Ethereum-Rival Sonic (S) Receives Small Boost Following Binance Listing

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.”

Generated Image: Midjourney