FTX (FTT)

FTT is the native cryptocurrency token of FTX, a cryptocurrency derivatives trading platform that debuted on May 8, 2019.

The FTX team is made up of some of the most prominent crypto traders in recent years, who chose to build their own platform after witnessing troubles with other big crypto futures exchanges. FTX promises to be unique owing to features such as clawback avoidance, a centralised collateral pool, and global stablecoin settlement. FTX is a centralised cryptocurrency exchange founded by Sam Bankman-Fried in 2019. It is backed by major trading firms such as Alameda Research, OTPP, Temasek, BlackRock, Coinbase Ventures, and Sequoia Capital. As of 2022, the network had over a million registered users, and daily trade volume had reached billions of dollars.

FTT Token use cases

• 1/3 of the commissions collected from FTX trades are used to purchase FTT. Tokens redeemed in this manner are burnt

• FTT tokens are used to lower trading costs and protect futures investments

• Profits from large market fluctuations are divided among holders

• Institutions and investors pay expenses in FTT tokens when they buy a white-label version of FTX's OTC gateway and futures market

• Projects can use FTT to pay listing costs by issuing leveraged tokens

• Users can stake FTT to gain discounts, additional votes, and exemptions of blockchain fees

To know more about the FTX price prediction, install the top cryptocurrency app CoinGabbar today!