Delisting on Binance: Will SNM, SRM, and YFII Survive?
• Binance exchange will delist Sonm (SNM), Serum (SRM), and DFI.Money (YFII) on Aug 22 at 03:00 UTC.
• Several factors contributed to the decision, including trading volume and liquidity, network stability, and project team commitment.
• The delisting could have a negative effect on each coin’s price and liquidity levels.
Binance Delists SNM, SRM, YFII
Binance announced that it will be discontinuing trading for Sonm (SNM), Serum (SRM), and DFI.Money (YFII) on Aug 22 at 03:00 UTC. The exact trading pairs being removed are SNM/BTC, SNM/BUSD, SRM/BUSD, and YFII/USDT. Users can convert their tokens into stablecoins until Nov 22 at 03:00 UTC. After this date deposits of these tokens won’t be credited to user accounts.
Factors Contributing to Delisting
The decision to delist was based upon various factors such as trading volume and liquidity, network stability, security against attacks, and the project’s team commitment.
Sonm’s Prospects After Delisting
Sonm is a BEP-20 standard token built on the Binance Smart Chain with distributed customer-level hardware services such as PCs, mining equipment, and servers. Following the announcement its price fell nearly 60%. Additionally trading volumes rose 213% in the previous 24 hours as it hit an all-time low. Over 94% of Sonm’s liquidity was locked on the Binance exchange prior to delisting so its prospects in the short term are bleak due to this discontinuation of trade for both SNM/BUSD (82%) and SNM/BTC (12%).
Serum Price Faces Difficulties
Solana-based Serum protocol is a decentralized exchange with team ties to FTX exchange & Alameda Research. Its token SRM dropped 16% in the previous 24 hours reaching an all-time low of $0.047 in European session timezone . Serum has had liquidity issues since FTX collapsed in Nov 2022 which led its total value locked from going from $1.7 billion in 2021 down to $14 million as of Aug 16 2023..
Chances of Coins Surviving
The chances for survival of these coins after delisting are unequal with no clear indication of which one may be more successful than others due to their respective market conditions & individual circumstances .
