Binance recently executed its Frontier (FRONT) token swap and rebranding to Self Chain (SLF), sparking significant criticism from the crypto community.
Details of the Swap and Rebranding
The discussions center on the quadrupling of the total token supply from 90 million to 360 million tokens. Despite this significant increase, Binance maintained the conversion rate of 1 FRONT to 1 SLF, raising concerns about dilution of existing users’ holdings.
Crypto Community Reaction
In fact, the reactions here are more towards the FRONT developers, not Binance, as Binance basically only changed the name of this altcoin, the token was already listed on the exchange. Critics argue that this move reduces the value of users’ assets by 75% compared to the new total supply. The sudden increase in token supply without a corresponding adjustment in the swap rate has left many investors feeling underinvested, as the FRONT tokens they previously held now represent a smaller portion of the overall market value.
Impact on Self Chain Price
In light of the developments, the Self Chain (SLF) price recorded a double-digit drop today.
The token swap and subsequent changes have caused significant unrest among users and impacted the Self Chain price.
Comments