WHAT IS FTT?
FTT is the native cryptocurrency token of the FTX exchange, a cryptocurrency derivatives and spot trading platform. FTT was designed to provide utility within the FTX ecosystem and is used for various purposes, including:
1. Trading Fee Discounts: Holding FTT allows users to receive discounts on trading fees when using the FTX platform.
2. Collateral for Trading: FTT can be used as collateral for trading derivatives and other products on FTX.
3. Staking Rewards: Users can stake FTT to earn rewards, including increased referral bonuses, waived fees, and additional benefits.
4. Buy-Back and Burn Program: FTX uses a portion of its profits to repurchase and burn FTT tokens, reducing the circulating supply over time, which can potentially increase its value.
5. Ecosystem Features: FTT also integrates with other FTX products, such as tokenized stocks and prediction markets.
Note: As of late 2022, FTX and FTT experienced significant turmoil following allegations of mismanagement and insolvency. The exchange filed for bankruptcy, which led to a sharp decline in the value of FTT and loss of confidence in the token. If you're considering any involvement with FTT, research its current status and risks, as the situation may have evolved.
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