LiteFinance ends FTM/USD trading, introduces Sonic token
LiteFinance shifts from FTM/USD to S/USD
LiteFinance has announced significant changes for traders involving the gradual discontinuation of FTM/USD (Fantom) trading and the introduction of a new pair based on the Sonic (S/USD) token.
According to the company, all open FTM/USD trades will be automatically closed on January 16, 2025, at 10:00 AM server time (GMT+2), as indicated on the platform.
In place of these closed positions, identical S/USD trades will be opened in user accounts. Pending orders for FTM/USD will also be automatically converted into corresponding S/USD orders to ensure a smooth transition for traders.
To facilitate the transition, LiteFinance has switched the FTM/USD instrument to "close-only" mode. This means that no new positions can be opened. However, traders who wish to manually close their FTM/USD positions before the automatic closure can contact the company’s trading operations team. Positions will be settled at the latest available market price.
Reason for the change
The company explained that the update is related to the launch of the Sonic blockchain platform, which will replace the existing Fantom ecosystem. As part of this transition, the instrument ticker is being updated from FTM/USD to S/USD. Despite the change, LiteFinance assured users that margin requirements and other specifications will remain unchanged.
The introduction of Sonic marks a new phase for blockchain users and investors actively participating in the decentralized finance space. The company believes that switching to S/USD will enhance trading options and align with Sonic’s updated blockchain infrastructure.
LiteFinance’s proactive approach aims to minimize disruptions for clients while encouraging them to adapt to the new trading environment. The platform has also reiterated its commitment to providing timely updates and support to ensure a seamless transition for all affected traders.
This change highlights the evolving nature of blockchain-based ecosystems and underscores the industry's push toward innovative technologies and decentralized platforms. Traders and investors are advised to review the updated trading information and reach out to LiteFinance’s support team for further assistance.
Previously, LiteFinance introduced an updated range of trading instruments, expanding the selection of assets for its clients, including indices, commodities, and stocks.
