• Binance exchange will discontinue trading for Sonm (SNM), Serum (SRM), and DFI.Money (YFII) on Aug 22 at 03:00 UTC.
• Several factors like trading volumes, liquidity, network stability, security against attacks, and project team commitment contributed to the decision.
• Coins may face unequal chances after delisting as SNM has over 94% of its liquidity locked on Binance exchange while SRM and YFII have had liquidity issues since 2021.
Binance Exchange Delists SNM, SRM & YFII
The Binance exchange will discontinue trading for the following coins on Aug 22 at 03:00 UTC: Sonm (SNM), Serum (SRM), and DFI.Money (YFII). Several factors contributed to the decision such as trading volume and liquidity, network stability, network security against attacks, and the project’s team commitment. Deposits of these tokens after Aug 22 will not be credited to user accounts.
Built on the Binance Smart Chain, Sonm (SNM) is a BEP-20 standard token. The project provides cloud services based on distributed customer-level hardware including PCs, mining equipment, and servers. The SNM price stood at $0.06 on Aug 16 — a near-60% drop following the announcement — with 213% increase in 24 hours’ trading volumes reflecting an ongoing selloff wave that pushed it to an all-time low. Moreover, Sonm has over 94% of its liquidity locked on the Binance exchange which means prospects in the short term are bleak given discontinuation of trade for both SNM/BUSD (82%) and SNM/BTC (12%).
Solana-based Serum protocol’s token SRM dropped 16% in previous 24 hours and reached an all-time low of $0.047 in European session due to liquidity issues since Nov 2021 when FTX collapsed . The project’s total value locked went from $1.7 billion in 2021 to $14 million on Aug 16 2023..
DFI Money (YFII)
DFI Money’s token YFII was affected by similar issues with its price dropping about 10%. Trading was also impacted due to delisting from major exchanges like Huobi Global where it accounted for 25% of total volume prior to delisting . It should be noted that users can convert delisted tokens into stablecoins until Nov 2022 when deposits shall no longer be credited to user accounts .