FTX Token(FTT)

FTX Token (FTT) is the native token of the FTX cryptocurrency derivatives and spot exchange that allows token holders to avail a host of benefits while using the platform. As of writing, FTT has been issued on three major blockchains – Ethereum, BNB Chain and Solana. 

The token was launched in May 2019 by Sam Bankman-Fried and Gary Wang, and is issued by the FTX exchange. Sam Bankman-Fried is a well-known public personality owing to his multibillion-dollar portfolio and association with the Centre for Effective Altruism. An MIT graduate, Sam also founded and owns Alameda Research, a popular trading firm and one of the largest liquidity providers in the crypto industry that actively backs FTX. Gary Wang too is an MIT-alumni, besides being an accomplished software engineer.

FTX exchange is said to have been built by traders who understand the needs of the trading community. It claims to provide multiple innovative products including leveraged tokens, volatility products, options, futures and industry-first derivatives and is among the biggest buyers of traditional advertising spaces from within the crypto space.

FTT price

The FTT coin hit the ground running and quickly appreciated in value post its May 2019 launch. It rapidly breached $1 and broke out of the $2 resistance for good by late December 2019. Thereafter, it remained range bound within $2 to $3 till August of 2021, before making a gradual ascent towards $4 and subsequently $5 resistance levels by the year-end. It successfully crossed the $5 mark by late December 2020, and closed the year at $5.75 per token. 

However, the transformational FTT price surge was reserved for 2021, when catapulted by market-wide bullish forces, FTT coin rallied from $5.75 at the start of the year to reach $63 by May 10, 2021. Although it soon retraced to around $25 within the next two weeks, it never returned to its pre-2021 levels post that. After fluctuating between $25 and $35 for the next two months, FTT price in USD terms staged another rally starting in August 2021, marking the beginning of 2021’s second crypto bull run. This time the FTT price rose even higher and registered its all-time high of nearly $86 on Sept. 9, 2021, taking FTT’s fully diluted valuation well over $28 billion.

As per our FTT live price chart, a price correction followed and the coin closed 2021 at nearly $40. Staying firm despite plenty of bearish pressure, FTT price remained mostly above $40 till May 2022, but eventually gave in to bearish forces and has since receded to around $30 by Q3, 2022.

How FTT works

FTT tokens constitute the backbone of the FTX ecosystem. It’s a deflationary token that will be continuously burned until its maximum supply is reduced by half. One-third of all the fees collected on the FTX exchange are used for the repurchase of FTT from the market, which is then burnt and removed from the circulating supply. Around 20 million tokens have already been burnt this way, with FTT’s maximum supply down from 350 million to almost 330 million, as of writing.

Holding FTT tokens can earn you an FTX trading fee discount of up to 60%, and up to 0.02% on OTC services. It also qualifies you for weekly airdrops of Serum (SRM) tokens. High Rollers also get a chance to qualify as VIP traders who enjoy additional benefits including prioritized order executions. However, please note, the tokens must be held on the FTX exchange or OTC portal to avail the trading fee or OTC discounts, respectively. One can’t enjoy both the benefits with the same set of tokens.

FTT tokens can be staked too, to earn returns in the form of referral rewards of up to 40%, and increased airdrops of other tokens by up to 14%. FTT stakers enjoy up to 1,000 free daily withdrawals of ETH/ERC20 tokens (blockchain fee waiver) and can get up to 6 tickets to IEOs held on FTX as well. Maker fee rebates and up to 50 bonus votes for FTX polls are also up for grabs.

As FTT are issued on Ethereum, Solana and BNB Chain, they are secured by their respective blockchain networks.

FTT news, updates and highlights

According to a Financial Times story from April 2022, Goldman Sachs, a well-known Wall Street giant is reportedly seeking an alliance with FTX exchange, in an effort to take a stake in the latter. David Solomon, CEO, Goldman Sachs and Sam Bankman-Fried, Founder, FTX discussed multiple matters in a closed-door meeting in March, to figure out ways in which both companies could work together. FTX is reportedly seeking help regarding regulatory compliance in the US, particularly with the Commodity Futures Trading Commission (CFTC). Goldman Sachs also offered public listing assistance to the crypto exchange.

Thereafter in June 2022, the FTT DAO, an independent, community-driven decentralized autonomous organization (DAO) set up by the fans, friends and followers of the FTX token successfully raised $7 million for a fund that will reportedly benefit community-led projects in the crypto education and DeFi domains.

Frequently asked questions about FTT

• Can you mine or stake FTT?

While it’s not possible to mine FTT tokens, you can stake them for multiple staking rewards and hold them for discounts across the FTX ecosystem.

• What are some of the best FTT wallets?

Since FTT is issued on multiple blockchains, your choice of FTT wallet will depend on the network your token was issued on. That said, some of the best FTT wallets are: the native FTX wallet, MetaMask, Ledger, imToken and Freewallet.

• What can you do with FTT?

FTT can be used to avail various benefits and discounts on the FTX exchange.

• How to buy FTT?

The ideal way to buy FTT is directly on the FTX exchange, or through other exchange portals using fiat currency, or crypto coins like ETH, BTC, USDT, USDC and SOL.