A great platform to exchange crypto

FTT is the native cryptocurrency token of the FTX cryptocurrency derivatives trading platform, which launched on May 8, 2019.

The FTX team is comprised of some of the most prominent cryptocurrency traders in recent years, who chose to develop their own platform after encountering issues with the bulk of renowned crypto futures exchanges. According to FTX, it is unique due to features such as global stablecoin settlement, a managed collateral pool, and clawback avoidance. The centralised cryptocurrency exchange FTX was founded in 2019 by Sam Bankman-Fried. Important trading companies in the industry, such as Almeda Research, OTPP, Temasek, BlackRock, Coinbase Ventures, and Sequoia Capital, support it. By 2022, there will be over a million registered users on the platform, and daily trade volume will be in billions of dollars.

In terms of clawback prevention, socialized losses have claimed a large number of consumer funds on other derivative exchanges. This is reduced by FTX’s three-tiered liquidation approach.

 

FTX derivatives

On existing crypto futures exchanges, collateral is split across numerous token wallets, making it impossible for traders to liquidate contracts. On the other side, FTX derivatives simply need a single universal margin wallet and are stablecoin-settled.

Another FTT feature that enables traders to do leveraged transactions without requiring margin is leveraged tokens. If a trader wants to short Bitcoin with 3x leverage, they can do so by buying a 3x short Bitcoin leveraged token on FTX. These tokens are ERC20 compliant, therefore they can be listed on any spot market. Leveraged tokens for XRP, BNB, TRX, BTC, ETH, EOS, USDT, and LEO are now available from FTX. FTX Exchange launched the exchange token known as FTX Token, or FTT, a year after its inception. Participants in the ecosystem use the FTT coin, an ERC-20 standard token.

Purpose

FTT was initially created as a reward for exchange transactions, but over time, it has expanded to serve many purposes, including FTT can be used to create leveraged tokens on the FTX Exchange; users can obtain VIP discounts in the form of FTT based on the number of coins they own, and it is possible to earn incentives for supplying liquidity via futures positions.

To preserve its value, the exchange buys back and burns its tokens on a regular basis, spending 33% of trading fees, 10% of the reserve money, and 5% of other commissions on the acquisition of FTX.

Current price

With a 24-hour trading volume of $14,061,283 USD, the current live price of the FTX Token is $1.35 USD. We continuously update our FTT to USD pricing. In the previous day, FTX Token has increased by 3.13%. With a live market cap of $443,179,608, the current CoinMarketCap ranking is #209. There are 328,895,112 FTT coins in circulation, with a maximum supply of 352,170,015 FTT coins.