Binance announces the support of Fantom (FTM) token swap and rebranding to Sonic (S)

Dec 24, 2024 - Binance has announced its full support for the rebranding and token swap of Fantom (FTM) to Sonic (S), aligning with Fantom’s strategic upgrade to the Sonic blockchain.

The transition includes delisting FTM trading pairs, introducing new Sonic (S) pairs, and other updates across Binance’s services.

Key Dates for the Token Swap:

On January 13, 2025, Binance will delist all FTM spot trading pairs and cancel pending orders at 03:00 UTC. Deposits and withdrawals of FTM will be suspended at 03:30 UTC.

On January 16, 2025, trading for Sonic (S) spot pairs (S/BTC, S/ETH, S/USDT, and others) begins at 08:00 UTC. Deposits for Sonic (S) open at 07:00 UTC.

What Users Need to Know:

1.      1:1 Token Swap: All FTM tokens on Binance will be converted to Sonic (S) at a 1:1 ratio.

2.    Service Adjustments:

o   Futures: FTM-related contracts will be settled and delisted on January 6, 2025.

o   Margin Trading: FTM will be delisted from Cross and Isolated Margin on January 8, 2025.

o   Loans, Simple Earn, and Auto-Invest: FTM products will cease support by mid-January 2025.

o   Other Services: FTM will be removed from Binance Pay, Convert, and Gift Cards by mid-January 2025.

Tokenomics Changes:

Sonic (S) will maintain an initial circulating supply of 2.88 billion and an inflation cap of 15% until 2031. The annual inflation rate will stabilize at 1.75% four years post-launch.

Sonic Chain Highlights:

Sonic Labs, formerly Fantom, launched its mainnet on December 3, 2024, completing the Genesis phase. Key features include:

• Lightning-Fast Transactions: Leveraging the Lachesis consensus algorithm for unparalleled speed.
• Scalability and Security: Supporting decentralized apps and enterprise-grade solutions with robust security protocols.
• Cross-Chain Bridging: Enabled via the Sonic Gateway for seamless interoperability.

The Sonic blockchain’s vision encompasses integration with DeFi, NFT support, and enterprise adoption, marking a pivotal evolution in Fantom’s ecosystem.

Binance reassures users that all technical requirements for the swap will be managed seamlessly. For more details, users are advised to monitor Binance’s updates and the Sonic Labs project.

The Fantom blockchain has officially transitioned to Sonic.

This transformation is aimed at improving performance, scalability, and user experience, while fostering innovation and ecosystem growth.

Key Innovations Introduced by Sonic

Unmatched Transaction Speeds and Scalability:
Sonic's high-performance blockchain supports over 10,000 transactions per second (TPS) with a lightning-fast confirmation time of just one second. These features position Sonic among the fastest blockchains available today.

Developer-Centric Features:
Sonic introduces a unique Fee Monetization (FeeM) model, allowing developers to earn up to 90% of the network fees generated by their applications. This groundbreaking approach aims to sustain innovation by providing developers with a continuous revenue stream.

Seamless Token Migration:
Holders of Fantom's original FTM token can seamlessly swap to the new "S" token on a one-to-one basis through a dedicated migration portal. This ensures minimal disruption for users during the upgrade process.

Enhanced Interoperability with Ethereum:
Sonic connects to Ethereum via a decentralized gateway, providing users and developers with enhanced liquidity options and cross-platform access. This feature is designed to attract projects and talent from the Ethereum ecosystem.

Incentive Programs to Boost Adoption:
To encourage growth and participation, Sonic plans to implement robust incentive programs, including airdrops and developer funds. These initiatives aim to bolster its community and attract high-value projects.

Strategic Goals and Vision

The Sonic upgrade underscores a broader strategy to reestablish Fantom as a leading blockchain.

The new architecture introduces modular frameworks for customized chain functionalities and enhanced compatibility with decentralized applications (dApps).

Additionally, the transition prioritizes eco-friendly practices, improved security, and innovative tools for developers.

Key focuses of the Sonic transition include:

• Ecosystem Expansion: New opportunities in DeFi, GameFi, and NFTs.
• Real-World Applications: Support for decentralized finance, supply chain logistics, and identity management.
• Governance Enhancements: Empowering token holders through accessible decision-making processes and community involvement.

Future Outlook

The Sonic mainnet launch has already attracted consumer applications and secured significant investment, signaling strong confidence in its potential.

With its focus on scalability, speed, and developer engagement, Sonic is poised to compete with leading blockchain platforms like Ethereum while setting new standards in the industry.

Fantom's transformation into Sonic is not merely a rebranding but a pivotal step toward creating a cutting-edge blockchain ecosystem that aligns with the demands of next-generation technology and innovation.

This transition positions Sonic as a dominant player in the cryptocurrency industry.