The FTT is the token issued by the FTX platform . It is described as “the backbone of the ecosystem”. In this article, we will take a close look at its utility and business model!
This promotional item is brought to you in collaboration with FTX.
Utility of token FTT
FTX launched its own token in July 2019 , shortly after starting operations. The FTX Token ( FTT) is issued on the Ethereum blockchain (its smart contract is available on Etherscan).
The creators of the FTX Token are Sam Bankman-Fried (co – founder and CEO of FTX) and Gary Wang (co-founder and CTO).
The FTT is a utility token , which therefore performs various functions within the FTX ecosystem . They are quite classic , but their interest for the users of the platform will appear obvious to you.
Reduced trading fees
First of all, platform users holding FTTs are entitled to a discount on their trading fees. This discount depends on the amount of FTT held , like Binance BNB.
FTT- Reduction of trading fees
The strike of the FTT token
Then, FTX gives its users the possibility to lock their FTT tokens ( staking ), which offers them several advantages :
The affiliate commissions increase;
The maker fees decrease. These advantages are cumulative with the reductions on fees granted by the sole holding of FTT;
The weight of the user’s votes in the polls carried out by FTX is increasing. This adds up to the standard weight of the votes, calculated from the trading volume and the amount of FTT held;
The awards distributed to users increase, including airdrops of token Serum, SRM.
The table below summarizes these benefits based on the amount of FTT locked.
FTT – Staking advantages
FTTs can be unlocked at any time, but the holder will have to wait 14 days before they can access them again. Obviously, the locked FTT scarcer the supply of tokens in circulation, which plays upward on the price of the FTT.
How do I lock FTTs?
First of all, you have to buy some ! FTTs are listed in the “ Spot Market ” section of FTX and are redeemable for BTC , USD or USDT . They are also listed on the following platforms: Binance, BitMax, CoinEx, Huobi, WazirX and Bitfinex.
Once in possession of the FTT, simply go to the “FTT” menu and click on the “ STAKE ” button located in the “ FTT Staking ” section. You will then have to choose the quantity of tokens to lock and validate the staking .