When centralized exchanges launched their own tokens, they became immediate success. The platforms offered different incentives in the form of discount, new airdrops, and participate in other campaigns for the people who had the native tokens of the platform. When de-fi platforms came into existence they also launched different tokens and started giving incentives to their users.

Binance launched BNB that became an immediate success, KuCoin launched KCS and similarly, FTX launched FTX Token (FTT).

FTX with the slogan “Built by traders, for traders” was created by some of the most successful traders in the market to solve the problems that they faced with the other centralized exchanges. FTX has claimed to be better than the other platforms due to Clawback prevention, a collateral pool that is centralized with stable coins settlement. On different platforms and exchanges, traders suffer from socialized losses but FTX has minimized these losses by the use of a three-tier liquidation model.

FTX was founded by Sam Bank-man and Gary Wang who both have extensive experience in the field of crypto. The platform is backed by Almeda Research, one of the leading companies in the crypto market and one of the biggest liquidity providers.

FTX provides institutional-grade solutions to its users and offers futures, leveraged tokens, and OTC (over the counter) trading.

About FTX token (FTT)

FTX token (FTT) is the native token of the FTX platform that forms the backbone of the whole ecosystem which was designed to increase the network effects and demands as well as decreasing the supply of FTT and hence making it relatively rare.

FTT can also be staked to get more rewards such as Increased Referral Rates, Maker Free Rebates, Free Swag NFTs, Increased Airdrop Rewards, Waived Blockchain fees, and IEO tickets.

Recently FTX US has also acquired LedgerX, a derivative exchange that is regulated in US.

Key Metrics and Tokenomics

According to coinmarketcap at this moment the circulating supply of FTT Token is about 166M with a total supply of almost 337M. The token is currently being traded at a price of $55.44 with an increase of 16.43% in the last 24 hours. The total market cap is around $9.2B and has a market dominance of about 0.24% with being ranked at 31. According to the official data, they have burnt almost 13M tokens with 19k tokens pending to be burnt. The detail of burnt transactions can be found here