In a significant move, the cryptocurrency exchange Binance has publicly backed the rebranding of the well-known altcoin Fantom (FTM) to Sonic (S). This transition will include a token swap, with trading for the FTM coin scheduled to end on January 13, 2025. Following this, users will be able to engage in transactions for the new Sonic coin starting January 16, 2025, with a one-to-one exchange rate for existing FTM tokens.
What Happens to FTM Trading?
Trading and withdrawals for the Fantom coin will officially cease on January 13, 2025, at 06:30 UTC. Users are encouraged to finalize their FTM deposits before this crucial date to ensure a smooth transition.
How Will Sonic’s Launch Work?
Deposits for the new Sonic (S) coin will be enabled starting January 16, 2025, at 10:00 UTC. Concurrently, various trading pairs for Sonic, including S/BTC and S/ETH, will become available to traders.
Details regarding Sonic’s economics reveal that it will have an initial supply of 2.88 billion coins, with a total cap set at 3.175 billion. The inflation rate is expected to stabilize at 1.75% four years post-launch, with a maximum supply increase of 15% projected until 2031. The primary goal of this initiative is to broaden the Fantom ecosystem and enhance user experiences.
Key points regarding the rebranding include:
- FTM trading ceases on January 13, 2025.
- Sonic deposits open on January 16, 2025.
- Initial supply of Sonic is 2.88 billion coins.
- Annual inflation to stabilize at 1.75% after four years.
The shift from Fantom to Sonic represents a strategic initiative aimed at cultivating the platform’s ecosystem while providing users with improved functionalities.
