An Ethereum (ETH) competitor is posting gains after receiving support from the world’s largest crypto exchange by volume.
In a new announcement, Binance say it will add support for Sonic (S), formerly known as Fantom (FTM), to many of its programs.
“Binance is excited to announce that Sonic will be added to Binance Simple Earn, ‘Buy Crypto’, Binance Convert, Binance Margin, Binance Auto-Invest and Binance Futures.”
News of the addition sent Sonic’s price soaring, as the digital asset went from a weekly low of $0.68 on January 13 to a high of $0.835 on January 15, a gain of about 28%. The crypto asset has since been recovered and is trading at $0.789 at the time of writing.
Fantom was a layer-1 blockchain first launched in 2018 by a South Korean computer scientist as a tool to aggregate smart contracts into decentralized applications (dApps) and improve scalability.
Earlier this year, the development team behind the blockchain announced a rebrand to Sonic as a way to improve transaction efficiency.
According to Sonic Labs, formerly known as Fantom Labs, investors can trade in their FTM tokens at a 1:1 ratio for S tokens, which will have multiple functions within the Sonic ecosystem.
“The S token will be the native token for Sonic. It has multiple roles within the Sonic Network, such as paying for transaction fees, staking, running a validator, and participating in governance. Additionally, the S-token will be used with the upcoming Gateway to Ethereum.”
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Generated image: Midjourney