FTT is the native cryptocurrency token of FTX, which launched on May 8, 2019.
The team behind FTX is comprised of some of the top crypto traders of the previous several years, who, after discovering problems with the majority of established crypto futures exchanges, decided to develop their own platform. FTX asserts that it is distinguished by its clawback avoidance, centralized collateral pool, and universal stablecoin settlement characteristics.
Socialized losses have claimed a substantial amount of consumer funds on various derivative exchanges in relation to clawback avoidance. This is reduced by FTX's use of a three-tiered liquidation mechanism.
On existing crypto futures exchanges, collateral is split over multiple token wallets, which can be problematic for traders since it impedes the liquidation of bets. In contrast, FTX derivatives are paid using stablecoins and require only a single universal margin wallet.
Leveraged tokens are another feature of the FTT that allow traders can take leveraged positions without the need to trade on margin. A trader can simply purchase a 3x short Bitcoin leveraged token on FTX if they wish to short Bitcoin with 3x leverage. These tokens are compatible with the ERC20 standard and can be listed on any spot exchange. FTX presently offers leveraged tokens for XRP, BNB, TRX, BTC, ETH, EOS, USDT, and LEO.
Sam Bankman-Fried and Gary Wang established the FTX Token or FTT.
Sam Bankman-Fried is co-founder and CEO of FTX: Cryptocurrency Derivatives Exchange. In addition to being the chief executive officer of Almeda Research, he served as the director of development for the Centre for Effective Altruism. From 2014 until 2017, he was also a trader at Jane Street Capital.
Bankman-Fried has a bachelor's degree in physics from Massachusetts Institute of Technology.
Gary Wang is the chief technical officer and co-founder of FTX: Cryptocurrency Derivatives Exchange. He is also Almeda Research's chief technical officer. Before this, he worked as a software developer after advancing from a Google internship in software engineering. He was also a Facebook software engineer intern.
The Massachusetts Institute of Technology awarded him a Bachelor's degree in mathematics and computer science.
Almeda Research, one of the leading organizations in crypto trading and one of the largest liquidity providers, supports FTX.
As a result, FTX is a product created by industry experts with demonstrated experience. They encompass a variety of services, including collateral, maintenance margin, liquidation procedures, and product listing. Additionally, FTX asserts that their focus on rapid development cycles enables them to implement cryptocurrency trading platforms at a competitive rate.
FTX is a cryptocurrency derivatives exchange that focuses on institutional-grade solutions and offers futures, leveraged tokens, and OTC trading.
The FTX Token is the foundation of the FTX ecosystem, which was created to maximize network effects and demand for FTT while decreasing its circulating supply.
As of February 2021, there are approximately 94 million FTT tokens in circulation, with a total supply of approximately 345 million.
FTT is an exchange token compatible with ERC-20. The Ledger Nano X/S hardware wallet enables users can store and handle FTT tokens in a secure manner via its Ethereum application.
The Blockchain Consilium auditing firm does both the FTT and leveraged tokens security audits.
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