One benefit of FTX Token (FTT) is commission discounts. Users can stake FTT to benefit from discounts, bonus votes, and blockchain fee waivers. Profits from massive market movements are distributed among the holders īy purchasing a white label version of FTX’s OTC portal and futures market, institutions and investors pay expenses in FTT tokens īy creating leveraged tokens, projects can pay listing fees with FTT Tokens redeemed in this way are burned įTT tokens are used to reduce trading fees and to secure futures positions In order to maintain its value, the exchange regularly buys back and burns its tokens, spending on the purchase of FTX: 33% of trading fees, 10% of the reserve fund, and 5% of other commissions.ġ/3 of the commissions received from transactions on FTX are utilized to buy back FTT. Initially, FTT was established as a reward for exchange transactions however, over the years the list of functions has grown:įTT is applicable in the creation of leveraged tokens on the FTX Exchange users can receive VIP discounts in the form of FTT depending on the number of coins they own, and it’s possible to earn rewards for providing liquidity through futures positions. The FTT coin is an ERC-20 standard token that is actively used by ecosystem participants. FTX currently offers XRP, BNB, TRX, BTC, ETH, EOS, USDT and LEO leveraged tokens.Ī year after its founding, FTX Exchange introduced the exchange token called FTX Token or FTT. These tokens are ERC20-compatible and can be listed on any spot exchange. If a trader wants to short Bitcoin with 3x leverage, they can simply buy a 3x short Bitcoin leveraged token on FTX. On the other hand, FTX derivatives are stablecoin-settled and only require one universal margin wallet.Īnother feature of the FTT are leveraged tokens, which allow traders to put leveraged positions without the need to trade on margin. On existing crypto futures exchanges, the collateral is fragmented across separate token wallets this can be difficult for traders as it prevents positions from getting liquidated. FTX reduces this by using a three-tiered liquidation model. In regards to clawback prevention, a significant amount of customer funds on other derivative exchanges have been claimed by socialized losses. ![]() As of 2022, the platform has over a million registered members, and the daily trading volume has reached billions of dollars. FTX is a centralized crypto exchange launched by Sam Bankman-Fried in 2019, backed by significant trading companies in the industry, including Almeda Research, OTPP, Temasek, BlackRock, Coinbase Ventures and Sequoia Capital. FTX claims that it stands out due to such features as clawback prevention, a centralized collateral pool and universal stablecoin settlement. The team behind FTX comprises some of the largest crypto traders over the past few years who, having found issues with most mainstream crypto futures exchanges, decided to launch their own platform. Some of the information below may not reflect the current standings of the FTX exchange, please proceed with caution when interacting with the FTT token. ![]() 11, 2022, FTX filed for Chapter 11 bankruptcy protection in the U.S., and is currently undergoing proceedings. Please refer to Affiliate Disclosure.įTT is the native cryptocurrency token of the crypto derivatives trading platform FTX that launched on May 8, 2019. CoinMarketCap may be compensated if you visit any affiliate links and you take certain actions such as signing up and transacting with these affiliate platforms. Disclaimer: This page may contain affiliate links.
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