This is a general announcement, and the products and services mentioned here may not be applicable to your region.
Dear users:
Binance will support the token swap of Fantom (FTM) and the brand upgrade to Sonic (S).
Binance will stop trading and delist all existing FTM spot trading pairs (FTM/BTC, FTM/BNB, FTM/ETH, FTM/EUR, FTM/FDUSD, FTM/TRY, FTM/USDC, and FTM/USDT) on January 13, 2025, at 11:00 (UTC+8), and all open orders will be automatically canceled. Binance will open spot trading for S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC, and S/USDT on January 16, 2025, at 16:00 (UTC+8).
General Matters
Deposits and Withdrawals
Binance will suspend deposits and withdrawals for FTM tokens on January 13, 2025, at 11:30 (UTC+8). Note: FTM tokens deposited after this will not be credited, please deposit in advance.
Binance will open deposits for S tokens on January 16, 2025, at 15:00 (UTC+8).
Binance will announce the withdrawal opening time for S tokens after the token swap and brand upgrade are completed.
After the token swap and brand upgrade are completed, Binance will no longer support withdrawals of FTM tokens.
Binance will assist users holding FTM tokens in their Binance accounts with any technical issues involved.
Users can refer to the project announcement for more information.
Please note the key changes in token economics after this event:
The initial circulating supply of S is approximately 2.88 billion, with an initial total supply of 3.175 billion, matching the supply of FTM when the Sonic chain goes live.
Total supply:
The upper limit for growth before 2031 will be 15% (excluding block rewards);
Four years after the Sonic chain launch, the annual inflation rate will be 1.75%.
After this event, the token trading page will display risk warning banners and pop-up notifications.
Users can find more information here.
Token swap and brand upgrade
Binance will use S as the new FTM token code.
All FTM tokens will be swapped to new S tokens at a ratio of 1 old FTM = 1 new S token.
Spot
Binance will stop trading and delist all existing FTM spot trading pairs on January 13, 2025, at 11:00 (UTC+8).
The trading pairs being removed are: FTM/BTC, FTM/BNB, FTM/ETH, FTM/EUR, FTM/FDUSD, FTM/TRY, FTM/USDC, and FTM/USDT.
After each trading pair stops trading, all open orders will be automatically canceled.
Binance will terminate the trading bot service for the above spot trading pairs on January 13, 2025, at 11:00 (UTC+8) if applicable. Users are strongly advised to update and/or cancel their trading bots before the above trading bot service stops to avoid any potential losses.
Binance's spot copy trading will delist the above spot trading pairs on January 12, 2025, at 11:00 (UTC+8). After that, any unsettled spot trading pairs will be transferred to the spot account. Users are strongly advised to update or cancel their spot copy trading portfolios before January 12, 2025, at 11:00 (UTC+8) to avoid potential losses.
Binance will open spot trading for S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC, and S/USDT on January 16, 2025, at 16:00 (UTC+8).
Contracts
Binance will automatically liquidate FTMUSDT U-margined and FTMUSD Coin-margined perpetual contracts on January 6, 2025, at 17:00 (UTC+8) and will delist FTMUSDT U-margined and FTMUSD Coin-margined perpetual contract trading pairs after the liquidation is complete. From 16:30 (UTC+8) on January 6, 2025, users will not be able to increase new positions in FTMUSDT U-margined and FTMUSD Coin-margined perpetual contracts.
For users who have enabled the unified account mode, the positive balance of FTM in their coin-margined contracts will be automatically transferred to their cross-margin wallet after the liquidation is completed. For users who have not enabled the unified account mode, their FTM assets in coin-margined contracts will be automatically transferred to their spot wallet after the liquidation is completed.
For users who have enabled the unified account mode, the negative balance of FTM in their coin-margined contracts will be automatically repaid after the liquidation is completed. This redemption process may take approximately 24 hours or longer. Binance will not be responsible for any losses incurred by users who establish new positions during the asset redemption process. For more information, please refer to this FAQ.
To protect users' rights and reduce potential risks in extreme market conditions, Binance may take additional protective measures for FTMUSDT U-margined and FTMUSD Coin-margined perpetual contracts without further notice. Potential protective measures include but are not limited to adjustments to leverage and margin (including the maximum leverage multiple for each tier, position limits, maintenance margin rates), adjustments to funding rates (including base rates, premium indices, and rate caps), changing price index components, or adopting a 'latest transaction price protection mechanism' to update the marked price. The relaunch time will be announced later.
From January 6, 2025, at 17:00 (UTC+8), Binance's funding rate arbitrage bot will close all arbitrage strategies for FTM trading pairs and execute automatic settlements.
Leverage
Binance's cross-margin and isolated-margin leverage will remove FTM on January 8, 2025, at 14:00 (UTC+8). FTM/BTC, FTM/ETH, FTM/FDUSD, FTM/USDC, and FTM/USDT cross-margin and isolated-margin trading pairs will be delisted from the leverage platform. From now on, users will not be able to manually transfer and automatically transfer the above tokens into cross-margin and isolated-margin accounts. If users hold outstanding debts of the aforementioned tokens, they can only manually transfer the corresponding debt amount of the aforementioned tokens and deduct the collateral already in the account.
Binance's margin trading platform will suspend the isolated-margin lending business for the above tokens on December 24, 2024, at 19:00 (UTC+8). Binance's margin will automatically close and liquidate the isolated-margin positions for the above tokens on January 8, 2025, at 14:00 (UTC+8), and cancel all open orders for users in the above trading pairs. After that, the above trading pairs will be delisted from the isolated-margin platform.
Binance's margin trading platform will suspend the cross-margin lending business for the above tokens on December 24, 2024, at 19:00 (UTC+8). If users hold debts and/or collateral in their cross-margin accounts for the above tokens, the collateral will be used to repay the corresponding debts on January 8, 2025, at 14:00 (UTC+8). If there are any remaining collateral or debts for the above tokens, one of the following two options will occur:
If users hold only collateral of the above tokens without debts:
If the collateral risk rate (CML) is greater than 2, the above tokens will be transferred to the user's spot wallet until the collateral risk rate reaches 2. After that, the remaining portion of the above tokens in the cross-margin account will be sold off entirely.
If the collateral risk rate (CML) is less than 2, the remaining portion of the above tokens in the cross-margin account will be sold off entirely.
If users hold only debts of the above tokens without collateral:
If the collateral risk rate (CML) is greater than 2, all open orders will remain unaffected.
If the collateral risk rate (CML) is less than 2, all open orders under the cross-margin will be canceled.
The system will sell other collateral assets in the user's account to buy and fully repay the debts of the delisted tokens.
During the delisting process, users will not be able to update their positions. It is strongly advised that users close their positions and/or transfer assets from the margin wallet to the spot wallet before the above trading pairs stop margin trading, specifically by January 8, 2025, at 14:00 (UTC+8). Binance will not be responsible for any potential losses.
Users of Binance's unified account are advised to transfer the aforementioned tokens from their margin accounts to their spot accounts and top up their margin balances (if applicable) before January 8, 2025, at 14:00 (UTC+8). Users should closely monitor the maintenance margin rate (uniMMR) of the unified account to avoid any potential liquidations that may arise from the removal of the above trading pairs from the margin wallet.
From January 8, 2025, at 14:00 (UTC+8), users who have enabled the unified account mode will have their FTM balances in the cross-margin wallet automatically converted to USDC. This conversion process may take approximately 24 hours or longer. Binance will not be responsible for any losses incurred by users who establish new positions during the asset conversion process. For more information, please refer to the FAQ.
The relaunch time will be announced later.
Staking Borrowing
Binance's staking borrowing (floating rates) and VIP borrowing will remove FTM from the list of borrowable and collateral tokens on January 8, 2025, at 11:00 (UTC+8), and will automatically close and liquidate any outstanding orders for the above tokens as borrowing or collateral tokens. Users are strongly advised to repay borrowing before January 8, 2025, at 11:00 (UTC+8) to avoid potential losses.
Please refer to Binance's staking borrowing (floating rates) and VIP borrowing FAQ for more information. For more details, please refer to the terms and conditions of Binance's staking borrowing and VIP borrowing.
Principal Guaranteed Earnings
Binance's principal guaranteed earnings will stop offering FTM floating and fixed products on January 10, 2025, at 11:00 (UTC+8); users will no longer be able to subscribe.
Positions held by users in Binance's principal guaranteed earnings platform for FTM floating and fixed products will be automatically redeemed after January 10, 2025, at 11:00 (UTC+8) and returned to the users' spot wallets along with accumulated rewards. Users may also choose to redeem their FTM assets from the principal guaranteed earnings floating and fixed products themselves prior to this date.
After 16:00 (UTC+8) on January 16, 2025, Binance's principal guaranteed earnings will assist users holding FTM floating product positions to subscribe to corresponding positions of S floating products according to the above-mentioned swap ratio.
Dual Currency Investment
Starting from January 6, 2025, at 16:00 (UTC+8):
The dual currency investment will stop supporting FTM low-buy high-sell products, and users will be unable to subscribe to FTM-USDT, FTM-FDUSD, or FTM-USDC products.
Subscriptions with a settlement date of January 10, 2025, will be settled as usual, and user funds, including rewards, will be distributed to the spot wallet within 4 hours.
After 16:00 (UTC+8) on January 16, 2025, dual currency investments will automatically update all FTM low-buy high-sell products to S low-buy high-sell products.
Binance Pay
Binance Pay will remove FTM on January 9, 2025, at 11:00 (UTC+8).
Gift Cards
Binance will stop supporting the creation of FTM gift cards on January 13, 2025, at 11:00 (UTC+8).
Users can exchange FTM gift cards before January 13, 2025, at 11:00 (UTC+8).
Instant Swap
Binance's instant swap trading platform will delist the above tokens and all related trading pairs on January 13, 2025, at 10:00 (UTC+8).
Regular Investment
Binance's regular investment will remove FTM on January 8, 2025, at 11:00 (UTC+8). Users may choose to cancel the plan in advance. Otherwise, the next cycle of the token will fail.
Small Asset Conversion
Small asset conversion will remove FTM on January 12, 2025, at 10:00 (UTC+8). Users are advised to convert small assets in advance.
One-Click Buy & Sell
Binance's one-click buy & sell trading platform will remove FTM and all related trading pairs on January 8, 2025, at 11:00 (UTC+8).
Note: There may be differences between the English original announcement and the translated version. If there are any discrepancies, please refer to the English original for the latest or most accurate information.
Thank you for your support of Binance!
The Binance Team
December 24, 2024
Note: This announcement was updated on December 24, 2024, to clarify that principal guaranteed earnings include fixed products.
