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Bitcoin Store to Support the Swap of Fantom (FTM) Tokens to Sonic (S)

01/07/2025, 04:07 PM

Bitcoin Store to Support the Swap of Fantom (FTM) Tokens to Sonic (S)

The Fantom decentralized network has officially rebranded to Sonic Labs, with its native token, Fantom (FTM), transitioning to Sonic (S) on January 13, 2025. After this date, trading FTM tokens on the Bitcoin Store platform will no longer be possible.

Table of contents:

Why Did Fantom Rebrand to Sonic and Introduce a New Token?

In August 2024, Fantom announced its rebranding to Sonic Labs, marking the launch of a high-speed blockchain platform, Sonic.

This strategic transition addresses the limitations of the existing Opera network, focusing on enhanced scalability, speed, and user experience within the ecosystem.

Image shows a screenshot of Sonic Labs post on X
Source: @SonicLabs on X

Notable Changes with the Token Migration:

1. Enhanced Performance → Sonic (S) surpasses Fantom (FTM) in transaction processing, handling over 10,000 transactions per second with 1-second confirmation times, compared to Fantom's ~4,500 transactions per second.

2. Better Connectivity with Ethereum → Sonic offers secure and seamless integration with the Ethereum network, enabling users and developers to access Ethereum applications and services while enjoying Sonic's faster system. While Fantom was EVM-compatible and supported Ethereum-based applications, it lacked the direct, "secure gateway to Ethereum" that Sonic now provides.

3. Lower Transaction Fees → Both tokens feature low transaction costs, but Sonic is optimized to reduce fees even further with its improved architecture.

What Should You Do If You Hold FTM Tokens in the Bitcoin Store Wallet?

If you own FTM tokens on the Bitcoin Store platform, please take note of the following:

  • Bitcoin Store will handle all technical requirements for the conversion. If you hold FTM cryptocurrency in your Bitcoin Store Wallet, no action is required on your part.
  • Deposits and withdrawals of FTM tokens will be suspended on January 13, 2025, at 00:00 (UTC). Ensure you allow enough time for your deposits to be fully processed before this deadline.
  • Any FTM tokens not redeemed before the migration will automatically be converted to Sonic (S) tokens at a 1 FTM: 1 S conversion rate.
  • Sonic (S) token trading begins on January 16, 2025.
  • After the migration, FTM tokens will no longer be supported on the Bitcoin Store platform.

For more details about the token migration, please visit the official Sonic Labs blog post.

If you have any questions or concerns regarding the migration of FTM tokens to S tokens, feel free to contact Bitcoin Store customer support.