Binance announces Fantom to Sonic token swap and rebranding timeline

by

As a seasoned analyst with years of experience in the ever-evolving crypto market, I find myself constantly intrigued by the dynamic nature of this space. The latest announcement from Binance about the rebranding and token swap of Fantom (FTM) to Sonic (S), scheduled for early 2025, is yet another example of the rapid pace at which our industry moves.

In 2025, Binance has announced that they will remove Fantom from their platform and introduce Sonic tokens instead, with a 1:1 token swap rate.

Binance has formally declared that it will assist with the renaming and token exchange of Fantom (FTM), which is referred to as Sonic from now on, scheduled for an early 2025 token swap event.

On January 13, 2025, at 3:30 UTC, the platform will halt FTM deposits and withdrawals, and cease all trading pairs involving FTM (such as FTM/BTC, FTM/USDT, and FTM/ETH). Starting from January 16, 2025, trading for the new Sonic (S) coin will commence, with live pairings including S/BTC, S/BNB, and S/USDT becoming available.

1 ratio. Rest assured, Binance will handle all the technical aspects of this swap, so you won’t need to take any action yourself. However, please note that after the token swap is complete, you will no longer be able to withdraw FTM tokens from your account.

In keeping with Binance’s past practice of facilitating token swaps like these, this exchange is similar to how they handled the popular transition from MATIC to POL tokens, ensuring a smooth process for their users during that swap.

During the transition, Binance plans to enhance several services including Futures, Margin Trading, and Simple Earn. As part of this upgrade, the FTM token will be swapped for a new S token in the affected product offerings.

Starting off, a hard limit is established for the annual issuance of S tokens at 15%, lasting until the year 2031. This means that approximately 2.88 billion S tokens will be in circulation upon launch. To entice developers to join the Sonic network, users are eligible to receive up to 90% of the funds generated by their applications. Furthermore, the platform plans to distribute a 190 million S airdrop and an Innovator Fund to motivate users on both the Sonic and Opera networks.

For a while, FTM (Fantom) tokens used by the users will continue functioning within Opera’s network. But if they choose not to migrate to the S token, they won’t be able to participate in transactions, decision-making processes, or other activities on the new Sonic network. Instead, users would require holding the S token for such interactions on the updated platform.

Key points to note here are:

  • At 3:30 UTC on January 13, 2025, all FTM trading pairs were delisted and deposits and withdrawals were halted.
  • Sonic (S) token trading starts at 8:00 UTC on January 16, 2025, with pairs such as S/USDT, S/BTC, and S/BNB.

Prior to the deadline, Binance advises holders of the FTM token to either upgrade or close any active FTM-associated services such as loans, margin trades, and trading bots. Following the launch of the S token, further details and updates will be shared by the cryptocurrency exchange and the Sonic network.

Read More

2024-12-24 13:16