Table of Contents
- Key numbers about FTT
- FTX token price chart
- Useful resources about FTT
- How to buy the FTX coin
- FTX coin price and some historical dates. Chart analysis and predictions.
- FTX token definition : what is it?
- How does the coin work?
- Explanation of the FTX token blockchain
- What is the FTT crypto used for? What is its use?
- Participate to IEOs (Initial Exchange Offering)
- What are the wallets to store FTX tokens?
- FTT News. Discover our articles on the cryptocurrency
- Frequently asked questions about the FTX Token cryptocurrency
Key numbers about FTT
- Price of the FTT cryptocurrency
- Last price : see above
- CoinMarketCap Rank : 30*
- Total Market Capitalization : $6,196,293,529*
- Diluted Market Capitalization : $15,644,160,871*
- Amount of circulating tokens : 139,460,202.42 FTT*
- Maximum amount of circulating tokens : 352,179,015 FTT*
- Token all-time high (ATH) : $84.18*
*Updated the 12/05/2021
FTX token price chart
Since its introduction in the cryptocurrency market in 2019, FTT price has been on an overall upward trend. Since its ICO in July 2019, the token was successful, but it was in early 2021 that the token experienced a notable valuation until reaching its highest price at $84.18 on September 9, 2021, according to CoinGecko.
Useful resources about FTT
- Website link : https://ftx.com
- Blockchain explorer link : https://www.blockchain.com/explorer
- Social media link : https://twitter.com/bitcoin
- White paper link : https://ftx.com/static/media/ftt-white-paper.92bb0d80.pdf
- Source code link : see contract code on Etherscan
How to buy the FTX coin
Binance -20% discount
Binance is currently one of the most trending platforms and is one of the global leaders in the cryptocurrency market. With its easy-to-read and learn interface, Binance is very suitable for newcomers. The exchange’s transaction fees are also among the lowest in the market, especially when paid with its home token, the BNB.
FTX -5% discount
Known for its low fees as well as being easy to use, FTX is a go-to exchange for users wanting to trade their cryptocurrencies. FTX is also known for its derivatives, allowing exposure to exchange-traded funds (ETF) or certain market trends.
Huobi
Created in 2013, the Huobi exchange allows you to buy and sell Bitcoin, Ethereum, and more than 180 other digital assets. Offering high security, Huobi will allow you to conduct your FTT operations with a 0.2% transaction fee.
FTX coin price and some historical dates. Chart analysis and predictions.
July 29, 2019 : Token IEO
Created on July 29, 2019, FTX launches the IEO on its own token, FTT. The launch price is set at $0.20, FTT experienced a 700% increase on the first day of trading after the IEO.
March 2020 : A more important volume of FTT
In March 2020, FTX issued 15 million new coins. Sold at $2.00 each, they allowed more people to hold FTT, with the goal of increasing the reliability of the token and raising awareness of the project.
May 2021 : A fall due to the market status
On the 19th of May 2021, the price of the token experienced an extraordinary correction, dragging down the value of the currency. If the year 2021 offered exponential growth to the FTT price, it was notoriously due to the fall of Bitcoin, having taken the majority of altcoins with it, that caused the token price to fall to $24.
FTX token definition : what is it?
The FTX token is a cryptocurrency associated with the FTX exchange. It was created by Sam Bankman-Fried, CEO of the company Alameda Research. Launched in 2019, FTT has quickly interested, as the FTX platform offers a precise service, specializing in the trading of cryptocurrency derivatives.
How does the coin work?
The FTX token, associated with the FTX platform, allows holders of the crypto currency to have access to reduced fees on their trading operations, but also their OTC transactions. Alameda Research, the company that owns the exchange, buys back and burns each week a certain amount of tokens, with the objective of keeping track of the currency’s price value. The supply of FTT is then reduced with the goal of increasing demand and the network effect.
Explanation of the FTX token blockchain
For now, the token does not have its own Blockchain. Indeed, it is an ERC20 token. This means that the token is fungible and that it can be exchanged through the execution of smart contracts on the Ethereum network. Transaction fees are therefore directly related to the Gas price. Holding FTT nevertheless allows access to reduced transaction fees for the users of the network.
The token is a digital asset based on a Proof of Stake consensus. This means that it is impossible for users of the network to mine coins, and thus create new units of FTT. FTT is issued by Alameda Research and iusers can earn FTT rewards by holding the coin, having an influence on the development of the project, and therefore bringing trust and reliability into the token.
What is the FTT crypto used for? What is its use?
Reduce fees on FTX trades
The first utility of the FTX token is that FTT holders see their fees on trading operations being discounted. This discount depends on the amount held by the user.
Rewards for FTT holders
The FTX token, based on a Proof of Stake consensus, can be saved by the users of the token. When holding FTT, one can then have more influence in the development of the project, by voting in surveys issued by FTX.
Participate to IEOs (Initial Exchange Offering)
Holders of FTT have access to IEO allowing them to purchase, before anyone else, different digital currencies at advantageous prices. Generally, it is necessary to own 150 FTT, but this amount may be lowered in the future to allow new crypto investors to participate.
What are the wallets to store FTX tokens?
Online wallets
Binance
Binance is more known for its function as a crypto marketplace, but the platform also allows you to store your coins online. Although storing FTX Token on online wallets should be favored for the short term, keeping your currencies on the Binance wallet allows you to make numerous transactions much faster.
Kraken
Kraken has no vocation to be an online wallet, it is a crypto trading platform. It is nevertheless possible to store FTT on Kraken : by importing them from another wallet or simply by purchasing them directly on the platform.
Downloadable wallets
Atomic Wallet
Atomic Wallet is an online wallet on which you can register without any identity verification. Mainly focused on security, anonymity, and simplicity, FTT can be purchased and traded with over 300 other digital assets.
Coinomi
Coinomi’s downloadable wallet, created in 2014, is one of the oldest in the industry. Encrypting users’ IP addresses, Coinomi is secure and also allows for cryptocurrencies trades, including FTT.
Hardware wallets
Ledger Nano X
The Ledger Nano X hardware wallet is the most popular on the market. Priced at $119, its interface allows you to trade cryptos sfaely and to keep your hand on your coins thanks to a recovery code giving you access to FTT even if the password is lost.
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FTT News. Discover our articles on the cryptocurrency
Frequently asked questions about the FTX Token cryptocurrency
What is an FTX Token?
It is a crypto currency unit associated with the FTX exchange. Created in 2019, this token was designed to facilitate the trading of cryptocurrency derivatives and allow lower transaction fees on the exchange.
What is the best way to purchase it?
The easiest way to buy FTT safely is through Binance, which offers low commission rates (0.1%) and the ability to trade your coins with more than 150 other digital assets.
How to store your FTT safely?
There are several ways to store your FTT. The most secure is to get a hardware wallet (Ledger Nano X for example), more expensive but offers a lot of security. It is also possible to go through offline wallets, downloadable wallets (Atomic Wallet, Coinomi…), allowing you to have access to your FTT stock without an internet connection. The last possibility is to get an online wallet, which offers the opportunity, in addition of storing your currencies, to trade them on a single platform.
What are the advantages of the currency?
The main advantage of the token is that it has been designed to facilitate the trading of crypto currency derivatives. In particular, it allows for lower fees on transactions made on the FTX platform, which specializes in futures, OTC (Over The Counter) transactions, and margin trading.
Can we anticipate price movements?
To anticipate price movements, the main indicator to watch is the activity of the FTX platform as well as Alameda Research, the company that initiated the project. FTX is nowadays strong and reflects a relatively stable price for the FTT currency. Specializing in crypto currency derivatives is an interesting strategy that is considered promising for the future of the project.
How to mine FTX coins?
It is not possible to mine FTT because of the consensus on which the crypto currency is based, which is the Proof of Stake. It is then not by creating tokens, but by holding FTT that members of the network develop the currency.
Is it possible to farm or stack tokens?
FTT performs based on Proof of Stake. It is thus by holding it that members of the network can bring security to the token. It is therefore possible to stake the FTX token (FTT). As far as farming is concerned, farming is not possible because there is no mining with FTT.
