What is FTX Token (FTT)?

What is FTX Token?

FTX was launched in 2019 by a team of experienced crypto traders who noticed issues with most mainstream crypto futures exchanges. The exchange is centralized and was founded by Sam Bankman-Fried, with support from prominent trading companies like Almeda Research, OTPP, Temasek, BlackRock, Coinbase Ventures, and Sequoia Capital. As of 2022, FTX has over a million registered members, and the daily trading volume has reached billions of dollars. As of November 11, 2022, FTX has filed for Chapter 11 bankruptcy protection in the U.S., and some of the information provided may not reflect the current state of the exchange. Thus, it's advisable to exercise caution when dealing with FTX.

What is FTT Used For?

FTT is a token that aims to reduce the expenses that traders and investors incur when participating in crypto activities on FTX's platform.

One of the benefits of FTX Token (FTT) is that it offers commission discounts to members, resulting in tighter spreads. Traders can also use FTT as collateral, and those who are active on FTX Exchange could see percentage differences of up to 60%. Additionally, traders are provided with insurance protection, which ensures a net profit in moments of market volatility and makes it possible to continue trading even without a margin call.

Moreover, FTT is useful for opening positions with leverage, and FTT staking offers perks, such as discounts, the opportunity to win NFTs, participation in airdrops, bonus votes, and IEO tickets. Besides, 1/3 of the commissions received from transactions on FTX are utilized to buy back FTT, which are burned. FTT tokens are also used to reduce trading fees and to secure futures positions. Profits from massive market movements are distributed among the holders. Institutions and investors can pay expenses in FTT tokens by purchasing a white label version of FTX’s OTC portal and futures market. Projects can pay listing fees with FTT by creating leveraged tokens.

What Makes FTX Unique?

Traders and investors can benefit from discounted fees and access to various strategies on FTX's platform by using FTT. Additionally, FTT is a tradable cryptocurrency that serves as a global digital payment method. With over 10 billion registered users, FTX is valued at $32 billion as of January 2022.

How Is the FTX Token Network Secured?

The FTT token is compatible with ERC-20 exchanges, and users can store and manage their FTT tokens securely using the Ethereum app on the Ledger Nano X/S hardware wallet. The Blockchain Consilium auditing firm has conducted security audits for both the FTT and the leveraged tokens.

What’s the Price Prediction of FTX?

The FTX Token is believed to have potential for growth in value due to its community of investors and traders. Experts predict that the FTX Token will have a bullish price in 2025. Based on current market trends, it is expected that the FTX Token will reach its maximum price of $7.79 in 2025. The average predicted price for the FTT Token in 2025 is forecasted to be around $7.30, while the minimum projected price for the FTX Token in the same year is $6.81, according to the same source.