Sonic’s cost has increased by 13% during the past 24 hours as a result of Binance’s increased backing for the crypto asset. Although Sonic is still undergoing its migration process
Binance has already included it in Earn, Buy Crypto, Convert, Margin and Futures services. Furthermore, the transition from Fantom (FTM) to Sonic has been initiated making task of changing tokens easier and expanding the ecosystem of the token.
Sonic Price Climbs 13% As Binance Further Bolsters Integration To Vital Services
Sonic’s price skyrocketed by 13% on January 16, after Binance announced that it would be including the S token in its Earn, Buy Crypto, Convert, Margin and Futures services. Users can access Flexible and Locked Earn products with the set APR going up to a whopping 3% for a period of 120 days. These advancements are designed to broaden the tokens reach and increase user activity.
In addition, the token was made available as collateral in Binance Margin together with Cross and Isolated Margin trading. Binance has always been an advocate for seasoned traders and early access to margin loans by VIP customers proves this.
Binance has introduced the USDT Perpetual Contract into the future segment of its ecosystem supporting up to 75 times leverage. All the previous prospects indicate that Binance is ready for any challenge with regards to various trading options and expanding its hub for investments.
Fantom to Sonic (S) Migration Marks a New Era
The start of the turnover from Fantom (FTM) to Sonic (S) marks an important change. The process of this migration is simple as well in a way as FTM holders are allowed to convert their tokens through the MySonic upgrade portal with a 1:1 ratio.
For the first ninety days, there will be no restrictions on token exchanges. But after that only upgrades from FTM to S will be available.
Sonic Labs spread the access of the new token, making sure to gain a listing on 13 different well-established exchanges, Binance being one of them. For the purposes of this rebranding, crypto exchanges will stop depositing and withdrawing
FTM and will cease the trading of FTM/USDT spot pairs. These new tokens will be given free of charge and people will get 1:1 ratio of these tokens.
According to the official Bitfinex Twitter page, they announced that trading on S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC and S/USDT pairs has been restored. Moreover, for users who have open spot copy trading portfolios these pairs can be included as a pair preferences by adjusting them in the Spot Copy Trading settings.
Fantom will still function with a Total Value Locked (TVL) more than $168 million even after the shift. In addition, the firm set aside 190.5 million tokens for participation and adoption incentives which shows a decent plan for the company’s future.
Current Price Action
Sonic (S) currently trades at 0.7784 and has increased by 13% over the last 24hrs. The token had a 24-hr high of 0.845 but a decrease to 0.70.
Sonic has exhibited tremendous growth with its market cap standing at 2.24 billion and trading volume amounting to 77 million. The past week saw S gain an additional 20%.
Sonic’s integration helps reinforce Binance’s stature as the go to exchange for up and coming blockchain innovations and as a result the exchange has also been broadening its support for DOGE, LTC, and CGPT.