Demex Daily #313: Sonic Labs Launches FTM to S Token Swap Gateway

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Sonic Labs has launched the Sonic Gateway, enabling FTM to S token swaps on the Sonic blockchain. This platform also supports the transfer of Euro Coin (EURC), USD Coin (USDC), and Wrapped Ethereum (WETH). FTM to S conversion occurs at a 1:1 ratio. Sonic, a new EVM-compatible blockchain, aims for high transaction speed and low finality times. The Sonic blockchain has a 3.175 billion supply of S tokens, matching the FTM supply. The gateway uses validators for transaction security and includes a fail-safe for asset recovery if the bridge is inactive for over 14 days. Transaction delays are expected but can be bypassed for a fee.

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Floki DAO has proposed allocating part of its treasury to launch a Floki exchange-traded product (ETP) in Europe, aiming to provide institutional investors with exposure to the memecoin. The proposal, which is currently being voted on by Floki DAO members, suggests using 16 billion FLOKI tokens (valued at $2.8 million) as liquidity for the fund. If approved, the Floki ETP is set to launch in Q1 2025 on the SIX Swiss Exchange, following in Dogecoin's footsteps as the second memecoin with a registered ETP