What is FTX token (FTT)? All you need to know about FTT - Market247.io
What is FTX token (FTT)? What is FTX exchange and how does it work? Let’s explore all information about FTT and FTX exchange - one of the most reputable exchanges today and all the information about its token with Market247.io in this article.
What is FTX Token (FTT)?
The native token utilized in the FTX exchange is the utility token known as FTX Token (FTT). FTT is now an ERC-20 token developed and deployed on the Ethereum blockchain. This coin is used to pay transaction costs on the FTX market as well as the cost of some services.
What is FTX exchange?
The well-known cryptocurrency exchange FTX was created by Alameda Research, a big market maker in the industry. The exchange is considered as one of the derivatives exchanges that provide the most trading products up to the present time and some popular trading products must be mentioned such as: Spot trading, Futures, OTC, MOVE, Stock, Leveraged Tokens…
Additionally, FTX is more popular and has superior features in comparison to other exchanges like Binance, Bittrex, Huobi, etc., in particular:
- FTX exchange allows people to trade with Coins and trade indices.
- Users are free to deposit and withdraw.
- Support global stablecoin payments and a centralized collateral pool.
- In recent years, the exchange has rapidly developed into the main cryptocurrency investment platform for many institutional clients. This huge jump is due to FTX's well-designed trading system, which provides complex features and tools that are ideal for seasoned traders but are also easily understandable for beginners, just a little assistance in order to begin their investing.
Above is the most basic but complete information to answer the question "What is FTX" in an easy to understand way.
Detailed information about FTX token
Key Metrics FTT
Name: FTX Token.
Blockchain: ERC-20 & SPL.
Token Type: Utility.
Initial Supply: 200,00,000.
Total Supply: 345,219,294.
Max Supply: 352,170,015.
Circulating Supply: 94,346,957.
Contract Address: 0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9
FTT tokens are distributed as below:
Company Tokens: 25% with 87,500,000 FTT.
Liquidity Fund: 20% with 70,000,000 FTT.
Team Tokens: 20% with 70,000,000 FTT.
Fund Insurance: 5% with 17,500,000 FTT.
Safety Fund: 5% with 17,500,000 FTT.
Adviser Tokens: 5% with 17,500,000 FTT.
Ecosystem Fund: 10% with 35,000,000 FTT.
User Acquisition Fund: 10% with 35,000,000 FTT.FTT Token Allocation
FTT Use Case
Let’s explore what is FTX’s use case right now.
As a Utility Token of the FTX exchange, FTT has purposes associated with the ecosystem of this exchange. As follows:
- Token Burn: ⅓ revenue from fees collected by FTX exchange will be used to buy back FTT, then burn them until the total amount of FTT Token on the market is half. This is relatively similar to other exchanges such as Binance, Huobi, KuCoin, ...
- Collateral: In trading futures contracts, FTT can also be used as collateral, similar to future margin trading.
- Reduced transaction fees: Users who hold FTT tokens on the exchange for a period of time will receive a reduced transaction fee for futures contract transactions. OTC trading users will also receive rebates.
- Stake FTT to receive tickets to participate in IEOs (sometimes requires additional trading volume conditions).
- Stake FTT will be free to transfer ERC-20 tokens, depending on the number of Stakes, there will be a certain number of free transfers.
- Stake FTT is paid a higher referral fee (Referral rate) when referring other users.
- Stake FTT gets FTX Swag NFT
- Stake FTT will get an airdrop in the future
- Stake FTT will garner more administrative votes.
Types of wallets that store FTX Tokens
FTT is known as Tokne ERC-20, so users can use many different wallets for storage. Some of the best wallets you can refer to are:
- Store FTX Tokens with soft wallets: Meta Mask wallet, MyEtherWallet wallet,…
- Store FTX Token with hardware wallet: Trezor wallet, Ledger Nano wallet, …
Team, Investors, and Partners
It can be said that FTX is successful thanks to a huge part from the team and partners. Let's explore who are they?
FTX currently has five members, with Sam Bankman-Fried and Gary Wang operating as its leaders:
- Sam Bankman-Fried: Sam has tons of experience trading stocks and other assets and has worked in the finance industry for a long time. He also obtained his degree from MIT, which clarifies how he was able to develop an automated system for Jane Street Capital's OTC desk.
- Gary Wang is an expert in creating systems that compile costs over millions of flights. He is the creator of FTX and a former developer at Google. He received degrees in computer science and mathematics from MIT.
FTX has a highly successful four-year existence with recent investments from Coinbase Ventures and Sequoia Capital, two firms that actively invest in blockchain.
These two well-known companies see this new startup's huge potential. By eliminating all middlemen like agencies or platforms, FTX aims to increase opportunities for independent contractors and move toward a decentralized system.
Their most recent round of fundraising, a $908 million Series B round led by 40 North Ventures and 20 additional investors.
Alameda has always been a critical player in the secondary markets, so the team has strong connections with top exchanges, trading firms, and OTC desks. Their partnerships with USDC and TUSD are helping FTX to develop their relationships within these communities while still maintaining Alameda's stronghold on those who look to it as an integral part of their business strategy.
FTX has announced a strategic partnership with Binance, one of the most well-known exchanges in crypto. As part of this investment and partnership, FTX will be able to scale faster than ever before while announcing new initiatives that are sure to excite their community soon.
The information that Market247.io has collected on FTT and FTX is summarized above. We trust that after reading this article, you have a good understanding of “what is FTX?”. Keep up with our channel to get the latest information from the market.
What is FTX exchange? FAQs
Why is FTX not allowed in the US?
U.S. residents can't trade on FTX's global platform: Due to strict regulations for the crypto space in the United States, residents of the U.S. have limited access to FTX. The exchange has a U.S. partner, FTX.US, but its offerings are more limited than the global platform.
Is FTX better than Coinbase?
Coinbase is more established, has more to offer, and is better for newbies. FTX is a good choice for seasoned crypto traders who buy and sell more on a daily and weekly basis thanks to lower trading fees.
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What is FTX token (FTT)? All you need to know about FTT - Market247.io