 to Self Chain (SLF) successfully. Spot trading for SLF tokens is now available, with a 1:1 exchange ratio for FRONT tokens, and FRONT withdrawals are no longer supported.){kind=link}
Binance, the world’s largest crypto exchange, has completed the token swap for Frontier (FRONT) to Self Chain (SLF). The swap and rebranding were officially finalized on August 30, 2024.
Binance users can now deposit and withdraw the new SLF tokens. This change marks another significant step in the platform’s continuous efforts to streamline and enhance its services.
Token Swap & Rebranding, What Is New?
The spot trading for SLF tokens against BTC, TRY, USDC, and USDT pairs began on the same day. By activating the “Personal Pair Preference” option in their Spot Copy Trading settings, users can additionally include the SLF pairs in their trades.
Token swapping was done by Binance at a 1:1 ratio, exchanging each FRONT token for one SLF token. It is recommended that users get their updated SLF token deposit addresses. In addition, users can use the platform’s convert function to convert any remaining FRONT tokens to SLF. Withdrawals for FRONT tokens, however, will no longer be permitted, Binance announced.
This rebranding and token exchange signal a change in direction for Frontier as it moves towards Self Chain. The purpose of this change is to provide users who had previously interacted with FRONT tokens with enhanced functionality and greater innovation.
Additionally, Binance’s notice made clear that users should consult the announcement’s original English version to be sure they are viewing the most correct version of the information due to translation errors.
The token swap reflects Binance’s ongoing efforts to maintain its leadership in the cryptocurrency exchange industry by keeping up with changes and developments in token ecosystems.
FRONT Token Price Down by 14%
Despite the technical success of the swap, the FRONT token has experienced a significant decline in value. In the 24 hours following the announcement, the price of FRONT dropped by over 14%, trading at $0.709. The market capitalization of FRONT also fell by 14% in the same period, now standing at $22,693,339.
This downturn in price and market cap suggests a challenging transition period for the newly rebranded Self Chain. Market reactions to such swaps can often be volatile, and the observed decline underscores the uncertainty that can accompany significant changes in the cryptocurrency space.