Gate Adjusts the Migration Timeline from Fantom (FTM) to Sonic (S) Tokens

In response to the latest updates from the Fantom (FTM) project team, Gate has adjusted the migration plan for Fantom (FTM) to the new Sonic (S) tokens. We will continue to support this token migration and provide users with a seamless migration service. Gate users do not need to take any specific action to complete the migration. Additionally, we have already processed the net asset redemption of FTM3S and FTM3L leveraged tokens, and users can view the details in their Transaction History.

Updated Migration Steps by Gate:

1. Gate will close the new margin borrowing and crypto loan services for Fantom (FTM) before January 4, 2025, 08:00 UTC.
2. Users who have active positions in the Fantom (FTM) futures trading market are encouraged to adjust your strategies in advance. Starting from January 5, 2025, 08:00 UTC, the FTM/USDT futures trading market will switch to a "Reduce-only" mode.
3. On January 6, 2025, 08:00 UTC, Gate will automatically settle open futures trading positions at the average index price in the half-hour before the futures trading stops. Any outstanding orders will be canceled automatically. Users with open positions in this market should adjust your strategies and close positions before January 6, 2025, 08:00 UTC to avoid automatic settlement.
4. Starting from January 7, 2025, 03:00 UTC, Gate will suspend the deposit, withdrawal, and trading services for Fantom (FTM), including FTM_USDT, FTM_USDC, FTM_ETH, and FTM_TRY spot trading pairs, quant grid trading, Simple Earn, and margin trading.
5. Users with active quant grid trading positions for Fantom (FTM) should adjust your trading strategies beforehand. Otherwise, the trades will be terminated automatically before January 6, 2025, 08:00 UTC.
6. Users with Fantom (FTM) assets in Simple Earn may manually redeem them in advance. Otherwise, the assets will be liquidated before January 7, 2025, 03:00 UTC.
7. Users with outstanding Fantom (FTM) loans in the margin trading market should repay the loans in advance. Otherwise, the loan will be settled automatically before January 7, 2025, 03:00 UTC.

It is important to note that Gate will no longer support Fantom (FTM). The listing time for Sonic (S) will be announced separately after Gate completes the listing review.

Project Team’s Announcement: https://docs.soniclabs.com/sonic/s-token

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Gate Team
January 3th, 2025