FTX Token

price
change

Discover FTX Token's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is FTX Token?

FTX Token (FTT) is the native cryptocurrency of the FTX derivatives and spot cryptocurrency exchange. It serves as a utility token, offering benefits such as trading fee discounts, rewards, and early access to offerings for its holders. FTT is deflationary, meaning its supply decreases over time, and is available on multiple blockchains including Ethereum, Solana, and Binance Chain.

How is FTX Token used?

FTX Token (FTT) is the native cryptocurrency of the FTX exchange. It serves several purposes:

  1. Trading Fee Discounts: Holding FTT tokens provides discounts on trading fees on the FTX platform. The more FTT held, the higher the discount, with a maximum of 60% for holders of over $5 million worth of FTT.

  2. Collateral: FTT can be used as collateral against futures positions on the exchange.

  3. Staking: Staking FTT earns interest and provides additional benefits such as increased referral rewards, larger airdrop rewards, and free ERC20 withdrawals.

  1. OTC Discounts: Holding FTT tokens also provides discounts on FTX’s over-the-counter (OTC) desk, with higher discounts for larger holdings.

  2. VIP Trading: High rollers who hold significant amounts of FTT become VIP traders, with their orders prioritized above others.

Overall, FTT is designed to incentivize users to participate in the FTX ecosystem and reward loyalty.

How do I store FTX Token?

To store FTX Token (FTT) tokens, you have several options:

  1. FTX Exchange: You can store your FTT tokens directly on the FTX exchange. This is convenient if you plan to trade frequently, but it is not the most secure option as exchanges are often targeted by hackers.

  2. Crypto Wallet: You can use a crypto wallet, which offers better security. There are various types of wallets available, so it is essential to research and choose a reliable one. Some users prefer to store their crypto offline in a "cold storage" wallet, which is considered the most secure option.

  3. Personal Crypto Wallet: You can also store your FTT tokens in a personal crypto wallet. This provides more control and security compared to storing on an exchange.

  1. Trust Wallet: If you want to trade your FTT tokens on a decentralized exchange, you can consider using Trust Wallet, which supports millions of assets and blockchains.

Remember to keep your private key safe and secure to protect your FTT tokens.

How to buy FTX Token?

To buy FTX Token (FTT) tokens, you can follow these steps:

Using Bybit
  1. Sign up or log in to your Bybit account.
  2. Buy stablecoins or BTC directly using your credit or debit card.
  3. Trade your purchased coins for FTT on Bybit Spot.
Using AscendEX
  1. Sign up for an AscendEX account.
  2. Buy FTT directly with AscendEX's 1-Click Convert function, which allows you to seamlessly convert any number of cryptocurrencies to FTT.
  3. Deposit more than 300 supported cryptocurrencies and exchange them for FTT at competitive rates.
  4. Buy FTT with a credit card or debit card directly on AscendEX.
Using Binance
  1. Create a free account on the Binance website or app.
  2. Verify your identification.
  3. Choose how to buy FTT:
    • Credit/Debit Card: Use Visa or MasterCard.
    • Bank Deposit: Transfer fiat currency from your bank account to Binance.
    • Third-Party Payment: Check available options in your region.
  4. Store or use your FTT in your Binance account.
Using Coinbase Wallet
  1. Use Coinbase Wallet, which supports FTX Token.
  2. Buy FTT through the wallet, but note that it is not available for trading on the Coinbase Exchange.
Additional Information
  • Current Price: The live FTX Token price is around $1.40 USD with a 24-hour trading volume of $11,043,562 USD.
  • Market Cap: The market capitalization of FTX Token is approximately $486,507,479 USD.
  • Circulating Supply: There are 328,895,104 FTT tokens in circulation.

Please be cautious when interacting with FTT tokens due to the ongoing bankruptcy proceedings of FTX.

Discover
FTX Token
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

History of FTX Token

The FTX Token (FTT) is the native utility token of the FTX cryptocurrency derivatives exchange. Here is an overview of its history:

  • Launch: FTT was launched on May 8, 2019, by FTX, a derivatives and spot cryptocurrency exchange founded by Sam Bankman-Fried and Gary Wang.
  • Initial Performance: Shortly after launch, the token traded for about $1.20 and quadrupled in value by the end of 2020. In 2021, FTT soared to about $61 in May before crashing to $25 in June. It rose again in the autumn, hitting an all-time high of $85 on September 9, 2021.
  • Tokenomics: FTT is an ERC-20 token issued on the Ethereum network. To reduce inflation, FTX regularly repurchases and burns FTT tokens, which theoretically increases demand for the remaining tokens. As of May 2022, FTX had burned 17 million of the 263 million tokens in circulation.
  • Benefits: FTT offers various benefits to its holders, including trading fee discounts, VIP trader status, and increased referral rewards. The more FTT a user holds, the greater the discounts and rewards.
  • Listing: FTT is listed on multiple exchanges, including Binance, Bitfinex, and Huobi Global, and can be found on Ethereum, Solana, and Binance Chain blockchains.
  • Downfall: FTX faced significant issues in November 2022, including a liquidity crisis and allegations of unethical and fraudulent inter-company transfers of client funds. This led to a significant decline in FTT's value and the eventual bankruptcy of FTX.

Overall, FTT was created to support the FTX platform and provide benefits to its users. Despite its promising start, the token's value was heavily impacted by the financial issues and regulatory concerns surrounding FTX.

Discover
FTX Token
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

How FTX Token works

The FTX Token (FTT) is the native token of the FTX trading platform. It operates on the Ethereum blockchain as an ERC-20 token. The token's primary function is to serve as an economic backbone for the platform, facilitating various features and benefits for users.

Burn/Share Mechanism

FTT employs a burn/share mechanism, where a portion of the tokens is burned, and the platform's generated revenues are distributed among users. This mechanism helps reduce the token's supply, which can positively impact its value. Additionally, the repurchased tokens are used to reduce trading costs and fees, making the platform more attractive to users.

Trading and Collateral

FTT can be used to reduce trading fees on the exchange or serve as collateral against futures positions. This allows users to leverage the token to access more trading opportunities while minimizing costs.

Staking and Rewards

FTT can be staked to earn interest, providing users with a passive income stream. The staking system allows investors to earn up to 60% annual interest on their staked tokens, making it an attractive option for those holding FTT.

White-Label Solutions

FTX offers white-label solutions tailored for crypto-related institutions seeking significant liquidity. These services are accessible exclusively with the FTT token, highlighting its importance in the platform's ecosystem.

Historical Performance

FTT was launched in May 2019 and initially traded at $1.72. It experienced significant growth, reaching a peak value of $77.69 in September 2021. However, the token's value suffered significantly in 2022 due to the insolvency and fraud allegations surrounding the FTX platform.

Current Status

Despite the challenges faced by FTX, the token remains widely traded. The platform is currently under new leadership, and efforts are being made to revive it. The FTX token continues to hold significance in the crypto market, although its future remains uncertain.

Discover
FTX Token
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

FTX Token's strengths

The FTX Token (FTT) has several strengths:

  • Multi-utility token: FTT offers various benefits, including up to 60% discounts on trading fees, participation in governance, and use as collateral for trades on the FTX platform.
  • Token burning policy: FTX periodically purchases and burns FTT tokens, reducing the total supply and potentially increasing their value.
  • Native token of FTX: FTT is the native cryptocurrency of the FTX exchange, enhancing the functionality and ecosystem of the platform.
  • Membership program: FTT is used in the FTX membership program, offering additional benefits such as reduced trading fees and access to exclusive products and premium services.
  • Governance participation: FTT holders have the opportunity to participate in decision-making on the FTX platform through voting on governance proposals.

These strengths highlight the token's versatility and its potential to provide value to users within the FTX ecosystem.

FTX Token's risks

FTX Token (FTT) carries several risks that investors should consider before investing. Here are some key points:

  • Centralization Risk: FTT is fully centralized around the FTX exchange and is heavily reliant on the exchange's success. This centralization increases the risk of catastrophic downside if the exchange experiences difficulties.
  • Limited Community: FTT has a relatively small community, with only around 29,284 addresses and less than 229 active users, which can limit its potential for growth and adoption.
  • High Ownership Concentration: A significant portion of FTT (around 47.8 million tokens) is owned or custodied by FTX, which further increases the potential for catastrophic downside risk.
  • Volatility: FTT is considered unreasonably risky due to its high volatility, which is common in cryptocurrency exchanges. This volatility can lead to significant price fluctuations.
  • Systematic and Unsystematic Risks: FTT is subject to both systematic (market) and unsystematic (coin-specific) risks. Systematic risk cannot be diversified away, while unsystematic risk can be mitigated by owning multiple digital assets on different exchanges.
  • Risk Assessment Scores: FTT has received a medium risk score from InvestorsObserver, indicating a relatively moderate risk investment. The scoring system evaluates the token's susceptibility to manipulation based on recent changes in volume and market cap.

These risks highlight the importance of thorough research and careful consideration before investing in FTX Token.

Discover
FTX Token
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Did FTX Token raise funds?

Discover
FTX Token
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe
Discover
FTX Token
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

FTX Token’s team

  • Sam Bankman-Fried: Founder of FTX and Alameda Research, responsible for creating the FTT token.
  • Gary Wang: Co-founder of FTX, involved in the development and management of the platform.
  • Caroline Ellison: Co-founder of Alameda Research, a key partner firm of FTX.
  • Jen Chan: Chief Financial Officer of FTX, overseeing financial operations and strategy.
  • Ryan Salame: Co-CEO of FTX Digital Markets, involved in global licensing and operations.

Twitter profiles:

  • Sam Bankman-Fried: @SBF_FTX
  • Gary Wang: No public Twitter profile found.
  • Caroline Ellison: No public Twitter profile found.
  • Jen Chan: No public Twitter profile found.
  • Ryan Salame: No public Twitter profile found.

Whalee AI

The fundamental analysis assistant for crypto value investors.

FTX Token NEWS REPORT

Latest news

Want an analysis of FTX Token? Tell us on discord.

Help us improve!
Tell us what you think of this page and which features you would like to see next.
OPEN FORM