Binance stirred the market on Friday by announcing support for Ethernity Chain’s token swap and rebranding.
The news that Binance is extending its support for the ERN token swap and rebranding was disclosed in an official release that was issued on February 28.
In accordance with the announcement, the exchange will provide support for the transformation of the Ethereum Chain into the Epic Chain (EPIC Chain). It is important to note that on March 10 at three o’clock in the morning UTC, all existing ERN spot trading pairs will come to an end.
In addition to this, the exchange will also cancel any spot trade orders that are currently outstanding for the same. Thereafter, the cryptocurrency trading platform will start trading for trading pairs involving EPIC and USDT beginning on March 13 at 8:00 UTC.
Beginning on March 10 at 03:30 UTC, the ability to make deposits and withdrawals of ERN tokens will go into effect. In addition, the beginning of the deposit period for EPIC tokens will be on March 13 at 7:00 UTC.
Binance to Announce New Token Withdrawals
In addition, Binance informed users that it would make a separate announcement to bring to their attention the opening of withdrawals for the newly rebranded cryptocurrency. Following the conclusion of the token swap event, Ethernity Chain tokens will no longer be accessible for use.
The most prominent cryptocurrency exchange provided clarification by stating that “all ERN tokens will be swapped to EPIC at a ratio of 1 ERN = 1 EPIC.” This change will also impact trading bot services and spot copy trading services on the platform.
Additionally, on March 6 at 06:00 UTC, the cryptocurrency exchange will remove ERN from its Cross and Isolated Margin offers. It is important to note that beginning immediately, users will no longer be able to transfer any sum associated with ERN Cross and Isolated Margin into their Margin account.
In addition, the introduction of Flexible Rates and VIP Loan services for the same will take place on March 6 at three o’clock in the morning UTC. The removal of Simple Earn services and subscriptions for the previous token will likewise take effect on March 7 at three o’clock in the morning UTC.
ERN Surges 31% Amid Token Swap
Proceed to the official announcement of the cryptocurrency project if you are interested in learning more about the token swap and rebranding saga. Under the influence of the CEX’s increased market support, the price of ERN experienced a 31% increase in value, reaching $1.67 per unit of exchange.
Over the course of the last twenty-four hours, the price of the coin has fluctuated between a low of $1.18 and a high of $1.80. There was a staggering increase of 514% in the asset’s intraday trading volume, which brought it to $41.58 million.
This indicates that traders appear to have responded favorably to the announcement of the token swap and rebranding. It would appear that the general market opinion toward the Ethereum Layer 2 platform that is equipped with artificial intelligence capabilities is hopeful in light of recent developments.
When big cryptocurrency exchange companies increase their market support, it frequently has a favorable impact on the price of the cryptocurrency. KAITO has recently become a hot topic in the cryptocurrency industry because it has been listed on both Coinbase and Binance.
The cryptocurrency, on the other hand, experienced a fantastic price surge, which sparked comparable investor confidence for the Ethernity Chain (ERN) token swap and rebranding.
