This Week in Web3: Binance's Support for Fantom's Transition, CoinMarketCap's New Metrics, and SEC's Regulatory Actions

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Binance Backs Fantom's Sonic Transition

Binance is preparing for a major makeover as it supports the transition of Fantom (FTM) to Sonic (S). Starting January 13, 2025, FTM deposits and withdrawals will be halted, and all trading pairs will be delisted. Users who hold FTM will get equal Sonic tokens in a smooth 1:1 swap. Trading for Sonic kicks off on January 16 with pairs like S/BTC and S/USDT.

This new token will launch with about 2.88 billion tokens and a 15% inflation cap until 2031 to boost developer incentives and community engagement. The firm has recommended that users either update or close any open positions involving FTM services, such as loans and trading bots, before the January 13 deadline.

CoinMarketCap's New Crypto Metrics

CoinMarketCap is introducing useful tools to assist investors in navigating the often tricky world of newly launched tokens. The “Unlocked Circulating Supply” (UCS) and “Unlocked Market Capitalization” (UMC) metrics will help users gauge potential selling pressure, offering deeper insights into token dynamics. With concerns rising over market volatility, these tools aim to empower investors to make smarter decisions.

The CEO of Rush, a blockchain data analytics platform, emphasized the need to use additional analytical tools alongside their metrics. He encouraged users to verify TRS-derived data with block explorers to ensure it aligns with on-chain reality.

SEC vs. Jump Crypto & Terra's Stablecoin Saga

In a significant development, the SEC has charged Tai Mo Shan Ltd., a subsidiary of Jump Crypto, over its role in the collapse of Terra’s UST stablecoin in 2022. The firm has agreed to a hefty $123 million settlement for allegedly misleading investors while attempting to stabilize UST’s value. This saga reinforces the ongoing regulatory pressure on the crypto industry, especially as the SEC tightens its grip on market manipulation.

This goes to show that regulators are serious about holding crypto players accountable, especially when their actions contribute to market mayhem. As the landscape evolves, transparency and compliance are more critical than ever.

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