All about FTX token (FTT)

WhiteBIT
Published 29 August 2022
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All about FTX token (FTT)

Content

FTX is a cryptocurrency derivatives platform that allows dealing with 3 types of futures, ready-to-use leveraged tokens, and over-the-counter trading. FTT stands for the platform’s cryptocurrency designed to bring various benefits to all FTX users.

Founders Sam Bankman-Fried, Gary Wang
Founded 2019
Maximum supply 352,170,015 FTT
Ticker FTT
Network ERC-20
All-time high $84.18
Project’s website https://ftx.com/
White Paper https://help.ftx.com/hc/en-us/signin?return_to=https%3A%2F%2Fhelp.ftx.com%2Fhc%2Fen-us%2Farticles%2F360027945111–FTT-Whitepaper-Summary–

What is FTX?

The idea to set up their own product hit the founders after having dealt with numerous other trading platforms. They intended to build an exchange with vast liquidity to cater to the needs of all customers and equip it with all needed trading tools.

The exchange itself was founded in 2019. Gary Wang, together with Sam Bankman-Fried, launched the FTX token (FTT) on the 8th of May the same year.

There is a 3-tier algorithm that helps to prevent unwanted losses of funds and ensures a smoother process of positions liquidation and a centralized funding pool with a stablecoin settlement. It also allows minting and selling NFTs.

One of the distinctive features of the FTX crypto exchange is assets with in-built leverage positions. They replace regular margin trading and eliminate the need to actually trade. For example, if you want to go short or long, you can just get a corresponding FTT token.

The crypto FTT project is supported by Alameda Research, also founded by Bankman-Fried.

FTT crypto news

FTX actively supports the DeFi industry during the bearish trend. For example, it has given $200M in digital assets to Voyager Digital, the crypto-lending firm.

In mid-2022, the company signed a deal that may lead to them getting BlockFi for up to $240M and also gave them a significant credit line – $400M.

It has acquired LedgerX, the derivatives company, which opens doors to the US market.

The FTX management team negotiated with the UK regulators about entering the British market.

Besides, FTX launched USDT futures. Combined with margin tokens, these make the company a highly competitive rival for other exchanges of that type.

What does FTT mean: definition of opportunities

FTT token provides numerous opportunities for its holders. For instance, a VIP status. The crypto can also be a funding source for trading perpetual as well as regular futures. Customers who continuously hold FTT crypto get trading discounts, including for OTC-type deals.

The company also decided that a third of the fees must be spent to destroy FTT. FTT token burn will continue until half of the overall amount is burned.

Staking FTX coin is a way to get bigger free crypto airdrop rates and modify the number of ERC-20 withdrawals (for up to 5000% on top), additional votes, and decrease fees up to 0.015% and -0.0030% for takers and makers, respectively.

What is FTT, and how to get FTX (FTT) crypto?

Traders can get it on the native platform and other exchanges. Although coin FTX was fully released in 2019, there is currently only 138M of altcoins in circulating supply.

Is FTX crypto safe?

According to technical analysis and reviews, FTT coin has shown stable growth since its launch date. It is anticipated to grow further. The exchange and its token gain value over time and seem to constantly attract new users and holders.

Cryptos are volatile, so before conducting any operations with them, users must do their own research.

FAQ

What does FTX mean in crypto?
FTT FTX crypto exchange is a centralized exchange focused on derivatives and leveraged products. It is included in the top 5 exchanges all over the world. Its daily volume exceeds $1B.
What crypto is FTT?
FTT crypto is a utility token of the FTX exchange that is subjected to a specific burning mechanism. The company uses 33% of fees to acquire and further destroy FTT crypto coin. Apart from that, this asset gives numerous advantages to FTX customers over regular users.
What is the use of FTT?
It is eligible for staking and acts as a futures funding source. FTT cryptocurrency holders also have much lower fees for all trading deals. On other crypto platforms, users might be able to conduct various operations with this currency.

What is the difference between FTT and FTX?
The FTT coin is a native asset of the FTX project. It’s an ERC-20 token that provides FTX users with various benefits, such as earning an interest from staking and greatly reduced FTX fees.
Which token is FTT?
It was built on the Ethereum blockchain and is fungible (e.g., FTX coin can be swapped for other assets). Ethereum in this case means that a token was created according to a smart contract and complies with an ERC-20 standard.

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