Altcoins: What Is FTX (FTT Token)? - A Deeper Look Into The FTX Platform
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Summary:
- What is the FTX Platform and how does it work?
- Advantages of the FTX exchange.
- FTX’s past, present and future price positions.
The FTX platform and FTT token
The FTX token (FTT) is the backbone of the FTX ecosystem. The current circulating supply of FTT is over 260 million, a current market cap of more than $8.4 Billion, the max supply is 332,173,812 tokens.
FTT is the token of the crypto derivatives FTX, The FTX platform launched in May 2019. FTX is focused on trading many assets, such as derivatives, options, leveraged tokens and volatility products. FTT has leveraged tokens, which means traders can trade leveraged positions without the need to trade on margin.
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FTX’s creators
The founders of FTX are some of the largest crypto traders who decided to create their own platform after finding many issues with most mainstream crypto exchanges. According to its creators, FTX stands out from other mainstream platforms due to its clawback prevention, centralised collateralised pool and universal stablecoin settlement features.
FTX reduces the clawbacks on the platform by making use of a three-tiered liquidation model. Clawbacks refer to the amount of user funds that have been claimed by socialised losses. FTX derivatives are stable-coin settled and only require one universal margin wallet, this prevents fragmented capital across different wallets and exchanges which normally poses a problem for traders when it comes to liquidating positions.
FTT has leveraged tokens, which means traders can trade leveraged positions without the need to trade on margin.
FTT is an ERC-20- compatible exchange token. The Ledger Nano X/S hardware wallet allows users to securely store and manage FTT tokens via its Ethereum app. Both the leveraged tokens and FTT’s security audits are done by the Blockchain Consilium auditing firm.
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FTX is unique because it is backed by Almeda Research, which is well known as one of the leading companies in crypto trading and one of the largest liquidity providers. FTX covers services such as collateral, maintenance margins, liquidation processes and product listing. They are focused on fast development cycles which allows them to deploy crypto trading systems at competitive speeds.
How to buy FTT:
FTT is available on many crypto exchanges, such as binance, FTX and many more. The FTX exchange has not taken long to build up a reputation in the cryptocurrency market, it is known to be a fully-featured and robust trading platform.
The FTX platform supports more than 275 cryptocurrencies
The FTX platform supports more than 275 cryptocurrencies on its exchange, they are constantly expanding to add more cryptocurrencies to their exchanges, this makes it easy to access many trading options. Users are able to deposit to FTX in many different fiat currencies with no fees, trading is then made easy and only requires small fees, fees can be discounted if users are large volume holders as well as holding FTT tokens. The platform also offers spot trading for beginners, which include: stocks, leveraged positions, futures, and more.
Advantages of the FTX platform and FTT token:
- Fast and easy to swap one coin or currency to another.
- Offers a mobile app for IOS and Android.
- Supports more than 275 cryptocurrencies.
- Low trading fees with discounts available.
- Stacking available: the ability to earn interest on cryptocurrencies.
- Hold and stake FTX’s tokens and receive benefits.
- NFT marketplace - buy and sell NFTs.
- 1% of all net fees donated to charities.
- FTX pay - an option to get paid in fiat currency or cryptocurrency.
- Advanced markets - forex, futures, volatility, leveraged tokens, stocks.
- Extremely secure exchange - suspicious activity is monitored.
Past, present and future prices
In the beginning, it took almost a year for the price on FTT to take off and gain traction but it soon saw high growth in 2021. Since then the price movements have shown volatility with no true trend.
Currently the price of cryptocurrencies within the crypto market have been experiencing a lot of volatility, this is combining as a result of the volatility that is being experienced by the wider market.
According to some analysts, going forward, FTTs price is expected to reach more than $90 in 2025. However, due to the volatility of the cryptocurrency markets and uncertainty around regulating the crypto markets, it is difficult to make accurate price predictions.
FTT Price Chart
FTT is not available in the United States or other jurisdictions that are prohibited. To allow users access to the FTX platform, the exchange created FTX US, which is distinct from the main platform and has fewer features and offerings.
FTX has committed to buying FTT on its FTT/USD market, the purchased FTT will be burned weekly according to a schedule adopted by FTX.
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Sources: finance.yahoo.com, coinmarketcap.com, ftx.us, marketplacefairness.org, cointelegraph.com, cryptonewz.com
