Binance, the world’s largest crypto exchange by trading volume, recently announced that it will add support for the Fantom token (FTM) swaps.
The latest announcement comes barely seven days after the leading exchange unveiled the inauguration of a new platform within its wallet app, Binance Alpha, designed to boost transparency and allow users to partake in decision-making via engagement and feedback.
Delisting FTM Token on Binance
Per the announcement, Binance will delist all existing Fantom(FTM) trading pairs and initiate a new Sonic(S) trading pair for FTM traders, replacing FTM tokens with Sonic(S).
Trading pairs to be delisted include all existing spot trading pairs, such as FTM/BTC, FTM/USDT, FTM/ETH, FTM/BNB, FTM/FDUSD, FTM/EUR, FTM/USDC, and FTM/TRY. By January 13, 2025, all pending FTM spot trading orders will be canceled at 3 AM GMT.
Transversely, at 8:am GMT on January 16, 2025, Binance will begin trading pairs for the rebranded Sonic(S) token which includes S/BTC, S/TRY, S/USDT, S/USDC, S/ETH, S/FDUSD and S/BNB. FTM will bear the (S) ticker, while all Fantom tokens will be swapped at a ratio of 1 FTM for 1 S.
Binancians to Take Action
Binancians are urged to protect their funds by canceling and updating their trading bots before the aforementioned cessation date.
In addition, on January 6, 2025, at 9 AM GMT, the crypto exchange will close all positions for Binance Futures and automatically settle FTMUSDT, USD-M, and FTMUSD COIN-M perpetual contracts. As soon as the settlement is complete, the contracts will be delisted.
Users are, therefore, strongly advised to close all positions before the delisting time is due to avoid an automatic settlement.
With an initial total supply of 3.175 billion, corresponding to FTMs at the Sonic chain launch, S’s initial circulating supply will be approximately $2.88 billion.
Meanwhile, on-chain data reveals that FTM currently has a total market capitalization of $2.76 billion, pushing a daily trading volume of $660.15 million.
