🚨Binance announces rebranding of Fantom (FTM) to Sonic (S).
1. Token exchange and rebranding:
• FTM tokens will be exchanged for S tokens at a 1:1 ratio.
• Trading in S pairs (S/BTC, S/BNB, S/ETH, etc.) will start on 01/16/2025 at 08:00 (UTC).
• Deposits for FTM will be closed on 2025-01-13 03:30 (UTC) and withdrawals for new S tokens will open on 2025-01-16 07:00 (UTC).
2. FTM Trade and Services:
• FTM spot trading pairs will be delisted on 2025-01-13 03:00 (UTC).
• Futures and margin trading for FTM will cease early, with futures positions automatically settled by 2025-01-06 09:00 (UTC) and margin trading excluded by 2025-01-08 06:00 (UTC).
3. Affected Binance Products:
• Auto investment, conversion, easy earning, double investment and cryptocurrency buying and selling will no longer support FTM on various dates until 2025-01-13 (UTC).
Tokenomics Updates for Sonic (S)
• Initial Supply: Circulating supply of 2.88 billion S tokens, which is in line with the FTM supply at the launch of the Sonic Chain.
• Inflation rate: Annual inflation of 1.75% for four years after launch, with overall supply capped at 15% growth until 2031.
User actions
Binance advises users to close positions, update trading bots, and transfer assets before the appropriate deadlines to avoid losses during the transition. The platform will automatically handle the technical requirements of the token swap.
For more details, please refer to Binance's official announcements!