BitMEX Prepares for Fantom (FTM) to Sonic (S) Token Migration

The transition of Fantom (FTM) tokens to Sonic (S) tokens, initiated by the Fantom Foundation on December 18, 2024, is set to impact BitMEX users significantly. According to BitMEX, the platform will support the new S token on the Sonic network and phase out the FTM token on Ethereum (ERC-20).

Migration Details and Withdrawal Recommendations

In alignment with the ongoing migration, BitMEX has announced the immediate implementation of zero network fees for FTM (ERC-20) withdrawals, effective January 6, 2025. The exchange strongly advises existing FTM holders to withdraw their tokens from BitMEX wallets to avoid any potential inconveniences caused by the migration.

Contract Delisting and Future Plans

BitMEX plans to delist all FTM contracts, including Perpetual and Convert, on January 10, 2025. Following the completion of the migration, the platform will introduce support for S tokens on Sonic, along with the listing of new S contracts. This strategic move underscores BitMEX's commitment to accommodating the evolving landscape of cryptocurrency networks.

Impact on Users and Next Steps

Users are encouraged to familiarize themselves with the full implications of this migration by visiting BitMEX's official blog. The exchange has provided comprehensive details and outlined necessary steps for users to ensure a seamless transition. As BitMEX gears up for this significant shift, users are reminded to take prompt action to manage their assets effectively.

For further information and assistance, users can reach out to BitMEX Support via their official contact page.