Binance Will Support Fantom (FTM ) Token Swap to Sonic (S)

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Binance has recently officially announced support for the conversion of Fantom (FTM) tokens and the rebranding to Sonic (S).

Binance

Binance has announced a plan to support the conversion of Fantom (FTM) tokens to Sonic (S) along with the restructuring of related trading services.

The detailed information is as follows:

  1. Suspension of FTM trading:
    • Time: 10:00 on January 13, 2025 (Vietnam time).
    • Suspended trading pairs: FTM/BTC, FTM/BNB, FTM/ETH, FTM/EUR, FTM/FDUSD, FTM/TRY, FTM/USDC, FTM/USDT.
    • All FTM-related trading orders and trading bots will be automatically canceled.
  2. Opening of Sonic (S) trading:
    • Time: 15:00 on January 16, 2025 (Vietnam time).
    • Trading pairs: S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC, S/USDT.
  3. Suspension of FTM deposit/withdrawal:
    • Time of FTM deposit/withdrawal suspension: 10:30 on January 13, 2025 (Vietnam time).
    • Time of S token deposit opening: 14:00 on January 16, 2025 (Vietnam time).
    • A separate announcement will be issued when S token withdrawal is opened.
  4. Margin and Futures:
    • Margin:
      • Suspension of margin lending: 18:00 on December 24, 2024 (Vietnam time).
      • Automatic liquidation and order closure: 13:00 on January 8, 2025 (Vietnam time).
    • Futures:
      • Suspension of new position opening: 15:30 on January 6, 2025 (Vietnam time).
      • Automatic liquidation and contract closure: 16:00 on January 6, 2025 (Vietnam time).

Details of the FTM to Sonic (S) Token Swap

  • Conversion ratio: 1 FTM = 1 S.
  • Initial total supply: 3.175 billion S (equal to the FTM supply at the time of Sonic chain launch).
  • Annual inflation rate: 1.75% after 4 years from launch.

Sonic, a new generation layer-1 blockchain from the Fantom development team, has announced the launch of its mainnet. This is an important milestone marking the beginning of this blockchain, which is expected to soon roll out community expansion activities.

Sonic is a strategic step in Fantom's repositioning plan, after a long period of not making a notable impact. Based on test results, Sonic claims it can achieve a processing speed of up to 10,000 transactions per second with instant transaction confirmation, significantly improving performance compared to existing blockchains.

Sonic will use the native token with the code S, which will be directly convertible at a ratio of 1:1 with the FTM token of Fantom. The total supply of S is 3.175 billion tokens, equivalent to the total supply of FTM, with the main functions including:

  • Governance
  • Staking
  • Validator operation
  • Transaction fee payment

Alongside the mainnet launch, Sonic Labs has also launched a dedicated upgrade portal on MySonic, allowing FTM holders to seamlessly convert 1:1 to S tokens. Specifically, within the first 90 days after the mainnet launch, users will be able to convert back and forth between FTM and S. After this period, users will only be able to convert from FTM to S.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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