Binance Airdrops USDC to FRONT and SLF Holders After Token Rebranding Completes
Alyssa Davidson
Posted: September 6, 2024 10:44 AM Updated: September 6, 2024 10:44 AM
Edit and fact check: September 6, 2024, 10:44 AM
Briefly
Binance, with the support of the Self Chain team, will allocate USDC to eligible users who hold FRONT and SLF tokens.
Cryptocurrency exchange Binance has announced that it will adjust the total supply of SLF tokens after the brand upgrade based on community feedback. Specifically, USDC tokens will be transferred to eligible users who hold FRONT and SLF tokens, and this initiative is supported by the SLF team.
The FRONT snapshot was taken on August 28th at 00:00 UTC and captured users’ holdings in the Spot and Funding Wallets. The SLF snapshot was taken on September 2nd at 00:00 UTC and took into account holdings in the Spot, Funding, Margin, and Earn Wallets.
Individuals holding FRONT or SLF in their Binance wallets at the time of the snapshot will receive an airdrop of USDC from the 1 million pool. Distribution will be proportional to the user’s holdings recorded at the time of the snapshot.
In August, the exchange announced support for rebranding the Frontier token to a Self Chain token. As part of this process, all existing FRONT spot trading pairs were removed from listing and spot trading orders were canceled. Trading for the SLF pairs was then opened and the tokens were swapped at a 1:1 ratio.
The rebranding comes from a Frontier proposal that was unanimously approved earlier this year, with a 100% yes vote. As a result, Frontier and Hot Cross merged to form Self Chain. The new Layer 1 blockchain aims to provide a modular, intent-driven access layer with keyless wallet infrastructure. This strategic pivot aimed to solve the complexity associated with cryptocurrency wallet management.
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About the Author
A dedicated journalist for MPost, Alyssa specializes in the vast areas of cryptocurrencies, zero-knowledge proofs, investments and Web3. She has a keen eye for emerging trends and technologies, and provides comprehensive coverage to inform and engage readers in the ever-evolving digital finance landscape.
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Alyssa Davidson
A dedicated journalist for MPost, Alyssa specializes in the vast areas of cryptocurrencies, zero-knowledge proofs, investments and Web3. She has a keen eye for emerging trends and technologies, and provides comprehensive coverage to inform and engage readers in the ever-evolving digital finance landscape.
More Articles