FTX Token (FTT) is the exchange token of the FTX ecosystem, and will serve as collateral for futures positions, getting discounts on trading fees, receiving OTC rebates, and more. The FTX trading platform provides leveraged tokens, OTC, and futures trading, and plans to become the top crypto derivatives exchange in the blockchain world.
How Does FTX Token (FTT) Work?
FTX trading platform can be termed as a futures exchange that aims to improve the imperfections of other crypto exchanges and provides its users with a platform that is easy-to-use and profitable for everyone. The official currency of the FTX trading platform is FTT, which can be used to acquire discounts and staking benefits from FTX.
The FTX trading platform charges minimal exchange and leveraged token fees. However, it provides exceptions for new products like the spot exchange, margin trading, and options. It does not charge any deposit fees or withdrawal fees, except for ETH, ERC-20 tokens, or BTC withdrawals (only < 0.01 BTC withdrawals are charged with a fee).
How To Stake FTT Tokens?
The FTX platform provides a platform for users to stake their FTT tokens and gain rewards based on a variety of factors such as referral rate, maker fee rebate, and bonus votes, among other things.
Here are some of the benefits of staking FTT tokens on the FTX platform:
- Referrers who stake their FTT get a larger percentage of their references’ earnings.
- Stakeholders receive free withdrawals of ERC20 and ETH daily.
- FTT stakers get a discount on FTT fees and also maker fee rebates.
- The Initial Exchange Offerings (IEO) for various NFTs and token projects on the FTX platform require tickets, which will be given to FTX stakeholders based on the number of their FTT tokens staked on the platform.
- FTT stakeholders become eligible for getting extra votes (depending upon their trading volume and number of FTT tokens) on the FTX platform.
Note: The FTT tokens can only be unstaked after a period of 14 days. If a user requests their tokens to be unstaked they will not be rewarded for that period, however, the good news is that users can pay a fee and get their tokens unstaked immediately.
Use Cases Of FTT Token:
Trading Fees: FTX futures trading fees are less and OTC spreads are tighter as compared to other crypto exchanges.
White Label Solutions: A white label variant of the FTX OTC site and futures market has piqued the curiosity of crypto institutions and large investors for which the purchase will be offered in FTT token.
FTT as Collateral: To increase the demand for FTT in the long run, it can be used as collateral in futures trading.
FTT Token Value: The value of the FTT token is directly proportional to the future expansion and upgrades of the FTX platform. Holders of the FTT token can expect a rise in their holdings as the price of FTT increases.
Create Leveraged Token Listing: Upcoming projects can pay a fee and generate leveraged tokens with their coin.
Token Burn/Revenue Share: The FTT that is bought from FTX will have a transaction fee, one-third of which will be utilized to repurchase FTT tokens and later become a part of the burning process.
Extra Gains For FTT Holders: When big market fluctuations will occur in the crypto market, FTT holders will profit from the FTX backup liquidity fund.
FTX Token (FTT) Tokenomics
There are a total of 350,000,000 FTT tokens. The current circulating supply is 170,923,766 FTT. 13,171,373 FTT tokens are burned and 64,862 FTT are yet to be burned.
FTX Token (FTT) Price
FTX Token (FTT) is now trading at $66.02, as of Sept. 6, 2021. Its 24-hour trading volume on exchanges is around USD $686,727,101.56.
Source: https://coinmarketcap.com/alexandria/article/what-is-ftx-token-ftt-features-tokenomics-and-price-prediction
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