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Crypto.com has announced on January 6th that it will support the Fantom ($FTM) token swap and Sonic ($S) rebranding.
The platform also announced that FTM will be reissued as $S after being removed from the Crypto.com App and Exchange. On January 13, FTM trading, deposits, and withdrawals will be permanently halted under the rebranding.
The announcement comes against the backdrop of the $FTM token trading down nearly 6% at present.
Crypto.com Not The Only To Support Fantom Rebrand
Crypto.com’s support for the rebranding comes just a couple of days after Binance had announced that it will also facilitate Fantom’s rebranding and token exchange to Sonic.
Binance had also announced that all FTM trading pairings, including FTM/BTC, FTM/USDT, and FTM/ETH, will be delisted by the platform on January 13, 2025.
The exchange will cease processing FTM deposits and withdrawals. Following this, pairings like as S/BTC, S/BNB, and S/USDT will be live on January 16, 2025, marking the start of trade for the new Sonic (S) coin.
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What Will The Sonic Upgrade Include?
Following the upgrade, the Fantom blockchain is anticipated to surpass 2,000 transactions per second with a finality time of around one second, which is a significant improvement over the current 30 TPS.
This capability—a maximum theoretical throughput of 2,000 TPS with a time to finality of 729 milliseconds—has already been shown on a closed testnet with simulated traffic.
Additionally, Sonic asserts that it can cut storage load by up to 90%, which lowers node operating costs and broadens the network’s appeal.
Because of its complete interoperability with the Ethereum tool chain and contracts, the ecosystem will be able to facilitate a variety of high-frequency decentralized applications without compromising security or decentralization.
FTM Token: What Do Present Market Indicators Say?
The FTM token’s rebrand to $S will soon take place however, the current technical indicators show a slight bearish sentiment.
The Fear & Greed Index for $FTM is at 76 (Extreme Greed). During the past 30 days, Fantom has experienced 10/30 (33%) green days and 20.63% price volatility.
The overall Fantom price forecast attitude is bearish, according to market data with nine technical analysis indicators indicating bullish indications, while twenty indicate bearish signs.
One well-liked indicator used by analysts for determining if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum wave. At present, the FTM market is in a neutral position as indicated by the RSI reading of 42.00.
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