FTX Token

FTX Token (FTT) is the native cryptocurrency of the FTX crypto derivatives trading platform, which launched in 2019. The FTT token was created to serve various functions within the FTX ecosystem. One of the primary use cases of FTT is to provide discounts on trading fees on the FTX exchange. Users who hold FTT tokens can enjoy reduced trading fees and tighter spreads, with the potential for up to a 60% discount. This incentivizes users to hold and use the FTT token on the platform. Additionally, FTT can be used as collateral for opening leveraged trading positions on FTX. This allows traders to access higher leverage without the need for additional margin. The FTT token also provides insurance protection, ensuring a net profit for traders in times of market volatility and preventing margin calls. FTX regularly buys back and burns a portion of the FTT tokens, which are sourced from various revenue streams, including 33% of trading fees, 10% of the reserve fund, and 5% of other commissions. This token burn mechanism is designed to help maintain the value of FTT by reducing the overall supply. The FTT token also grants various perks and benefits to its holders, such as the ability to participate in airdrops, access exclusive IEOs, and receive bonus votes. Users can stake their FTT tokens to further capitalize on these benefits, such as discounts and the opportunity to win NFTs. The FTX platform was founded by Sam Bankman-Fried and Gary Wang, who have significant experience in the crypto industry. Bankman-Fried previously worked as a trader at Jane Street Capital, while Wang served as the chief technology officer at FTX. However, it's important to note that the FTX exchange and the FTT token are currently undergoing bankruptcy proceedings, following the collapse of the FTX platform in November 2022. This means the FTT token may no longer have any practical use, and the future of the token is uncertain. Investors should exercise caution when considering any involvement with the FTT token or the FTX platform.