FTT price is a subject of a high volatility due to news about bankruptcy of FTX exchange: https://twitter.com/FTX_Official... Please be careful and DYOR.
The FTX Token (FTT) is an ERC20 token on the Ethereum blockchain, and also an SPL on Solana. It is the native cryptography of the FTX Derivatives Exchange. The FTX exchange is centralized and specializes in derivatives and leveraged products. The platform was launched in 2019, its team now includes members from a number of big tech companies like Facebook, Google, Jane Street, Optiver, and Susquehanna. The platform offers user-friendly desktop and mobile apps with multiple order types, making the exchange suitable for beginners and for experienced professionals.
FTX Exchange has several key products as part of its platform. These include futures, leveraged tokens, options, MOVE, and spot markets.
With futures, traders can take out both long and short bets on cryptocurrencies. Traders can make use of over 100 quarterly and perpetual futures pairs with margins of up to 101x. Stablecoins, for example, USD and USDT, are used as collateral in order to open and maintain positions.
The next product is leveraged tokens. FTX offers ERC20-based tokens that traders can use for up to 3X leveraged exposure against an underlying trading pair. For example, if a trader opens a BULL/USD - 3x long Bitcoin token and Bitcoin rallies 10% from the time of purchase, the leveraged token would gain 30%. There is no margin requirement for leveraged tokens on FTX.
Options allow traders to speculate on future price directions, and hedge against their open positions. FTX also offers traders a range of call and put options giving the right, but not the obligation, to buy or sell at a future strike price.
FTX Exchange’s MOVE service allows traders to enter contracts and bet how far the price of a cryptocurrency will move over a time period. If the price of the cryptocurrency moves over a specific dollar amount, either up or down, then traders can earn a profit.
FTX also offers over 100 different spot trading pairs. Many leading cryptocurrencies, such as Bitcoin, Ethereum, Binance Coin, Chainlink, and Ripple's XRP are available.
Staking forms a large part of the platform’s functionality. FTX’s token, FTT, can be staked in return for a multitude of rewards. These include increased referral rates, free NFTs, bonus votes in pools, waived blockchain fees, and IEO tickets for IEOs hosted in FTX. As well as a number of free ERC20 and ETH withdrawals daily. FTT tokens can only be unstaked after 14 days.
The FTT token can be used to pay for trading Fees: FTX futures trading fees are less and OTC ranges are tighter as compared to other comparable crypto exchanges.
Also, FTT can be used for white label solutions as well as for collateral in futures trading. This comes as part of the platform’s efforts to increase the long-term demand for FTT. Similarly, upcoming projects can pay a fee using FTT in order to generate leveraged token listings with their own coin.
FTX is available from the CEXs and DEXs as listed here.
FTX Token's current price is $ 1.75, it has increased +2.45% over the past 24 hours.
FTX Token's All Time High (ATH) of $ 84.15 was reached on 9 Sep 2021, and is currently -97.9% down.