Binance is backing Fantom's (FTM) transition to Sonic (S), set to begin in January 2025. Meanwhile, CoinMarketCap unveils new metrics, and the SEC charges Jump Crypto.
Fantom's Transition to Sonic
Binance is preparing for significant changes by supporting Fantom's (FTM) transition to Sonic (S). Starting January 13, 2025, FTM deposits and withdrawals will be halted, and all trading pairs delisted. Holders of FTM will receive an equal amount of Sonic tokens in a 1:1 swap. Trading for Sonic will begin on January 16 with pairs such as S/BTC and S/USDT. The new token will launch with 2.88 billion tokens and a 15% inflation cap until 2031 to boost developer incentives and community engagement.
CoinMarketCap's New Metrics
CoinMarketCap is introducing new tools to simplify investments in newly launched tokens. The 'Unlocked Circulating Supply' (UCS) and 'Unlocked Market Capitalization' (UMC) metrics will help users assess potential selling pressure, offering deeper insights into token dynamics. The increasing concern over market volatility makes these tools particularly beneficial for decision-making investors.
SEC vs. Jump Crypto
The SEC has charged Tai Mo Shan Ltd., a subsidiary of Jump Crypto, over its role in the collapse of Terra's UST stablecoin in 2022. The firm has agreed to a substantial $123 million settlement for allegedly misleading investors while trying to stabilize UST's value. This development highlights the SEC's efforts to enhance regulation in the crypto industry and hold market participants accountable.
The transition of Fantom to Sonic, new metrics from CoinMarketCap, and intensifying regulation from the SEC illustrate how the cryptocurrency market continues to evolve with the interests of developers and investors in mind.
