What Is FTX Token? A Complete Guide to FTT and Its Ecosystem

FTX Token (FTT) is one of the most dramatic and rapidly expanding exchanges, offering robust trading tools and a token that provides actual advantages to users, among the lofty claims made at the outset. FTT represented trust and innovation in the realm of digital trade for a while.

At the same time that it rose, however, everything fell apart. The rise and fall of FTX and its token became a turning point, reminding everyone that even in the fast-paced world of crypto, nothing is guaranteed. In this article, we will delve into the FTX token, its price history, and other key aspects. 

About FTX Token

The FTX Token (FTT), the native digital asset token of the FTX digital asset trading platform, was introduced on May 8, 2019.   Members of the ecosystem utilize the FTT coin, a token compliant with the ERC-20 standard.   The cryptocurrency was first made available by the firm as a reward for exchange transactions, but its applications have since grown.  Depending on the number of coins they own, users can receive VIP discounts in the form of FTT, which is used to create leveraged tokens on the platform.  To preserve its value, the platform frequently burns and buys back its tokens. 

How FTX Token Works

The FTX ecosystem, a centralized digital asset exchange founded by Sam Bankman-Fried in 2019, is where FTX Token functions.  There are several applications for the FTX Token within this ecosystem.  It is utilized, for example, for creating leveraged tokens on the platform.  With the help of these leveraged tokens, traders can take advantage of leveraged positions without having to use margin.  FTT is often used to safeguard futures positions and lower trading fees.  Additionally, the holders share the profits from market fluctuations.  To receive discounts, bonus votes, and exemptions from blockchain fees, users can stake FTT. 

History of FTX Token

Sam Bankman-Fried and Gary Wang founded FTX Token, which went live on May 8, 2019.  Some of the cryptocurrency traders who, over the last few years, discovered problems with cryptocurrency futures exchanges and opted to start their own platform make up the team behind FTX.  Features like worldwide stablecoin settlement, a controlled collateral pool, and clawback avoidance help FTX stand out from the competition.  The platform launched the exchange token, known as FTX Token or FTT, a year after its establishment.  As of 2022, over a million people have registered on the platform, with a sizable daily trading volume. 

About FTX Founder

In 2017, Gary Wang and Sam Bankman-Fried founded FTX.  Before founding Alameda Research and FTX, Bankman-Fried worked at the well-known trading firm Jane Street Capital after earning a degree in physics from the Massachusetts Institute of Technology (MIT).  With an average daily volume of $11.5 billion in futures trading and the ability to manage over $1 billion in digital assets, Alameda Research and FTX were two of the most significant players in the cryptocurrency trading market before their downfall. 

Wang would rather stay out of the spotlight than Bankman-Fried, and the public knows very little about him.  Wang attended MIT and earned a degree in computer science and mathematics. He also met Bankman-Fried at a high school math camp.  He co-founded FTX after working at google. 

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FTX Use Cases

Within the FTX ecosystem, the FTX Token has several potential applications.  Leveraged token creation on the platform is a primary application of FTT.  To gain access to discounts, additional votes, and remission of blockchain fees, users can also stake FTT.  Institutions and investors can offset costs with FTT tokens by purchasing a white-label version of FTX's OTC portal and futures market.  Projects that create leveraged tokens can use FTT to pay listing costs.  To safeguard futures positions and lower trading expenses, FTT tokens are also utilized. 

Recent Trends of FTX

Currently, one FTT costs $ 81.98.  The price is 4% lower than it was a week ago at ₹85.29 and 1% lower than the 24-hour mark of FTX Token at ₹82.96.  On September 16, 2021, FTX Token reached its highest value ever, ₹6,319.88.  In comparison to the current number, this indicates a -99% change. 

FTX Token's current circulating supply is 328,895,104, which is 100% of its total supply and 93% of its maximum supply of 352,170,015 FTT.  The market capitalization, which is now ₹26.9B, is calculated by multiplying the price of FTX Token (₹81.98) by its total supply (328,895,104 FTT).  The FTX Token's fully diluted market value is ₹28.8 billion.  When fully diluted, the value of the FTX token is ₹28.8 billion. 

The market capitalization of all cryptocurrencies is represented by the FTX Token, which has a domination of 0%.  With a 7-day total of ₹4.201 billion and a 24-hour trading volume of ₹552.767 million, the average daily trading volume is ₹600.129 million, a decrease of ₹47.362 million over the previous 24 hours.  With a daily average of ₹548.959M, the trade volume for the last month was ₹16.469B, representing a ₹3.809M increase over the most recent 24-hour figure. 

Conclusion

FTX is a cryptocurrency exchange that focuses on derivative products, including futures, options, and spot markets.  An MIT alumnus founded it, and it deals in more than 100 cryptocurrency pairs.  FTT is the native token of the cryptocurrency exchange.  It can be used as security for future trades and to provide holders with trading fee breaks.  

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