The Fantom ecosystem is undergoing a significant transformation with the launch of its new mainnet, Sonic. This evolution involves the rebranding and migration of the existing Fantom (FTM) token to the new Sonic (S) token. For token holders, understanding this process is crucial to ensure a smooth transition and protect your assets. This guide provides everything you need to know about the migration, including supported platforms and key actions you must take.
Understanding the Fantom to Sonic Transition
Sonic Labs has announced the launch of the Sonic mainnet, a high-performance, EVM-compatible Layer-1 blockchain. This new infrastructure is designed to offer developers enhanced scalability and substantial incentives. A core part of this upgrade is the token migration, where existing FTM tokens are being swapped for the new S tokens.
The process is facilitated through an official upgrade portal for self-custody wallets, while numerous centralized exchanges (CEXs) are supporting an automatic swap for their users. If your tokens are on a participating exchange, the conversion will typically happen without any required action from you.
List of Centralized Exchanges Supporting the Automatic Swap
For a hassle-free experience, holding your FTM tokens on a supporting centralized exchange is the recommended approach. The following platforms have confirmed they will handle the entire token migration process automatically for their users:
- Binance
- BingX
- Bitfinex (Initially announced delisting but later confirmed support; FTM deposits accepted until February 13, 2025)
- Bitget
- BitMart
- Bitrue
- Bitunix
- BloFin (Reversed its initial decision to delist and will support the swap)
- Bybit
- CoinEx
- CoinW
- Crypto.com
- Gate.io
- HTX
- KuCoin
- LBank
- MEXC
- OKX
- Phemex
- Pionex
- Tapbit
- WhiteBit
- XT.com
It is critical to note that most exchanges have already suspended FTM deposits and completed their swap processes. If you have not yet migrated, you should immediately verify your exchange’s status. Exchanges not listed, such as Kraken and PrimeXBT, have announced they will not support the migration, meaning users must withdraw their FTM tokens to avoid permanent loss.
Key Changes and Tokenomics of Sonic (S)
The new S token will serve as the native currency on the Sonic blockchain, fulfilling all core functions including paying transaction fees, validator operations, staking, and participating in on-chain governance.
The initial total supply of S tokens will be 3.175 billion, directly matching the total supply of FTM. Furthermore, the circulating supply of S will mirror the current circulating supply of FTM at the time of the migration. This means the fundamental economic metrics of the token remain unchanged for holders.
After a six-month period, a gradual token minting schedule will begin to support network scaling, new partnerships, and overall ecosystem growth.
Actions for Token Holders on Exchanges
Your required action depends entirely on where your FTM tokens are currently held.
On Supporting Exchanges: If your tokens are on one of the supporting exchanges listed above, you do not need to take any action. The platform will automatically convert your FTM balance to S tokens. The process is designed to be seamless.
On Non-Supporting Exchanges: If your exchange is not supporting the swap, you must withdraw your FTM tokens immediately. You can transfer them to a supporting CEX for an automatic swap or to a self-custody wallet to perform a manual migration. Be aware that deposit deadlines have largely passed, so urgent action is required.
Important Notes on Trading Positions
This migration has critical implications for active traders:
- Spot Markets: All existing open orders for FTM (e.g., buy limits, sell limits, stop-losses) will be canceled by the exchanges. You will need to place new orders for the S token after the swap is complete.
- Futures Markets: All open FTM perpetual contract or futures positions will be forcibly closed by the exchanges. These positions will not be converted to Sonic (S). Whether your position is in profit or loss, it will be settled and closed.
Step-by-Step Guide for Manual Migration
If you prefer to manage your assets in a self-custody wallet or are forced to due to your exchange’s policy, you can manually migrate your tokens using the official Sonic Upgrade Portal.
- Navigate to the official upgrade portal at my.soniclabs.com/upgrade.
- Connect your Web3 wallet (such as MetaMask or a WalletConnect-compatible wallet).
- Enter the amount of FTM you wish to upgrade to S tokens.
- Confirm the equivalent amount of S tokens you will receive.
- Approve the transaction and pay the associated network gas fee.
- Your new S tokens will appear in your wallet on the Sonic network within minutes.
For a detailed walkthrough of this process, you can 👉 explore the official migration guide.
A key feature of the migration is a 90-day grace period post-launch where users can swap tokens back and forth between FTM and S. After this window closes, the bridge will become one-way, only allowing conversions from FTM to S.
Frequently Asked Questions
What is the difference between Fantom (FTM) and Sonic (S)?
Sonic (S) is the new native token of the upgraded Sonic blockchain, which is a rebranded and technologically advanced evolution of the Fantom network. The S token replaces FTM and has identical tokenomics at launch, serving the same purposes like paying gas fees and staking.
Do I need to do anything if my FTM is on Binance or another major exchange?
If your exchange is on the official support list, you typically do not need to take any action. The swap will be processed automatically. However, it is always wise to check your exchange’s official announcement for any specific instructions or deadlines.
What happens if I miss the migration deadline?
If you hold FTM on an exchange that does not support the swap after its services for the token are terminated, you may lose access to those assets. If you hold FTM in a private wallet, you can use the official bridge, but after the 90-day two-way window closes, you will only be able to convert FTM to S, not the other way around.
Will the value of my tokens change after the swap?
The migration is a 1:1 swap, and the circulating supply remains the same. Therefore, the fundamental value of your holding should not change due to the swap itself. The market price will then be determined by the performance and adoption of the new Sonic network.
Can I still trade FTM after the migration?
After the migration is complete on most platforms, trading will cease for FTM and will begin for the new S token. The old FTM token will gradually become obsolete as the ecosystem fully transitions to Sonic.
Is there a fee for the manual token migration?
Yes, using the official upgrade portal requires paying a gas fee on the Ethereum network to execute the smart contract transaction that converts your tokens. The fee fluctuates based on network congestion.
Conclusion
The transition from Fantom to Sonic is a pivotal moment for the ecosystem. To ensure a seamless migration, the simplest method is to hold your tokens on a supporting centralized exchange, which will handle the technical process automatically. For those using self-custody wallets or exchanges that are not participating, the manual migration process via the official portal is straightforward. 👉 Learn more about securing your digital assets during network upgrades. Regardless of your chosen method, prompt action is essential to secure your investment in the new Sonic network.