Mon. Jul 15th, 2024

• Binance exchange will delist Sonm (SNM), Serum (SRM), and DFI Money (YFII) on August 22, 2023.
• Several factors have led to this decision: trading volume and liquidity, network stability, and network security against attacks.
• The coins’ prospects in the short term are bleak due to the discontinuation of trade for both SNM/BUSD and SNM/BTC.

Binance Delists Three Coins

Binance exchange will be delisting Sonm (SNM), Serum (SRM), and DFI Money (YFII) on August 22, 2023 at 03:00 UTC. The decision was based on several factors such as trading volume and liquidity, network stability, and network security against attacks.

Impact on Sonm Coin

The delisting announcement had a significant impact on the price of Sonm coin which fell to an all-time low of $0.06 after the delisting news was made public. Trading volumes also rose significantly with over 94% of its liquidity being locked in the Binance exchange alone. This makes it difficult for Sonm coin to survive the delisting in the short term as both its trading pairs – SNM/BTC and SNM/BUSD – have been discontinued by Binance exchange.

Serum Protocol Impacted

Serum protocol is built on Solana blockchain technology and is associated with FTX exchange which collapsed in Nov 2022. As a result, total value locked for Serum dropped from $1.7 billion in 2021 to just $14 million as of Aug 16, 2023. The SRM token also reached an all-time low of $0.047 following the delisting news from Binance Exchange while its daily trading volumes increased by 16%.

Delisted Tokens Conversion Offer

Despite its unfavorable effects, Binance is offering users a chance to convert their delisted tokens into stablecoins until Nov 22, 2023 at 03:00 UTC. However, deposits made after Aug 22 will not be credited into user accounts anymore.

Conclusion

Sonm (SNM), Serum (SRM),and DFI Money(YFII) have unequal chances of surviving post-delisting given their current circumstances highlighted above; however users still have options available to convert their tokens into stablecoins before Nov 22 next year

By admin