM) is rebranding and token swapping to Sonic (S) in early 2025, Global cryptocurrency exchange Binance has confirmed.
The token migration will see Fantom delisted from Binance’s platform and replaced with the newly introduced Sonic token at a 1:1 swap ratio. The transition was mapped out and detailed by Binance for users.
Binance will halt FTM deposits and withdrawals at 3:30 UTC The delisting of all FTM trading pairs, including FTM/BTC, FTM/USDT, and FTM/ETH, will occur on January 13, 2025. Trading of the Sonic (S) token is scheduled to begin on January 16, 2025. Pairs such as S/BTC, S/BNB, and S/USDT will then be available at 8:00 UTC.
Binance Replaces FTM with Sonic in Products
The exchange reassured holders that the FTM to Sonic token swap would run automatically with no action required. After this token swap was completed, FTM withdrawals from the token will no longer be supported.
When released, Sonic will be issued with about 2.88 billion tokens on circulation, and the annual inflation will be capped at 15% until 2031. The Sonic network is an ambitious network that is building an ecosystem of incentives developers can earn between 90% of the funds invented for their applications plus even more, up to an airdrop of 190 million S tokens and an Innovator Fund to get them involved with the Sonic and Opera chains.
Binance will also adjust its services such as Futures, Margin Trading and Simple Earn by substituting FTM with the Sonic token on these products.
Binance said that while Sonic tokens will function as the new transaction medium for governance and other activities on the Sonic network, those who wish to keep their FTM holdings will still be able to do so on the Opera network. But participating in the Sonic ecosystem will require the new S token.
This is consistent with Binance’s history of facilitating such transitions as well, having done things like the much-noted MATIC-to-POL rebranding earlier. The exchange said that they will continuously update the community during the process of migration.
Ahead of the January 30, 2025 deadline, Binance is urging FTM holders to close or update any open positions relating to the FTM network, including of loans, margin trades, and trading bots connected to FTM network services.
Now it is ready to expand its ecosystem and attract developers as well as an innovation. It’s expected that Binance will be doing the technical heavy lifting of the migration and that the process will be more transparent for users.
Binance and the Sonic network will provide further updates as the swap date approaches, keeping users on top of the process and all the possibilities in the new Sonic ecosystem.
