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FTX Token Price (FTT)

₹ 152.3200000000 0.69 %

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0.0000 %

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FTX Token (FTT) Price Live Chart

FTX Token (FTT)

FTT serves as the native cryptocurrency token for the crypto derivatives trading platform FTX, which commenced operations on May 8, 2019. However, it's important to note that as of November 11, 2022, FTX has filed for Chapter 11 bankruptcy protection in the U.S., and ongoing proceedings may have altered the current status of the exchange. Therefore, users should exercise caution when engaging with the FTT token.

FTX was founded by a team comprising prominent crypto traders dissatisfied with mainstream crypto futures exchanges. Their platform, FTX, distinguishes itself through features such as clawback prevention, a centralized collateral pool, and universal stablecoin settlement. Launched by Sam Bankman-Fried, FTX garnered support from major players in the industry, including Almeda Research, OTPP, Temasek, BlackRock, Coinbase Ventures, and Sequoia Capital. By 2022, the platform boasted over a million registered members, with daily trading volumes reaching billions of dollars.

The innovative clawback prevention feature addresses issues faced by traders on other derivative exchanges, where socialized losses often claim a substantial portion of customer funds. FTX mitigates this risk through a three-tiered liquidation model. Additionally, while collateral on existing crypto futures exchanges is typically fragmented across separate token wallets, FTX's derivatives are stablecoin-settled, requiring only a single universal margin wallet, simplifying the liquidation process for traders.

FTT introduces leveraged tokens, enabling traders to establish leveraged positions without engaging in margin trading. For instance, a trader seeking to short Bitcoin with 3x leverage can achieve this by purchasing a 3x short Bitcoin leveraged token on the FTX platform. These ERC20-compatible tokens can be listed on any spot exchange. FTX offers leveraged tokens for various cryptocurrencies, including XRP, BNB, TRX, BTC, ETH, EOS, USDT, and LEO.

FTT, introduced a year after FTX's inception, operates as an ERC-20 standard token actively utilized by participants within the FTX ecosystem. Originally designed as a reward for exchange transactions, FTT's functionalities have expanded over time. Users can utilize FTT for creating leveraged tokens on the FTX Exchange, earn VIP discounts based on token ownership, and receive rewards for providing liquidity through futures positions.

To uphold its value, FTX regularly engages in token buybacks and burns, allocating funds from various sources, including 33% of trading fees, 10% of the reserve fund, and 5% of other commissions, back into the purchase of FTT tokens. Despite these features and functionalities, users are advised to exercise caution and verify the current status of FTX and FTT due to the Chapter 11 bankruptcy filing.


Founders

FTX Token, or FTT, was co-founded by Sam Bankman-Fried and Gary Wang. Sam Bankman-Fried holds the position of co-founder and Chief Executive Officer at FTX: Cryptocurrency Derivatives Exchange. Concurrently, he serves as the CEO of Almeda Research and previously worked as a director of development at the Centre for Effective Altruism. Bankman-Fried's professional background includes a tenure as a trader at Jane Street Capital from 2014 to 2017. He pursued a degree in physics, earning his bachelor's degree from the Massachusetts Institute of Technology.

Gary Wang, the co-founder and Chief Technology Officer at FTX: Cryptocurrency Derivatives Exchange, also assumes the role of CTO at Almeda Research. Prior to these positions, Wang built his expertise as a software engineer, progressing from a software engineering intern at Google. His earlier experience includes a role as a software engineer intern at Facebook. Wang holds a Bachelor's degree in mathematics and computer science from the Massachusetts Institute of Technology. Together, Bankman-Fried and Wang contribute their diverse skill sets and backgrounds to the founding and development of FTX Token within the cryptocurrency and blockchain space.


FTX Token unique

The FTX token operates as an ERC-20 token, indicating its foundation on the Ethereum blockchain. Functioning as the economic backbone on the trading platform, the token plays a pivotal role in securing transactions within the blockchain. Originally conceived as a mechanism to reward platform users, FTT has evolved over time to encompass a broader range of functionalities. One notable feature involves FTX users receiving VIP coupons, distributed in the form of tokens, corresponding to the quantity of FTX tokens they possess.

Despite its initial popularity among traders, the FTX project faced challenges in 2022 that significantly impacted both the platform's standing and the value of the FTT token. These events, which unfolded throughout the year, contributed to a notable decline in both the perceived attractiveness and the market value of FTT. The dynamic nature of the cryptocurrency space means that the fortunes of tokens like FTT can be subject to fluctuations based on a variety of factors, including market sentiment and external events affecting the underlying platform.


Network Security

The security of the FTX Token (FTT) network is ensured through its ERC-20 compatibility. Users can securely store and manage FTT tokens using the Ledger Nano X/S hardware wallet, leveraging the Ethereum app for added security measures. In addition, the security audits for both FTT and leveraged tokens are conducted by the Blockchain Consilium auditing firm, underscoring the commitment to ensuring the robustness and integrity of the FTX Token network.


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