Binance Lists Fantom (FTM), Moving Token from Binance DEX to Central Market
The FTM listing opens another avenue for projects moving from the decentralized exchange into the central Binance market.
Binance announced the listing of the Fantom (FTM) project, setting a precedent for moving projects from Binance DEX into the central market. The move may open the door for other assets now trading on the DEX and existing on Binance Chain.
After the launch of Binance Chain, multiple projects migrated or directly launched on the chain, including Harmony (ONE), the latest protocol. The opportunity to get listed on Binance may attract other tokens to switch networks.
FTM was listed in several pairs, promising increased liquidity, with the prevalence of stablecoins. Pairs include FTM/BNB, FTM/BTC, FTM/USDT, FTM/TUSD, FTM/USDC and FTM/PAX.
The Binance listing may boost the price of FTM, in a way similar to that of Cosmos (ATOM). ATOM was also listed without a fee, based on the project’s merits.
Following the listing news, FTM jumped by 25% overnight, to $0.027, breaking its record from the first listing in November 2018. FTM already has exposure to the Asian markets through KuCoin, where most of the activity is concentrated. The asset has daily volumes of around $13 million.
The current price spike to 368 Satoshi is also near its record, as well as the trading activity.
In the past months, Binance has been instrumental in staging an altcoin season. The native asset, Binance Coin (BNB) set records above $35, and trading activity on Binance grew as much as five times compared to the lows during the worst months of the bear market.
The launch of Binance Chain, Binance DEX and the series of token sales, or IEOs, further boosted the exchange’s influence.
The Fantom project aims to build “the nervous system for smart cities”. The FTM asset migrated from Ethereum to Binance Chain this May. The token is a preliminary asset, as Fantom will aim to release its own mainnet, based on directed acyclic graph (DAG) technology, similar to IOTA or NANO. Fantom launched its testnet in December 2018, and still has no mainnet deadline.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.