• Binance delists SNM, SRM, and YFII from its platform on Aug 22 at 03:00 UTC.
• Sonm (SNM), Serum (SRM), and DFI Money (YFII) have unequal chances of survival after the delisting.
• The trading volumes and liquidity of these coins are affected due to the delisting announcement leading to a drop in their prices.
Binance Delists SNM, SRM, and YFII
Binance announced that they will be discontinuing trading for several coins including Sonm (SNM), Serum (SRM), and DFI Money (YFII) on August 22 at 03:00 UTC. Several factors such as trading volume and liquidity, network stability, security against attacks, as well as commitment from the project team weighed into this decision. Deposits of these tokens after August 22 will not be credited to user accounts.
Sonm’s Chances After Delisting
Sonm runs on the Binance Smart Chain which makes it a BEP-20 standard token. The project provides cloud services based on distributed customer-level hardware such as PCs, mining equipment, and servers. Following the announcement of the delisting there has been a near 60% drop in SNM price with a 213% surge in trading volume resulting in an all-time low for SNM coin. Additionally over 94% of Sonm’s liquidity was locked on Binance exchange so this delisting would adversely affect both SNM/BTC and SNM/BUSD trades going forward.
Serum’s Prospects After Delisting
The Solana based Serum protocol uses SRM tokens which dropped by 16% following the announcement leading to its all time low at $0.047 in European session. Previously since FTX collapse in Nov 2022 Serum has been facing liquidity issues leading to its TVL dropping from $1.7 billion in 2021 to $14 million on Aug 16 2023 .
DFI Money’s Situation Post Delisting
DFI Money is an Ethereum based DeFi protocol who faced a 11% drop post announcement reaching its all time low at $543.. It also experienced some withdrawal delays recently due to technical upgrades however overall it is still managing reasonable daily trade volumes with good liquidity spread across multiple exchanges making it relatively more resilient than other two coins mentioned above.
The future prospects for Sonm(SNM), Serum(SRM) ,and DFI Money(YFII) look bleak post Binance’s delistings given their decreased trading volumes & liquidity coupled with lack of necessary support from their respective teams or networks , thus making it difficult for them to survive past Nov 2022 when Binance promises users conversion of their tokens into stablecoins .