An Ethereum (ETH<\/a>)-competitor is printing gains after receiving support from the world\u2019s largest crypto exchange by volume.<\/p>\n In a new announcement, Binance says<\/a> it will be adding support for Sonic (S<\/a>), formerly known as Fantom (FTM), to many of its programs.<\/p>\n \u201cBinance is excited to announce that Sonic will be added to Binance Simple Earn, \u2018Buy Crypto,\u2019 Binance Convert, Binance Margin, Binance Auto-Invest, and Binance Futures.\u201d<\/em><\/p>\n News of the addition helped push Sonic\u2019s price up, as the digital asset went from a weekly low of $0.68 on January 13th to a peak of $0.835 on January 15th, a gain of about 28%. The crypto asset has since retraced and is trading for $0.789 at time of writing.<\/p>\n Fantom was a layer-1 blockchain first launched in 2018 by a South Korean computer scientist as a tool to aggregate smart contracts into decentralized applications (dApps) as well as improve scalability.<\/p>\n Earlier this year, the development team behind the blockchain announced a rebrand<\/a> to Sonic as a way to improve transaction efficiency.<\/p>\n According to Sonic Labs, previously known as Fantom Labs, investors can trade<\/a> in their FTM tokens at a 1:1 rate for S tokens, which will have multiple functions within the Sonic ecosystem.<\/p>\n \u201cThe S token will be the native token for Sonic. It has multiple roles within the Sonic network, such as paying for transaction fees, staking, running a validator, and participating in governance. Additionally, the S token will be used with the upcoming Gateway to Ethereum.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n
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