Deep Dive
1. Token Swap Completion (March 2025)
Overview: Four completed its rebrand from BinaryX (BNX) in Q1 2025, with exchanges like INDODAX and BloFin suspending BNX trading and enabling 1:1 swaps to FORM.
The migration involved delisting BNX pairs, closing perpetual futures contracts, and enabling FORM deposits/withdrawals by March 24, 2025. Tokenomics remained unchanged, but the rebrand aimed to expand Four’s utility into GameFi and governance.
What this means: Neutral for FORM, as this was a procedural update rather than a technical upgrade. The swap preserved existing token value but didn’t introduce new functionality.
(INDODAX)
2. Exchange Listings (July 2025)
Overview: FORM gained visibility through listings on Coinbase and other platforms after the rebrand, correlating with a July 2025 all-time high.
The listings improved liquidity but lacked accompanying protocol upgrades. Social media announcements emphasized community growth, not technical milestones.
What this means: Neutral for FORM. Listings boosted accessibility but didn’t reflect codebase innovation.
(Four)
3. Price Volatility (September 2025)
Overview: A 30% price surge in late September 2025 was attributed to a short squeeze, not protocol changes.
Derivatives data showed open interest doubling to $26M, with funding rates turning positive. Analysts noted FORM’s history of volatility due to shallow order books post-rebrand.
What this means: Bearish for FORM. Price action stemmed from speculative trading, not network improvements, raising sustainability concerns.
(Yahoo Finance)
Conclusion
Four’s development focus has shifted to ecosystem growth (GameFi, exchange listings) rather than codebase enhancements since its March 2025 rebrand. With no recent GitHub activity or protocol upgrades disclosed, traders should monitor whether technical development resumes to support its $164M market cap. How might FORM’s reliance on speculative trading impact its long-term viability?