What is the FTT token?

FTT token

What is the FTT token?

FTT is a native token of the FTX trading platform which grants several benefits and incentivizes users who have been holding the tokens. FTX has claimed that it is different from other exchanges by having unique features available on the platform.

The company is based in Hong Kong and was founded by Sam Bankman-Fried, who is also the CEO of Alameda Research, and Gary Wang.

By striving in the market for more than 3 years, the token is ranked 21st on CoinMarketCap and has the potential to grow even more in the future.

What is the use of FTT?

The most important feature of FTT is giving users discounts on trading fees. The rewards, as separated into tier lists, are increasing with the current amount of tokens the users hold.

Currently, the token holders with at least $100.00 worth of FTT are granted a 3.00% discount on trading fees. While, as the highest tier, the token holders with at least $5,000,000.00 worth of FTT receive a whooping 60.00% discount on trading fees.

Another exciting feature is that FTT is leveraged tokens. Traders can trade up to 3x leverage and don’t have to depend on margin trade which then can avoid paying unnecessary interest.

There are also several features such as staking, collateral pool, and airdrops as well.

How much is the FTT token worth?

As of the date and time of the writing, 10 November 2022, FTT token price has dropped drastically by almost 50% to $2.80. This is mostly due to an official announcement from Binance regarding the failed due diligence to acquire FTX.

FTX token made its highest value at $77.69 on 9 September 2021 and now it has reached the lowest ($2.05) in a period of 1 year.

Does FTT burn tokens?

FTT deploys a buy-and-burn approach since it helps reduce supply and increase the price of FTX in turn. The platform repurchases and burns tokens equal to 33% of fees generated through their FTX markets, 10% of socialized gains, and 5% of the fees earned from other FTX platform uses.

Is FTT token a good investment?

FTT was a solid choice given what was mentioned above. However, after the news regarding FTT Binance, Binance retracting its reach to acquire FTX has made a huge impact on the FTT price drop, you are advised to assess the situation before making any decision.

What exchange supports FTT?

Since FTT is a native token of the FTX platform, you can trade on its own platform. Further, centralized exchanges, such as Binance, or DEX aggregators, such as ARKEN, also support FTT on their platforms.

In addition, you can buy FTX tokens with a credit or debit card on a crypto exchange like Coinbase or Coinmama.

Does FTT have a future?

By judging its features and platform, FTX was a solid exchange that has been in the market for a while. The token even ranked among the most traded on the board. However, after the sudden price drop due to recent news from Binance, The future of FTX is not as bright as before. You are advised to keep tapping on the news and be cautious before making any decision.