An Ethereum (ETH)-competitor is printing gains after receiving support from the world’s largest crypto exchange by volume.
In a new announcement, Binance says it will be adding 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 helped push Sonic’s price up, as the digital asset went from a weekly low of $0.68 on January 13th to a peak of $0.835 on January 15th, a gain of about 28. The crypto asset has since retraced and is trading for $0.789 at 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) as well as 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, previously known as Fantom Labs, investors can trade in their FTM tokens at a 1:1 rate 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.”
