Coinbase has announced the delisting of Fantom (FTM-PERP) effective January 24, 2025, causing concern among token traders. We explore the details and potential impact.
Coinbase's Decision and Delisting Details
Coinbase announced that effective 10:30 AM UTC on January 24, 2025, Fantom (FTM-PERP) would be delisted from both Coinbase International Exchange and Coinbase Advance. The final settlement price will be determined by the average index price 60 minutes before trading ends. Settlement terms specify that funding rates will drop to zero, and all open positions will automatically close at settlement.
Impact on Fantom's Price
At the time of this report, Fantom is trading at $0.6953, up 4.09% in the last 24 hours. However, it has declined by 11.80% over the past week and 41.62% over the last month. Traders are worried that the delisting from Coinbase might push the price further down.
Fantom Renaming to Sonic
Fantom's team is preparing for significant changes by planning to rename the token to Sonic on January 13, 2025. This renaming will include a token swap on a 1:1 basis. Binance has come out in support of this change, and deposits of Sonic will begin on January 16, 2025, with trading pairs available immediately after.
The delisting of Fantom from Coinbase is linked to regulatory pressures and could significantly impact the token's price. The planned renaming and Binance's support give hope for minimizing negative outcomes for the project.
