Binance Delists Sonm (SNM), Serum (SRM), and DFI.Money (YFII) — Will the Coins Survive?

Key Takeaways:

• Binance delists SNM, SRM, and YFII.
• What are the chances of the coins surviving?
• Sonm, Serum, and DFI Money have unequal chances after delisting.

YEREVAN (CoinChapter.com) — The Binance exchange will discontinue trading for the following coins on Aug 22 at 03:00 UTC: Sonm (SNM), Serum (SRM), and DFI.Money (YFII).

Several factors contributed to the decision: trading volume and liquidity, network stability, network security against attacks, and the project’s team commitment.

Binance also mentioned that the exact trading pairs being removed are: SNM/BTC, SNM/BUSD, SRM/BUSD, and YFII/USDT.

The team asserted that delisted tokens could be converted into stablecoins on behalf of users after Nov 22, 2023, at 03:00 UTC. Additionally, deposits of these tokens after Aug 22 will not be credited to user accounts. 

Meanwhile, a closer look at Sonm (SNM), Serum (SRM), and DFI.Money (YFII) is warranted.

Will Sonm (SNM) survive the delisting?

Built on the Binance Smart Chain, Sonm (SNM) is a BEP-20 standard token. The project provides cloud services based on distributed customer-level hardware, including PCs, mining equipment, and servers. The SNM price stood at $0.06 on Aug 16, a near-60% drop following the announcement.

The trading volumes also rose 213% in the previous 24 hours, reflecting the ongoing selloff wave, as the SNM coin hit an all-time low. Moreover, Sonm had over 94% of its liquidity locked on the Binance exchange.

Thus, the coin’s prospects in the short term are bleak, considering the discontinuation of trade for both SNM/BUSD (82%) and SNM/BTC (12%).

Serum (SRM) price faces difficulties

Solana-based Serum protocol (SRM) is a decentralized exchange with team ties to the collapsed FTX exchange and its sister company Alameda Research. The project’s token SRM dropped 16% in the previous 24 hours and reached its all-time low of $0.047 in the European session.

According to Serum’s on-chain metrics, the exchange has had liquidity issues since the FTX collapse in Nov 2022. As a result, the project’s total value locked (TVL) went from $1.7 billion in 2021 to $14 million on Aug 16, 2023.

Meanwhile, Binance accounted for over 32% of the SRM market. KuCoin exchange, with a 4.4% share of the market, features one trading pair, SRM/BUSD, which might not be enough to keep the token afloat.

DFI.Money (YFII) price could suffer

DFI.Money (YFII) is a fork of the decentralized finance aggregator platform yearn.finance (YFI). Its token traded at $576 on Aug 16, after a 20% daily drop.

The chart above shows that the YFII price has declined since 2021 highs. However, the latest delisting could have less effect on the coin, as most holders are long-term whales (over 75%). Additionally, according to the token breakdown on CoinMarketCap, whales make up over 85% of the coins.

Moreover, Binance, with its YFII/USDT pair, accounted for only 21% of the DFI.Money liquidity. While OKX takes second place with 11%, the coin’s dependency on Binance is less than the other two coins on the list, which means YFII has a bigger chance of survival.