The price FTX Token today is 58.40 USD, and the trading volume in 24 hours - 528,416,178 USD. The crypto asset has grown by -7.61% over the day. Currently, the coin’s market capitalization is 7,016,895,713 USD, and has 120,148,849 coins in circulation with the max supply of 50,001,802,679 coins FTT.
What is FTX Token (FTX)?
The FTX Token (FTX) is a cryptocurrency derivatives exchange that offers futures, leveraged tokens, and over - the-counter trading. At present, futures exchanges have many serious drawbacks holding back the space. Its mission is to solve these problems and bring the derivatives space closer to the institutional level.
FTX was launched in April 2019, and already has one of the most liquid order books in the world. Recently, FTX futures have been trading at more than $ 100 million a day, and FTX over-the-counter trades have been trading at another $ 30 million. Their goal is to become as profitable as Bitmex and OKEx in a year.
They have received huge support from leading industry players who have confirmed the need for a well-designed derivatives exchange. In the future, they plan to add options, exchange-traded tokens, lending, and spot margin trading to the FTX.
What is the uniqueness of the FTX token?
FTT is a proprietary token developed for the FTX cryptocurrency derivatives exchange. It has many uses aimed at benefiting users and increasing network effects around the platform.
FTX is a cryptocurrency derivatives exchange launched in April 2019 that offers futures and tokens with leverage for both individual crypto assets and baskets, over-the-counter (OTC) trading, and binary options based on the results of the 2020 US presidential election. It is supported by Alameda Research, a trading firm that accounts for a turnover of between $ 600 billion and $ 1 billion a day, or about 5% of the global volume.
FTX was designed to prevent pullbacks using a three-tier liquidation model that closes positions with limited-rate orders and uses an insurance fund to prevent customer losses.
Instead of splitting the liquidity into different tokens, the collateral is distributed in one universal stablecoin wallet to mimic the traditional futures market.
FTX also allows traders to open credit or short positions without margin or futures trading with their leveraged tokens, which mimic trading in spot markets, but allow 3x, -1x, or-3x for different tokens.
How many FTX tokens are in circulation?
As of January 2021, there are 94,346,958 FTT tokens in free circulation. There is no maximum offer.
The token is used in discounts: users receive discounts on trading commissions and discounts on over-the-counter trading, based on their existing FTTS in a multi-level system.
FTX will buy back and burn tokens until half of the total supply is destroyed:
- 33% of all fees charged on the exchange
- 10% of net income to the insurance fund
- 5% commission for other use of the platform.
FTT can be used as collateral for a futures position. Part of the net profit of the insurance fund will be distributed among FTT holders.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.