Binance cryptocurrency exchange announced earlier this week that Fantom ($FTM) will be moving from the Binance decentralized exchange (DEX) to the main trading platform. The announcement was met with appreciative and inquisitive minds in equal measure as Fantom makes the move from the DEX to the open trading exchange.
The Fantom Token (FTM) lists on Binance from Binance DEX
The official announcement on Binance’s blog confirmed the listing on Monday along with six cryptocurrency pairs with Fantom paired with Bitcoin (FTM/BTC), Binance coin (FTM/BNB), Tether (FTM/USDT), USD coin (FTM/USDC), True USD (FTM/TUSD) and Paxos Standard Token (FTM/PAX). The exchange is currently accepting deposits of FTM.
The Fantom token was launched back in early 2018 with a total of $39.7 MM raised via private & public token sales from March to June 2018. The token’s total circulating supply is 2,064,345,963 FTM, representing approximately 65% of the maximum supply of the tokens.
The Fantom team is having quite a year so far since the launch of the Testnet in December 2018. The company announced an R&D partnership with Sikoba Research on topics such as Consensus Mechanism and Token Economy in January.
Later in April, the company switched to a proof of stake (PoS) mechanism and partnered with one of the top universities in the world, Yonsei University Programming Languages Team to develop new middleware technology for Fantom. In May, the blockchain migrated its tokens from the native ERC 20 tokens to Binance Chain followed by the listing on Binance DEX.
Binance DEX is currently lighting up the initial exchange offerings (IEOs) process with multiple token projects looking to list on the exchange following the success of previous listings. Binance CEO, Changpeng Zhao, has been a key component in the technicalities and marketing processes of the project as the popularity of the exchange grows. His leadership skills were recently complemented by harmonyprotocol’s CEO, Nick White, who believes the Binance CEO can
“create a decentralized IEO process for unstoppable crowd fundraising”.
— CZ Binance (@cz_binance) June 10, 2019
The Impact of Binance Listings on FTM Metrics
The price of a Fantom token has soared over 50% in the past 24 hours showing the massive impact of the Binance exchange listing. The FTM token currently trades at $0.03734946, representing a 67% boost since the listing was made official.
Fantom (FTM) 7-day chart showing the massive gain in price (Source: Coinmarketcap)
The sharp spike in price pushes the coin up to position 85 on the market capitalization rankings with a total market cap of $75,776,692. The daily traded volumes topped the $100 million mark at a total of $102,161,694 USD.