Wrapped FTT (Wormhole)
FTT is the utility token of the FTX exchange.
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- Asset Type: SPL
- Fully Diluted Valluation: $101.5K
- Total Supply: 1,000,000,000
- Total Supply: 1,000,000,000
- Volume (24H): $202.6
- ATH: $0.00 (11/01/2023)
- ATL: $0.00 (08/05/2024)
FTT is a mid-cap asset that represents the blockchain`s native currency or monetary fee used to execute transactions on the network. This asset depends on a centralized entity for custody services. This asset is exposed to the underlying risks of Portal (Wormhole) bridge, a protocol rated as Watch out.
FTT has an uncapped supply but has inflation control or burn mechanisms in place. FTT is exposed to death spiral risk as its price depends on another asset, thus creating negative feedback loops.
FTT trades with little to no correlation to the overall market.
What is FTT used for?
Holding FTT token offers users several benefits such as lower trading fees. Active traders on FTX receive fee rebates based on their holdings of FTT in a tiered system. Traders can also use FTT as collateral for future positions. Users can stake FTT to get higher referral fees, bonus votes for FTX's polls, and airdrop rewards (5% of total SRM supply is airdropped to FTT holders weekly).
FTT tokenomics
The total supply of FTT is capped at 350M tokens. At launch, 175M tokens were reserved for the treasury and unlocks over a three-year period. FTX had three funding rounds in which 14.29% were sold in round 1, 1.86% in round 2, and 0.8% in round 3.
How does FTT accrue value?
FTT is intended to be a deflationary asset as FTX committed to burning tokens until half of the supply is destroyed. FTX will buy and burn FTT every Monday until at least 50% of all FTT is burned (or 175M tokens). The repurchasing and burning procees is generated from 33% of all exchange generated fees, 10% of net additions to insurance fund, and 3.5% of fees earned from other uses on the FTX platform. Fees include trading fees, leveraged token fees, OTC trading, and other fees from new products.