Sonic (S) Prints 28% Gains After Receiving Support from Binance

An Ethereum (ETH)-competitor is printing gains after receiving support from the world's largest crypto exchange by volume.

Cryptocurrency ETH competitor Sonic (S) is seeing gains after receiving support from the world’s largest crypto exchange by volume.

In a new announcement, Binance reveals that it will be integrating Sonic to several of its programs.

“Binance is pleased to announce that Sonic will be added to Binance Simple Earn, ‘Buy Crypto,’ Binance Convert, Binance Margin, Binance Auto-Invest, and Binance Futures.”

The news of the integration helped propel Sonic’s price as the digital asset rallied from a weekly low of $0.68 on January 13th to a peak of $0.835 on January 15th, notching gains of around 28%. The crypto asset has since retraced and is changing hands at $0.789 at the time of writing.

Launched in 2018, Fantom was a layer-1 blockchain created by a South Korean computer scientist to aggregate smart contracts into decentralized applications (dApps) and enhance scalability.

Earlier this year, the blockchain team announced a rebrand to Sonic in a bid to enhance transaction efficiency.

According to Sonic Labs, formerly known as Fantom Labs, investors can swap their FTM tokens for S tokens at a 1:1 ratio, which will serve several functions within the Sonic ecosystem.

“The 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. Moreover, the S token will be utilized with the upcoming Gateway to Ethereum.”