Binance Supports Frontier’s Rebrand to Self Chain Amid Token Supply Controversy
Binance, a major cryptocurrency exchange, has completed the token swap and rebranding of the Frontier (FRONT) token to the Self Chain (SLF) token. Although Binance and Frontier are separate entities, Binance supported the project by facilitating the rebranding process on the blockchain.
However, the crypto community has raised concerns about the token swap due to a significant increase in the total token supply. The supply of tokens increased from 90 million to 360 million, but the swap rate remained at 1 FRONT = 1 SLF. This change means that the value held by users has been diluted by 75% relative to the total supply, sparking worries about the impact on existing investors.
The crypto community is urging for more transparency from both Frontier and Binance, seeking clarity on how decisions were made, the reasoning behind the large increase in token supply, and the steps being taken to protect investor interests. The unfolding situation highlights the need for stricter guidelines and better communication in the crypto industry to prevent such concerns from arising. Binance Completes Token Swap and Rebranding of Frontier (FRONT) to Self Chain (SLF).
Currently, the trade price of the Self (SLF) token is $0.59, which is a 17% decrease over the past seven days. The price drop and dilution have raised questions among investors and the broader crypto community about the transparency and decision-making process behind the rebranding and token swap.
Adding to these concerns are allegations of potential manipulation and fraudulent activities. Some community members suspect the use of the “envelope gem” concept, a strategy that involves rebranding or launching new technologies and concepts to manipulate investor interest and inflate token value. Critics argue that the sudden increase in token supply and the lack of clear communication could be seen as attempts to mislead investors and artificially influence market dynamics.
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