FTT Price Today
The live FTX Token price today is $1.3083 with a 24-hour trading volume of $10,937,135.11. FTX Token is -0.07% in the last 24 hours.The current MyToken ranking is #--,with a live market cap of $430,296,282.79. It has a circulating supply of 328,895,112 FTT and a max supply of 352,170,015 FTT.
What Is FTX Token?
FTT is the backbone of the FTX ecosystem. We have carefully designed incentive schemes to increase network effects and demand for FTT, and to decrease its circulating supply.
The utility of FTT includes:
(1) Token Burn:One third of all fees generated on FTX will be used for an FTT repurchase, until at least half of all FTT is burned. Any FTT bought this way will be burned.
(2) Collateral:FTT can be used as collateral for futures positions. This increases utility and demand for FTT. The same applies when we launch margin trading in the future.
(3) Discount on Trading Fees:Customers who hold a certain amount of FTT for a period of time will receive lower FTX futures fees. This will further increase demand for FTT.
(4) OTC rebates:Customers who hold enough FTT will receive rebates from all of their OTC trading on FTX.
(5) OTC burn:There will be a repurchase and burning of FTT based on OTC volumes and revenue from the FTX OTC portal, powered by Alameda Research.
(6) Socialized Gains:We’ve performed backtests and live simulations to see how FTX will fare during large market movements. While other futures exchanges suffered from clawbacks, FTX managed to net increase their insurance fund by a sizeable amount thanks to its unique backstop liquidity provider program. For instance, during a recent market move, Okex incurred ~$3 million of clawbacks. Meanwhile, our demo simulation which mirrored positions on OKEx demonstrated no clawbacks and a net gain of a million to our insurance fund. We are confident in FTX’s ability to handle endangered accounts and will redistribute a portion of net insurance fund gains to FTT holders.
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