{"id":67192,"date":"2022-09-15T12:24:59","date_gmt":"2022-09-15T09:24:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67192"},"modified":"2025-09-07T05:20:18","modified_gmt":"2025-09-07T02:20:18","slug":"ftt-on-ftx-why-buy-the-crypto-exchange-token-from-sam-bankman-fried","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ftt-on-ftx-why-buy-the-crypto-exchange-token-from-sam-bankman-fried\/","title":{"rendered":"FTT on FTX: why buy the crypto-exchange token from Sam Bankman-Fried"},"content":{"rendered":"

In May, FTX chief FTX<\/a> stated<\/a> that the exchange would spend billions of dollars to acquire stakes in other companies and expand its product lineup.<\/p>\n

An important part of this strategy is the FTX Token<\/a> (FTT). Here we explain the benefits for holders and the token\u2019s role in the exchange\u2019s ecosystem. At the end of the article \u2014 instructions on sending FTT into staking.<\/p>\n

About FTX<\/h2>\n

FTX has operated since 2019 and ranks second in CoinMarketCap\u2019s derivatives-exchanges by trading volume.<\/p>\n

The platform supports spot and futures markets, margin trading, options and MOVE contracts<\/a>. The FTX ecosystem includes an OTC platform, an NFT marketplace and Quant Zone \u2014 a venue where traders share their strategies.<\/p>\n

FTX’s chief is Sam Bankman-Fried, a thirty-year-old billionaire and founder of Alameda Research. Previously he worked at the financial firm Jane Street Capital, and also held a role as Director of Development at the Center for Effective Altruism.<\/p>\n

In July 2021, FTX raised<\/a> $900m in a Series B round, later expanded to $1b. By January 2022 the exchange raised<\/a> $400m at a $32b valuation.<\/p>\n

In early 2022 the company announced the creation of FTX Europe, FTX Australia and FTX Japan divisions. The exchange also has a venture arm \u2014 FTX Ventures.<\/p>\n

What is FTT<\/h2>\n

FTT is the exchange’s utility token, initially issued on the Ethereum blockchain. Later FTX migrated it to Solana and BNB Chain as wrapped token<\/a>.<\/p>\n

According to CoinMarketCap data, FTT is available on 60 exchanges in 90 trading pairs. As of July 2022, about 172 million FTT are in circulation out of a total supply of 331 million FTT.<\/p>\n

The exchange spends a third of user-commission revenue weekly on buybacks and burning a portion of the tokens. As of publication the platform has removed from circulation<\/a> more than 20 million FTT.<\/p>\n

Bonuses for FTT Holders<\/h2>\n

Users who store tokens on the exchange’s wallets receive discounts of up to 60% on FTX trading fees. The amount depends on the dollar equivalent of FTT held on the client’s account:<\/p>\n