After completing the rebranding process, Binance will airdrop USDC to holders of FRONT and SLF tokens.

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by
Alisa Davidson

Published: September 06, 2024 at 10:44 am Updated: September 06, 2024 at 10:44 am

by Anastasiia O

Edited and fact-checked:
September 06, 2024 at 10:44 am

In Brief

Binance will allocate USDC to eligible users holding FRONT and SLF tokens, with this initiative sponsored by the Self Chain team.

Binance To Airdrop USDC To FRONT And SLF Holders After Token Rebrand Completion

Cryptocurrency exchange Binance announced that, in response to community feedback, it will adjust the total supply of SLF tokens following the brand upgrade. In particular, USDC tokens will be sent to eligible users holding FRONT and SLF tokens, with this initiative sponsored by the SLF team.

The FRONT snapshot was taken at 00:00 UTC on August 28th, capturing the users’ holdings in Spot and Funding Wallets. The SLF snapshot occurred at 00:00 UTC on September 2nd, taking into account holdings in Spot, Funding, Margin, and Earn Wallets.

Individuals who held FRONT and or SLF in Binance Wallets at the time of the snapshots will be airdropped USDC from a pool of 1 million pool. The distribution will be proportional to users’ holdings recorded at the snapshot times.

In August, the exchange unveiled its support for the rebranding of the Frontier’s token to the one of the Self Chain. As part of this process, it delisted all existing FRONT spot trading pairs and called off spot trading orders. Trading for SLF pairs was subsequently launched, with the tokens being swapped at a one-to-one ratio.

The rebranding stems from a Frontier proposal that achieved unanimous approval, with 100% of votes in favor earlier this year. As a result, Frontier and Hot Cross have merged to form Self Chain. The new Layer 1 blockchain aims to offer a Modular Intent-Centric Access Layer with a Keyless Wallet Infrastructure. This strategic pivot was aimed at addressing the complexities related to cryptocurrency wallet management.

Binance Unveils BNSOL For Staking On Solana

Binance is a prominent cryptocurrency exchange that facilitates transactions with over 350 cryptocurrencies and digital tokens. Known for its competitive transaction fees and strong liquidity options, it serves a broad range of users.

Recently, it unveiled the forthcoming launch of its Solana Staking product, Binance SOL Staking. This new feature will enable users to stake SOL on Binance while maintaining control and flexibility through Binance Staked SOL (BNSOL), a liquid staking token that will represent the staked assets.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Alisa Davidson

Conclusion

As the cryptocurrency world continues to evolve, Binance remains at the forefront of innovation and adaptation. With initiatives such as the USDC airdrop to FRONT and SLF holders, as well as the introduction of BNSOL for staking on Solana, Binance is committed to providing value and opportunities to its users.

For more trending news articles in the cryptocurrency and decentralized finance (DeFi) space, be sure to check out DeFi Daily News. Stay informed and stay ahead of the curve with the latest updates and insights from the crypto world.

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