If you are holding Fantom (FTM) tokens in decentralized wallet or centralized exchanges, you need to pay attention! Fantom is transitioning to a new mainnet and swapping existing FTM tokens to new S tokens. Users must ensure they hold FTM on exchanges which support the swap to ensure a seamless transition and no loss of tokens.
What’s Happening to Fantom?
Earlier this month, Sonic Labs (prev. Fantom) announced the Sonic mainnet, a groundbreaking EVM-compatible Layer-1 (L1) blockchain. Sonic aims to provide developers with a high-performance infrastructure and lucrative incentives.
As part of this shift, Fantom (FTM) tokens are transitioning to Sonic (S) tokens. This migration is streamlined via an upgrade portal on MySonic, while centralized exchanges (CEXs) are also stepping in to support automatic swaps.
If you’re holding FTM on a CEX, you don’t need to lift a finger on most of them! Sonic Labs is partnering with multiple larger exchanges to handle the migration automatically. However, if you’d prefer hands-on involvement, you can withdraw your tokens to an on-chain wallet and use the upgrade bridge on MySonic.
Centralized Exchanges Supporting the Upgrade
The following CEXs are supporting automatic FTM to S swaps. Hold your FTM on these exchanges to benefit from the seamless transition.
Exchange | Swap Support | Source |
---|---|---|
Binance | Yes | Link |
BingX | Yes | Link |
Bitfinex | ||
Bitget | Yes | Link |
BitMart | Yes | |
Bitrue | Yes | Link |
Bitunix | Yes | Link |
BloFin | Latest update | |
Bybit | Yes | Link, Perps |
CoinEx | Yes | Link |
CoinW | Yes | Link |
Crypto.com | Yes | Link |
Gate.io | Yes | Link, Updated Timeline |
HTX | Yes | Link, Perps |
Kraken | No | |
KuCoin | Yes | Link, Margin |
LBank | Yes | Link |
MEXC | Yes | Link |
OKX | Yes | Link |
Phemex | Yes | Link |
Pionex | Yes | Link |
Tapbit | Yes | Link |
PrimeXBT | No (delisting) | Link |
WhiteBit | Yes | |
XT.com | Yes | Link |
Any exchanges not listed here yet are presumably not supporting the rebrand and swap.
After initially not planning to support the swap, BloFin and Bitfinex changed their minds. On Bitfinex, you can deposit FTM until February 13th, 2025. All other exchanges disabled FTM deposits and completed swaps already.
What’s Changing With Sonic (S)
The S token is the native currency of the Sonic blockchain. It will be used for paying transaction fees, running validators, staking, and governance participation.
Sonic will start with a supply of 3.175 billion tokens, matching Fantom’s total supply. Circulating supply will mirror FTM’s current circulation. After six months, new tokens will be minted gradually for scaling, partnerships, and ecosystem growth.
In essence, nothing is truly changing for your token holdings. Your old FTM will be transferred to the new S tokens, and its market cap, circulating supply and total supply will mostly remain the same.
What Happens to FTM on Exchanges?
Exchanges that are supporting the token swap will simply turn your existing FTM holdings into S. Users do not need to do anything to confirm or process the swap, and it will be completed fully automatically.
On centralized exchanges which are not supporting the swap, users should withdraw their coins immediately. You can withdraw to another CEX which supports the swap for a seamless migration. Keep in mind, most exchanges will close FTM deposits on or even before January 13th, so act fast!
Those who hold FTM on unsupported exchanges can also withdraw tokens to a self-custody wallet, and initiate the token swap manually.
What Happens to Open FTM Positions?
On Spot markets, your existing buy or sell orders will be canceled. Make sure to review and adjust your stop losses and orders accordingly.
More importantly, all existing Futures positions will be forcibly closed. Whether you are in profit or loss, exchanges will close all existing longs and shorts. Your open Futures positions will NOT be swapped to the new Sonic token!
How to Manually Migrate Your Tokens
If your favorite CEX is not supporting the Fantom upgrade, you can choose to do it manually. Here’s how:
- Visit my.soniclabs.com/upgrade.
- Connect your Web3 wallet.
- Enter the amount of FTM you wish to upgrade.
- Confirm the equivalent S token amount.
- Pay the fee and approve the transaction.
- In less than a minute, your S tokens will appear in your wallet on the Sonic network.
For the first 90 days after launch, FTM and S tokens can be swapped back and forth. After this period, swaps will only be possible in one direction—from FTM to S. It’s important to note that centralized exchanges have a shorter deadline, and swaps and even withdrawals will typically not be possible after January 13, 2024.
To prepare for the token swap, all you need to do is transfer coins to a supported CEX, and they will handle the entire migration process for you. Alternatively, you can use your decentralized wallet and complete the migration by yourself.
Whether you prefer the hands-off approach on CEXs or handling the migration yourself, transitioning to Sonic is designed to be seamless. Anyone holding Fantom is advised to swap to the new token as soon as possible.