Binance, Fantom (FTM)$FTM
announced that it will support the rebranding of its tokens as Sonic (S) and the token swap process.
Throughout this process, Binance will meet users' technical requirements and ensure a smooth transition.
According to the announcement, starting from 06:00 (UTC) on January 13, 2025, all FTM trading pairs on Binance will be removed and all open FTM buy and sell orders will be canceled. Additionally, FTM deposits and withdrawals will be suspended after this date.
Deposits for Sonic (S) tokens will begin at 10:00 on January 16, 2025, and new trading pairs for Sonic will be available at 11:00 on the same day. Binance will make a separate announcement once the withdrawals for Sonic tokens are complete. However, withdrawals for FTM tokens will no longer be supported.
As for what users need to do, Binance stated that users do not need to take any action in the conversion of Fantom to Sonic, and all technical requirements will be met by the platform. All FTM tokens will be converted to Sonic tokens at a rate of 1 FTM = 1 S. When the Sonic chain is launched, the total supply of Sonic tokens and the circulating supply will be compatible with the current values of Fantom. Initially, the circulating supply of Sonic will be set at approximately 2.88 billion, while the total supply will be set at 3.175 billion.